The 2021 China Financial Development Forum will be held soon, focusing on the new mission of finance under the "double carbon" goal

Per reporter: Zhang Shoulin Per editor: Chen Xing

At the time of the event, good words were nearly expected. On October 22, the 2021 China Financial Development Forum will be held in Beijing. At that time, the top experts in the financial industry will gather together to publish the latest research results, discuss current key issues, and burst into a spark of cutting-edge wisdom.

This is destined to be a feast of ideas, golden autumn in October, the fragrance of guizi, under the beautiful scenery of good times, the wonderful scene should not be missed.

Since its inception, the China Financial Development Forum has consistently adhered to the spirit of mission, professionalism and innovation, always guarded the forefront of the times, closely followed the current theme, gathered the authorities of the economic and financial circles, contributed to the country, and answered questions and answers for investors, which has attracted great attention from all walks of life.

The 2021 China Financial Development Forum will invite experts and scholars with important voices in the economic and financial circles to play the strong voice of the times and show profound insights. Guest speakers at the forum included Li Yang, Chairman of the National Finance and Development Laboratory, Guan Tao, Global Chief Economist of BOC Securities, Chen Daofu, Deputy Director of the Institute of Finance of the Development Research Center of the State Council, and Zhai Lihong, Director of the Institute of Trust and Wealth Management of Southwestern University of Finance and Economics.

<h2>Top experts give important speeches</h2>

Li Yang and others will deliver keynote speeches at the forum.

Li Yang has won the "Sun Yefang Economic Science Award" five times, the "China Soft Science Award" in 2015, the first "Sun Yefang Financial Innovation Award" in the same year, and the "Zhang Peigang Development Economics Award" in 2016. He is a deputy to the 12th National People's Congress, a member of the Financial and Economic Committee of the National People's Congress, a former vice president of the Chinese Academy of Social Sciences, and a member of the Monetary Policy Committee of the Chinese Bank.

Li Yang once pointed out that in the future, China will invest 3.75 trillion to 7.5 trillion yuan in the field of "double carbon" every year, which is equivalent to about 10% of the annual investment. Such a large-scale "green" investment will undoubtedly bring new opportunities for economic growth in China and even the world.

Guan Tao has long been engaged in the research of currency convertibility, balance of payments, exchange rate policy, international capital flows and other issues, participated in the design of a series of major foreign exchange management system reform programs from 1994 to 2014, and is also a doctoral supervisor of economics at Wuhan University, a chair professor of Dong Fureng, a standing director of the China Society of Finance and Finance, a standing director of the World Economics Society, a director of the International Finance Society, and a member of the First China Foreign Exchange Market Steering Committee.

Guan Tao has always advocated analyzing the trend of the RMB exchange rate, and logic is more important than conclusion. The exchange rate is the comparison relationship between the two currencies, so judging the trend of the exchange rate of the renminbi against the US dollar depends not only on China, but also on the United States.

Chen Daofu's main research areas are monetary policy and financial reform, and he has participated in the research of the Central Finance Office, the State Council, the National People's Congress, the Chinese People's Political Consultative Conference and other topics as the main contributor, participated in the research of the "Eleventh Five-Year Plan" and the "Twelfth Five-Year Plan" and the research and discussion of macro policies and financial policies of various ministries and commissions, and most of the research results have been transformed into practical policies.

Chen Daofu once pointed out in "Three Points of Reflection on the Applicability of Modern Monetary Theory" that the root cause of economic and social operation is the condensation, transfer and dissipation of social trust. Therefore, in addition to market trust, government trust is also an important form of trust that should be fully utilized.

Zhai Lihong is also the director of the Puyi Standards Professional Committee, a non-member director of the China Trust Industry Association, and a research and review expert of the China Banking Association and the China Insurance Asset Management Association. His main research directions are the research on the operation and management of commercial banks, the research on the development of the wealth management market, the research on the innovation of wealth management products and services, and he has continuously presided over the topic of "Annual Development Report of China's Wealth Management Market", and the series of reports have received widespread attention from the society and have a great impact.

