A Global Financial Architecture in Transition
Beijing, China
October 19, 2011
Partners
Overview
At this Beijing conference, participants expressed the failure of the institutional underpinnings of western countries” and called for a need for a new economic model. A great deal of time was devoted to discussing the critical shift in emphasis on the main factors to drive China’s growth over the medium-term toward services and consumption and away from industrial production, capital investment and exports. The debate centered on “currency wars” as the most prominent expression of a generalized move towards greater protectionism and an overall failure among emerging markets in particular the BRICs to coordinate policy views. The discussion on global imbalances was seen mostly as an issue between the U.S. and China, a structural phenomenon with nominal exchange rate realignment having little or no impact. The G20 French agenda was praised for including new priority dimensions like the role of emerging markets currencies, regional financing arrangements and development of local capital markets. The case for reform of the international monetary system was also recognized amid lack of payments and increasing importance of emerging markets that continue to be sidelined by today’s arrangement. Adoption of a multiple currency system and currency competition was mentioned as desirable reform outcomes. However the reform approach was criticized as suffering from the fact that certain elements related to the system were discussed only in isolation (e.g. SDR and financial safety net). The innocent bystander problem due to sudden capital stops was also stressed upon.
Agenda
Speakers
- Annika MELANDER: First Counsellor, Head of Economic and Financial Affairs Section, Delegation of the European Union to China
- Becky LIU: Strategist, Asian Credit Research, HSBC
- Bruno BEZARD: Minister Counsellor, Head of the Economic Department, French Embassy
- David DAOKUI LI: Professor and Director of the Center for China in the World Economy, Tsinghua University
- Edmond ALPHANDERY: Chairman of the Board, CNP Assurances
- He FAN: Deputy Director, Institute of World Economy and Politics, Chinese Academy of Social Sciences
- He PING: Associate Dean, School of Economic and Financial Research
- Joshua AIZENMAN: Professor of Economics, University of California
- Konstantin SONIN: Center for Economic and Financial Research
- Kumiharu SHIGEHARA: President, International Economic Policy Studies
- Li RUOGU: Chairman and President, China Import-Export Bank
- Lian HUIJIANG: Director, Import-Export Bank
- Mansoor DAILAMI: Manager, International Finance, Development Prospects Group, The World Bank
- Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
- Marcos TROYJO: Chief Advisor, Brasilinvest Global Advisory, Director BRICLab-Columbia University
- Mario GARNERO: Chairman, Brasilinvest, Forum das Americas and United Nations Association Brazil
- Markus KRALL: Senior Partner and Global Head Risk Management, Roland Berger
- Martin GILMAN: HSE
- Mikhail DMITRIEV: CSR
- Natalia TURDYEVA: CEFIR
- Natalya VOLCHKOVA: Center for economic and Financial Research, NES
- Ousmene MANDENG: Managing Director, Head of Investment Policy Advisory, FICC, Financial Public Sector Institutions, UBS
- Pilar l’HOTELLERIE FALLOIS: Associate Director General, International Affairs, Banco de Espana
- Qi BIN: Director, China Securities Regulatory Commission
- Rajesh CHADHA: Senior Fellow, NCAER
- Sergei GURIEV: CEFIR
- Shekhar SHAH: NCAER
- Sourabh BIKAS PAUL: Fellow, NCAER
- Tatiana ROSITO: Minister Counsellor, Embassy of Brazil in China
- Vladimir DREBENTSOV: Vice President, BP Russia
- Zhang JIANHUA: Director, People’s Bank of China
- Zhu JUN: People’s Bank of China