Expert Views on China’s Financial Development and Its Global Impact

Expert Views on China’s Financial Development and Its Global Impact

Hong Kong, Nov. 19, 2013 - China Daily today co-organized a special panel discussion on “Financial Development in China and Implications for the Global Economy” with the Pacific Trade and Development Conference (PAFTAD) and Hong Kong Institute for Monetary Research (HKIMR). The guest of honor and keynote speaker of the by-invitation-only forum was The Honourable Leung Chun-ying, Chief Executive of Hong Kong Special Administrative Region, People’s Republic of China. Other distinguished panelists at the event held at the Chancellor Room of Hong Kong Convention and Exhibition Centre included Prof. Wendy Dobson, Professor and Co-Director, Institute for International Business, Rotman School of Management, University of Toronto; Dr. Narongchai Akrasanee, Former Minister of Commerce, Senator of Thailand and Chairman of MFC Asset Management Plc.; Dr. He Dong, Executive Director (Research) of Hong Kong Monetary Authority cum Director of Hong Kong Institute for Monetary Research and Mr. Benjamin Hung, Executive Director and Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited.

“As China's global financial center, Hong Kong has been given the responsibility to test, launch and develop new products and initiatives to promote Renminbi liberalization. Hong Kong is an international financial center, it is our mission to promote the use of Renminbi in the world.” said Mr. Leung during his keynote speech. As the Forum’s Co-Chair, Mr. Zhou Li, Publisher & Editor-in-Chief of China Daily Asia Pacific put it, this high-level discussion provided more insights of the communique issued after the Third Plenary Session of the 18th Communist Party of China Central Committee (CPCCC), which pledges to “speed up the building of China’s market system“. Prof. Edward K. Y. Chen, the other Forum’s Co-Chair, who is also the Chairman of Council of Advisers of the Hong Kong Institute for Monetary Research believed that Hong Kong has its own role to play in driving forward the growth of the second largest economy. In addition, Dr. He cited at the panel discussion that “capital convertibility of the yuan should be considered as a spectrum, it is not a black and white picture. We have a spectrum of difference shades and colors.”

The forum was attended by over 200 CEOs, senior executives, professionals from financial and business sectors, academics and media industry. Discussions were held on China's financial and banking reforms, the internationalization of the RMB as well as the challenges and opportunities these will bring about for Hong Kong in the years to come. It marks the first cooperation ever between China Daily PAFTAD and HKIMR. From time to time, China Daily Asia Leadership Roundtable organizes forum on topics related to China and Hong Kong’s latest development in various industries including finance, economy, culture and environment etc.

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About China Daily
From print to digital media, from China to America, Europe, Africa and the rest of Asia, the China Daily Group, with 13 print publications, is an authoritative provider of information, analysis, comment and entertainment to global readers with a special focus on China.
While China Daily has firmly established itself as the leading English-language news organization in China since its founding in 1981, the group also publishes the Hong Kong, US, European, African and Asia-Pacific editions of the flagship brand with a total circulation of 800,000.
The group is accelerating its pace of overseas expansion through its global reporting and communication networks, and in the process, building a world-class multimedia enterprise.
The flagship newspaper publishes 24-page editions Monday through Friday, plus 16-page editions on Saturday and Sunday. It uses cutting-edge design, allied to dynamic photographs and artwork, and encompasses in-depth reports to analyze affairs both in China and internationally.
www.chinadaily.com.cn

About The Pacific Trade and Development Conference
The Pacific Trade and Development Conference (PAFTAD) is an informal private academic conference series which originated in 1968. Since this time, PAFTAD has been a driving force behind the development of thought on Pacific trade and development issues and important economic policy questions facing the region.
www.paftad.org

About The Hong Kong Institute for Monetary
The Hong Kong Institute for Monetary Research (HKIMR) was established in August 1999 by the Hong Kong Monetary Authority (HKMA), with the objective of conducting research in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asian region.
www.hkimr.org