Zhai Lihong once pointed out that the trust industry should "build on its strengths and complement its weaknesses" and actively cultivate integrated wealth management service capabilities.

<h2>Under the "double carbon" goal, China's economic growth mode will change</h2>

The process of achieving carbon peaking and carbon neutrality is an extensive and profound economic and social change, and China's economic growth mode and growth momentum will undergo tremendous changes.

Liu Qiao, dean of Peking University's Guanghua School of Management, once pointed out that achieving carbon neutrality is not only a macro problem, but also a micro problem. How to integrate enterprises and individuals into the process of carbon neutrality, how to stimulate the participation of micro-entities, practice low-carbon lifestyles, and what mechanism to encourage business model innovation to promote carbon emission reduction, etc., will have corresponding answers and results in the future.

Liu estimates that china needs more than a trillion yuan of investment to become carbon neutral by 2060, equivalent to 3% of GDP per year. However, issues such as the source of funds, the field of investment, and the efficiency of funds all require specific analysis by finance.

Looking at the short- and medium-term Chinese macro economy, the domestic epidemic situation has still sporadically sporadic since 2021, and the emergence of the Delta mutation virus has further increased the difficulty of epidemic control. The Bank of China Research Institute released a report pointing out that the epidemic has repeatedly suppressed the recovery of demand such as consumption.

In the future, the possibility of repeated epidemics in local areas cannot be ruled out in China. According to the report of the Bank of China Research Institute, the repeated epidemic situation not only directly affects the recovery of residents' income, but also affects residents' expectations for future economic and income recovery, and enhances residents' willingness to save precautions, which has a greater impact on the recovery of future consumption.

On the other hand, infrastructure investment is one of the important shortcomings that currently drag down economic growth, which has a greater relationship with the slow progress of fiscal expenditure under the background of greater pressure on local government debt and stricter project review, and promoting the steady recovery of infrastructure investment in the future is an important option for stable investment and economic growth.

The uncertainty of the epidemic will continue to affect the recovery of demand and the stability of the supply chain, and the downward pressure on exports will appear. The report of the Bank of China Research Institute reminds that coupled with the high base of the previous year, the downward pressure on the economy is still large, and it is necessary to remain vigilant enough.

In July, China implemented its first RRR cut since 2021 to help the real economy recover and the smooth operation of financial markets. Affected by the high base of the same period last year, the growth rate of M2 and social financing scale has declined.

Since the beginning of this year, the risk of bond default has not decreased, and the A-share market has been affected by the expectation of global policy shifts, the market divergence is huge, and the industry differentiation has intensified. Increased market uncertainty has placed higher demands on the wealth management industry.

<h2>The Golden Tripod Awards will be officially announced</h2>

The current economic and financial environment is severe and complex, and how to deeply grasp and effectively deal with this situation is of great importance. With the theme of "Achieving a New Mission of Carbon Neutral Finance", the 2021 China Financial Development Forum will conduct a multi-faceted discussion on China's economic and financial development. How does the "double carbon" goal lead China's economic change, what are the characteristics of China's economy under the epidemic, how is the current situation of China's finance, how can China's finance better serve the economic transformation and upgrading in the new era, how to implement the policy of stable growth under cross-cycle adjustment, what kind of trend will the financial market show next, and how the wealth management industry will follow the trend... A series of urgent questions may be answered one by one in the guests' speeches.

Another major part of the forum, the Golden Tripod Awards list, will be officially announced. The Golden Tripod Award is specially designed for banking, insurance, trust, wealth management and other fields, the Daily Economic News and authoritative academic units, using scientific models and research methods, through multiple dimensions to consider the performance of institutions in the field in all aspects of the year, to select a number of high-quality benchmarking enterprises. The selection process is fair and transparent, and the selection results are objective and authoritative.

The Golden Tripod Awards have been held for eleven years so far, and continue to be well received by all walks of life, and have become one of the most authoritative and recognized awards in the financial field, and an important window for the public to understand the business, brand, product and team of financial institutions.

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