On September 16, jointly hosted by the Chongyang Institute for Financial Studies at Renmin University of China (RDCY), International Finance Institute of Bank of China, and China Association Of Policy Science, an advanced seminar on Chinese Financial Risk Management Development & the 30th Anniversary of the Basel Accord and the 10th Anniversary of the Financial Crisis, was held in Beijing.
Seminar on Chinese financial risk management was successfully held at RUC
This year marks the 40th anniversary of China's reform and opening up, the 30th anniversary of the Basel Accord, the 20th anniversary of the implementation of the Basel Accord in China, and the 10th anniversary of the international financial crisis. It is of great significance to systematically review and reflect on the development of financial risk management at home and abroad. The seminar invited experts from the political, business and academic circles, and the representatives implementing the New Basel Accord in Chinese banking industry, to gather together, discussing the frontier view of the entire financial industry risk management. This is a high-level professional event that has both historical and practical significance, as well as theoretical and practical significance.
At the seminar, a research report with the theme of "Basel III Reform, Risk Management Challenges and China Coping Strategies" was released. The seminar attracted more than 400 guests, including Liu Mingkang, former chairman of the China Banking Regulatory Commission, Liu Wei, president of the Renmin University of China, Chen Siqing, chairman of the Bank of China, Zheng Xinli, executive director of the China Association Of Policy Science, and Zhang Yanling, former vice president of the Bank of China, to discuss issues related to China's financial risk management development and provide advice for risk management and stable development of the Chinese banking industry and the financial industry.
The opening ceremony of the seminar was preside over by Zhuang Yumin, dean of the School of Finance at Renmin University of China, Executive Director and Dean of RDCY. Liu Wei, Chen Siqing and Zheng Xinli delivered opening speeches.
In the speech, Liu Wei said that as China's economic development enters a new normal, there are many uncertain factors in the economic operation, which may have a serious impact on the financial system. The risks of China's financial system are generally controllable, but they are still at a risk-prone period. In the new era, China's financial risk management development needs to draw on foreign useful experience, and continue to follow and implement international rules regulated by the Basel Accord. At the same time, it is necessary to actively study the special rules of developing countries, to maintain financial stability and promote economic development, so as to establish a financial risk prevention and control system with Chinese characteristics.
Chen Siqing made a speech on the construction of risk management in China's banking industry. He said that risk management is important for national security and economic security. The Basel Accord has established a regulatory framework for the stable operation of the global banking industry. Banking financial institutions need to actively adapt regulatory requirements and changes in the situation to continuously improve their risk management capabilities. Chen noted that China's banking industry should improve its risk management structure, incorporate risk management into its overall strategy, and vigorously cultivate a risk prevention culture. He pointed out that serving the real economy is the starting point and the result for the bank. At present, all parties must joint efforts to stabilize and guide market expectations. He emphasized that the long-term foundation of China's economy have not changed. Chinese economy will maintain medium and high speed growth under the guidance of the concept of innovation, coordination, green, openness and sharing, and move to a higher level.
From the perspective of macroeconomics, Zheng Xinli proposed five issues that need to be studied and solved in the current financial reform. First, we must give full play to the role of monetary policy in expanding domestic demand. Second, expanding direct investment is a major historical task facing the reform and development of finance. Third, the control measures for the rise of housing prices cannot depend on tightening monetary policy. The key to curbing the excessive rise in housing prices is the establishment of an integrated housing market in urban and rural areas. The fourth is to activate the land capital to promote rural revitalization. The fifth is to study the establishment of an international reserve currency system with the three pillars of the US dollar, the euro and the RMB. This kind of international reserve currency system will force the government embracing the international reserve currency to be responsible for the stability of its currency, which will be conducive to the stability of the international economy.
Zhang Yanling, former vice president of Bank of China and a senior fellow of RDCY, hosted the keynote speech session. Liu Mingkang, former chairman of the China Banking Regulatory Commission, gave a keynote speech.
Liu Mingkang gave a keynote speech with the theme “Rethinking the Financial Crisis and Meeting the Challenges of the Future”. He believes that financial crisis is an important window and opportunity to deeply examine and reflect on the internal problems of the financial system. It turns out that after-the-fact error correction costs a lot of money and can be hundreds of times more than the cost of precaution. The core of the Basel Accord is also the essence of the bank's continued operations and ask for the banks to realize good and effective governance. He said that at present, there is still a need to further thinking whether the excessive complexity of regulatory rules for the financial system will lead to the complexity of the financial business, and the market-oriented transformation of commercial banks, as well as how to make a balance between innovation and risk so as to rationally set regulatory standards.
Wang Wen, Executive Dean of RDCY, moderated the release ceremony of the research report. Chen Zhongyang, a senior fellow at the RDCY and a professor at the School of Finance, published the research report on the Basel III reform, risk management challenges and China coping strategies.
The roundtable discussion session was presided over by Chen Weidong, director of the Institute of International Finance of the Bank of China. Luo Ping, former director of the Training Department of China Banking Regulatory Commission, Guo Ningning, deputy governor of Agricultural Bank of China, Yu Yong, chief risk officer of Finance Asset Management Co., Ltd, Cao Jin, financial risk partner of KPMG, and Wang Weidong, associate partner of IBM Global Business Consulting Services, participated in the roundtable discussion.
Several guests pose for a group photo
At the two parallel sessions in the afternoon, the participating experts conducted closed-door discussions on the themes of modern risk management mechanism construction as well as the risk management, business development and technology application.