Finance in China: Growing out of the plan?

Zhu Min 

Deputy Managing Director
IMF

Zhu Min

    

Justin Yifu Lin

Honorary President
National Development Research Institute

Peking University

Lin Yifu

The Bellwether Series 2011 brought together over 170 senior executives ranging from leading policymakers, banking executives and regulators, in each of the individual market in Asia-Pacific, China, Japan, Australia and South Korea, to debate on the future of finance in Asia-Pacific. Now in its third year, The Bellwether Series 2012 once again will return to these markets to examine critical opportunities and challenges in Asia-Pacific’s four key financial markets, including China on January 16th 2013.

The global financial crisis is still hobbling America and Europe. But it left a different legacy in Asia. It was a blow to the region’s economies, but a boost to the region’s pride. Asia’s financial systems proved remarkably resilient; its economic recovery admirably swift.

Many of Asia’s leaders, businesspeople and investors are confident of an “Asian century” ahead.

But there is a danger in triumphalism. Asia has its own vulnerabilities and challenges to overcome. Its diverse economies are variously threatened by liquidity traps and middle-income traps; the perils of inflation and deflation. Some need to increase consumption; others to revive investment. All seek to foster innovation and secure their niche in a more elaborate international division of labour.

Moreover, in many Asian countries, the economy has raced ahead of the financial system. The region’s share of global financial assets lags far behind its economic weight in the world, and its financial institutions sometimes struggle to keep up with more demanding savers and more ambitious firms.

The China edition of the Bellwether Series will examine the state of the financial system globally and in Asia—now, and over the long term. For China’s financial-services industry, what are the opportunities and risks in the shifting landscape, within and outside China? The China edition will take an intellectually rigorous, global and forward-looking perspective, engaging participants in an absorbing debate on China’s evolving financial system.

全球金融危机仍然在严重困扰着美国和欧洲。但它给亚洲带来了一种迥异的影响。这次危机既是对该地区经济的一次打击,但也是对该地区骄傲的一次宣扬。危机证明,亚洲的金融体系有着令人瞩目的抵抗力,其经济正以令人钦佩的速度在复苏。

众多的亚洲政府领导人、企业家和投资者都对“亚洲世纪”的到来充满信心。但这种必胜的信念中也存在危险。亚洲有其自身的弱点和挑战需要克服。其多样化的经济正面临各种各样的流动性陷阱和中等收入陷阱的威胁,以及通货膨胀和通货紧缩的风险。一些经济体需要增加消费,其它一些则需要重振投资。所有国家都寻求加强创新,并在一个更精细的国际分工体系中获得其利基定位。

此外,在许多亚洲国家,经济的发展程度已远远领先于金融体系的发展。该地区在全球金融资产中的份额远远落后其在世界经济中的比重,这里的金融机构有时甚至很难恰当响应更苛刻的储户和更加雄心勃勃的企业。

领军者系列峰会之中国会议将探讨全球和亚太金融体系在目前和长期框架下的状态。对于中国的金融服务行业而言,在不断变化的全球格局中,它们在中国境内外将面临哪些机遇和风险?此次中国会议将从理智、严谨、全球性和前瞻性的视角,推动与会者共同探讨中国金融体系的可持续发展。

 

Dates of each Bellwether Series 2012 event:

Tokyo, Japan – May 16th 2012

Sydney, Australia – July 12th 2012

Seoul, South Korea – September 4th 2012

Beijing, China – January 16th 2013

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