2013 CBN Annual Meeting Successfully Concluded in Beijing Focusing on Financial Reform, Disintermediation, and Innovation in China

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BEIJING, December 8, 2013 – As one of the most important events of CBN ominimedia every year, 2013 CBN annual meeting successfully concluded in Beijing on 8th December.

BEIJING, December 8, 2013 – As one of the most important events of CBN ominimedia every year, 2013 CBN annual meeting successfully concluded in Beijing on 8th December. The annual meeting is comprised of Financial Summit, Financial Books Forum, and Finance Books of the Year Awards dinner and CBN Financial Value (CFV) Ranking Awards.

The ten 2013 CFV “Financial Game Changers of the Year” go to Janet Yellen, Vice Chairwoman of the Federal Reserve, Mark Carney, Governor of Bank of England, Haruhiko Kuroda, Governor of Bank of Japan, Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, Raghuram Rajan, Governor of Reserve Bank of India, Zhou Xiaochuan, Governor of the People’s Bank of China, Liu He, Minister in the Office of the Central Leading Group on Financial and Economic Affairs and Deputy Director of the National Development and Reform Commission, Xiao Gang, Chairman of China Securities Regulatory Commission, Ma Mingzhe, Chairman and CEO of Ping An Group, and Li Xiaojia, Chief Executive of Hong Kong Exchange Group.

Among 2013 CBN Finance Books of the Year, Volcker: The Triumph of Persistence, by William L. Silber, was awarded the “Big Winner”.

During the financial summit, financial regulatory policymakers, renowned economists and financial experts convened to explore the blueprint of China’s financial reform after the Third Plenary Session of the 18th Communist Party of China, contributing their insights to the strategic layout and tactical implementation of the reforms.

The reforms vision depicted by the Third Plenary Session attracted attentions from all over the world on China again. Among all reforms, the financial part is a crucial step. Li Yang, Vice President of the Chinese Academy of Social Sciences said in the keynote speech that the foundation of letting markets play a decisive role is to establish a unified, open and orderly competitive financial market system.

“Financial reform should strike a balance between efficiency and risks.” Pan Gongsheng, Deputy Governor of the People’s Bank of China, said in the keynote speech that the next step of financial reform should develop in two dimensions: the first is about financial market reform and the second is about financial stability and financial safety.

Pan Gongsheng believes the most significant part of first dimension is interest rate liberalization. “The general path of interest rate liberalization is to establish and improve the market-based formation of interest rates, improve the system of liberalized interest rates and interest rate transmission mechanism, improve the central bank’s ability to conduct macroeconomic control.”

At the same time, Pan Gongsheng emphasized financial stability and financial safety as the foundation to push the financial reform forward. Each program launched in the reform needs to be fully assessed. Furthermore, we should look for a good combination of the timing, methodology and strategies of the reform.

Mr. Pan’s view was echoed by what Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz described in the video speech presented during the Financial Summit, “the outcome and success of any reform strategies will depend on the prevailing circumstances and the state of readiness of the financial system and the overall economy. As China undertakes its own reforms, it has every potential to emerge stronger and to continue its economic success that is now a well recognized milestone of this century and for the years to come.”

Zhu Min, Deputy Managing Director of the International Monetary Fund, analyzed the international economic prospect in 2014 that China faces. He mentioned particularly the risks stemming from tapering of Quantitative Easing by U.S. Federal Reserve. "(The Federal Reserve) will gradually reduce the scale of asset purchases from $ 85 billion a month to zero, and its balance sheet will probably shrink from the current $ 3.5 trillion by half. This process will lead to volatility in global financial markets," said Zhu Min. China is a large open economy, therefore global capital flows will heavily impact on Chinese economy. He also reminded that we should be fully prepared to cope with possible risks and volatility.

High ranking regulators from CBRC and CIRC addressed the financial summit, too. Approximately 600 participants from financial industries and civil society attended the annual meeting of CBN.

China Business Network (CBN)

China Business Network (CBN), established in July 2013, is under the management of Shanghai Media Group (SMG). CBN is committed to providing instant, accurate and professional business news and information services to Chinese investors. With relentless efforts in the past decade, CBN has become the largest business media group covering TV, radio, magazine, daily newspaper, website, news agency and information service.

China Business News (CBN)

China Business News, one of China's leading daily business newspapers, is headquartered in Shanghai. With “shoulder the responsibility of the times” as its core value, CBN is the most trusted business newspaper in China, committed to providing professional mainstream reports for the market. To cover in-depth reports, CBN has set up a network nationwide covering Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong, etc. Moreover, it has spread the tentacles abroad, with 230 journalists based in New York, Washington D.C., San Francisco, London, Paris, Berlin, Brussels, Tokyo, Seoul, etc.

CBN Annual Meeting

CBN Annual Meeting marks a grand gathering of financial regulators, economists and leaders in the financial industry, providing a platform for exchanging views on global economic overview and prospect. CBN Annual Meeting stages various events, including CBN Financial Value (CFV) Ranking Awards Ceremony, Financial Summit, CBN Finance Book Awards Ceremony, etc.

CBN Financial Value (CFV) Ranking

CFV ranking is selected by a jury of influential Chinese academics, international economists, and financial executives. CFV awards include Financial Game Changers of the Year, Financial Institutions of the Year, Economists of the Year, Wealth Management Products of the Year, Finance Books of the Year, etc.