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Conference

International Symposium on Housing and
Financial Stability in China

Shenzhen, China

December 18-19, 2015



The conference is organized around three themes: (1) housing sector risks in China; (2) relatedly, the health of China financial sector; and (3) the integration of China into the world financial system.

Program

December 17, 2015

2:30 - 5:00 pm

Registration (Lobby, Wuzhou Guest House)

6:00 pm - 9:00 pm

Dinner (Wuzhou Guest House)

December 18, 2015

Session 1
8:45 - 9:30 am

Welcoming remarks (through video):
Min Zhu, Deputy Managing Director, IMF

Opening Remarks:

Prakash Loungani, Chief, Development Macroeconomics, IMF
  Opening remarks

Wei Xiong), Princeton University & CUHK Shenzhen
Yanxia Wang, Minister Counselor, Embassy of China in the U.S.

Session 2
9:30 - 10:45 am

Housing Markets in China—Getting the Facts Right
Moderator:
Prakash Loungani, IMF

Presenters:
Joseph Gyourko, University of Pennsylvania
Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know (with Jing Wu and Yongheng Deng)
Presentation

Hanming Fang, University of Pennsylvania
Demystifying the Chinese Housing Boom (with Quanlin Qu, Wei Xiong and Li-An Zhou)
Presentation

Discussant:
Haizhou Huang, CICC
Presentation
Xiaobo Zhang, Peking University
Presentation

10:45 - 11:15 am

Coffee break

Session 3
11:15 am - 12:45 pm

Local Debt and Housing in China—Assessing the Risks

Moderator: Grace Li, IMF

Presenter:
Jie Tang, Former Deputy Mayor of Shenzhen
Risks in China's Economic Transformation—Experience from Shenzhen
Presentation

Panelists:
Yongheng Deng, National University of Singapore
Presentation
Richard Koss, Global Housing Watch Initiative
Presentation
Wensheng Peng, China Citic Bank

12:45 - 2:30 pm

Luncheon

Keynote Speaker: James Mirrlees, Nobel Laureate in Economics, Chinese University of Hong Kong

Session 4
2:30 - 3:45 pm

China's Banking System: Coming out of the Shadows?

Moderator:
Jianfeng Yu, University of Minnesota & CUHK Shenzhen

Presenter:
Michael Song, Chinese University of Hong Kong
The Risk of China's Shadow Banking System

Panelists:
Haibin Zhu, JP Morgan
Torsten Ehlers, BIS

3:45 - 4:15 pm

Coffee break

Session 5
4:15 - 5:30 pm

An Emerging Banking Crisis?

Moderator:
Yanqing Yang, China Business News Research Institute

Panelists:
Patricia Cheng, CLSA
Yingnan Xiao, China Everbright Bank
Fangming Ye, China Cinda Asset Management Co.
Song Zhou,China Merchants Bank

6:00 pm

Dinner (Wuzhou Guest House)

December 19, 2015

Session 6
8:45 - 9:30 am

Moderator:
Min Liu, The Chinese University of Hong Kong

Nick Lardy, Peterson Institute
Financial Risk in China
Presentation

Session 7
9:30 - 10:45 am

Internationalization of the Renminbi: Implications for China’s Monetary Policy

Moderator:
Wei Xiong, Princeton & CUHK Shenzhen

Panelists:
Yiping Huang, CCER, Peking University
Zheng Liu, Federal Reserve Bank of San Francisco
Tao Guan, CF40
Presentation

10:45 - 11:15 am

Coffee break

Session 8
11:15 am - 12:30 pm

Internationalization of the Renminbi: Opportunities for China and the World

Moderator:
Hongyi Chen, Hong Kong Institute for Monetary Research

Presenter:
Alfred Schipke, IMF Senior Resident Representative for China
Transition to the ‘New Normal’: The RMB and China’s International Role
Presentation

Panelists:
Yi Huang, Graduate Institute, Geneva
Presentation
Wei Wang, Managing Director, Bank of China International
Kang Shi, The Chinese University of Hong Kong