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Financial Liberalization, Innovation, and Stability: International Experience and Relevance for China

Third Joint Conference by the People’s Bank of China (PBC) and the IMF

Location: Ritz Carlton Financial Street, Beijing

March 16, 2015


Finding the right balance between financial sector liberalization, opening up of the financial service sector, innovation and safeguarding financial stability is a challenge for many countries. Some of this international experience will be useful as China advances its comprehensive reform agenda to improve the allocation of resources, strengthen the monetary policy framework, and safeguard financial sector stability. This in turn will also facilitate the internationalization of the RMB. The joint PBC/IMF conference brings together local and international policymakers, regulators/supervisors, academics, as well as PBC and IMF staff.

Click on a presentation title to see the PDF. Click on a speaker name to see a short biography.

Sunday, March 15, 2015

18:30 -20:00

Dinner Hosted by YI Gang, Deputy Governor, People’s Bank of China

Location: 2nd Floor, Temple of Heaven 1, Ritz Carlton Financial Street

Monday, March 16, 2015

9:00 - 9:15

Opening Remarks

Markus Rodlauer, Deputy Director, Asia and Pacific Department, IMF

9:15 - 10:45

Session I: China’s Financial/External Sector Reforms and RMB Internationalization

China’s financial and external sector reforms will not only lead to a better allocation of resources, but facilitate the internationalization of the RMB and ultimately the inclusion of the RMB in the SDR basket. This session will take stock of how China’s RMB internationalization has advanced over the past couple of years and discuss further reform options.

Moderator:

Alfred Schipke, Senior Resident Representative, IMF

Speakers:

Li Bo, Director General, Monetary Policy Department II, People's Bank of China

Eswar Prasad, Professor of Economics, Cornell University and Brookings Institution

PHUANG Haizhou, Managing Director, China International Capital Corporation Limited

MK Tang, Executive Director, Global Investment Research Asia, Goldman Sachs

10:45 - 11:00

Coffee Break

11:00-12:30

Session II: Opening Up of the Financial Services Sector

China’s financial services sector has the potential to significantly contribute to the country’s future economic growth, facilitate the rebalancing of the economy, and improve people’s access to financial services. As both advanced and emerging economies shows this calls for an opening of the sector to both domestic and foreign competition in the context of a strong regulatory frameworks.

Moderator:

Steve Barnett, Division Chief, Asia and Pacific Department, IMF

Speakers:

ZHU Jun, DDirector-General, International Department, People’s Bank of China

Philip Lowe, Deputy Governor, Reserve Bank of Australia

Dongchul Cho, Professor and Chief Economist, Korea Development Institute

Tarisa Watanagase, Former Governor, Central Bank of Thailand

12:30-14:00

Lunch

Monetary Policy and Financial Stability

Keynote speaker: Lars E.O. Svensson, Former Deputy Governor of the Sveriges Riksbank

14:00-15:30

Session III: Interest Rate Liberalization, Shadow Banking, and Monetary Transmission Mechanism

Financial liberalization and innovation can have substantial effects on the monetary transmission mechanism as well as the efficiency of capital markets, and such developments may also pose significant challenges for the conduct of monetary policy. These issues are clearly relevant for China in the context of ongoing financial reforms and the use of interest rates as the primary tool of monetary policy. This session will take stock of China’s monetary transmission mechanism, identify potential impediments (including the role of shadow banking) and discuss reform options in light of the international experience.

Moderator:

SUN Guofeng, Deputy Director General, Monetary Policy Department, People’s Bank of China

Speakers:

MA Jun, Chief Economist, Research Bureau, People’s Bank of China

Simon Gray, Lead Financial Sector Expert, Monetary and Capital Markets Department, IMF

Andrew Levin, Professor, Dartmouth College and former Federal Reserve Special Advisor

Ting Lu, China Economist, Bank of America-Merrill Lynch, Hong Kong

15:30-15:45

Coffee Break

15:45-17:15

Session IV: Macroprudential Policy Coordination: International Experience

Financial innovations, a rapidly changing financial system, and the surge in nonbank activities bring benefits to both investors and savers. At the same time, they call for constant upgrading of policy and regulatory frameworks and require effective coordination among regulatory agencies. Given the current diverse set of institutional arrangements that exist globally, this session will indentify key principles to safeguard financial sector stability that could be useful for China.

Moderator:

MA Jun, Chief Economist, Research Bureau, People’s Bank of China

Speakers:

Halim Alamsyah, Deputy Governor, Central Bank of Indonesia

Margaret M. McConnell, Senior Vice President, Federal Reserve Bank of New York

Ratna Sahay, Deputy Director, Monetary and Capital Markets Department, IMF

HUANG Yiping,, Professor, Peking University

17:15-18:15

Session V: Concluding Roundtable

The panel discussion will draw on key insights from the day’s discussions. Panel members will summarize the main takeaways with a focus on potential lessons for China.

Moderator:

HUANG Yiping,, Professor, Peking University

Panelists:

YAO Yudong, Director General, Research Institute of Finance and Banking, People’s Bank of China

Eddie Yue, Deputy Chief Executive, Hong Kong Monetary Authority

Anoop Singh, Managing Director and Head of Regulatory Affairs, JP Morgan

Louis Kuijs, Chief Economist, Greater China, RBS

Carlos Medeiros, Assistant Director, Monetary and Capital Markets Department, IMF

18:15-18:30

Closing Remarks

PAN Gongsheng, Deputy Governor, People’s Bank of China

18:30-20:00

Dinner Reception hosted by the IMF

Location: 2nd Floor, Ballroom I, Ritz Carlton Financial Street