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2010 Chinese Economist Society Annual Conference- The Role of China in the Post Financial Crisis Era

XMUICE    Public:ICE    Datetime:2010/12/23

On July 19th, the 2010 Annual Conference of the Chinese Economist Society, was held in Xiamen University. It was co-hosted by the CES and Xiamen University, and organised by the Xiamen University School of Economics and the Wang Yanan Institute for Studies in Economics. The opening ceremony was held in the Xiamen University Art and Science Centre under the chairmanship of Professor Hong Yongmiao, President of Chinese Economist Society and concurrently Professor at both Cornell University and Xiamen University. The opening address was given by Xiamen University President Zhu Chongshi in the presence of Vice-Chairman of the Standing Committee of the National People´s Congress, Cheng Siwei, Deputy Governor of Fujian Province, Ms Chen Hua, and Vice-Secretary of the Xiamen Municipal Government, Chen Xiumao.

On behalf of Xiamen University, President Zhu thanked the guests for attending the ceremony. He said that Xiamen University had long enjoyed advantages in the discipline of economics, thanks to a number of outstanding professors, including Wang Yanan, Guo Dali and Yuan Zhenyue. The School of Economics had produced thousands of excellent graduates. This had been the factor behind Xiamen University being honoured as host for the 2010 CES Annual Conference, which in return provided a valuable opportunity for the academic staff and students of the University to further their learning and exchange knowledge. At the same time, the Conference was being held against the backdrop of the post-financial crisis turmoil; though China had climbed out of the shadow of the crisis, the nation still faced many new problems and challenges. For that reason, the Conference was important to China as a whole, by providing a platform for discussion from which to begin to establish her role in the international arena.

This Conference was attended by over 300 economists, government officials and senior executives from the world of finance from over 10 countries and regions including the United States, Canada, UK, India, Japan, Israel, France, Germany, mainland China, Hong Kong and Taiwan. They included the Vice-Chairman of the Standing Committee of the National People´s Congress, Cheng Siwei, Professor Eric Maskin of the Institute for Advanced Study in Princeton, a Nobel laureate in economics, Professor Zhou Zhizhuang of Princeton University, Professor Dwright Perkins of Harvard University, Professor Barry Naughton of the University of California-San Diego, Professor Kaushik Basu, Chief Economic Adviser to the Government of India, Professor Ravi Kanbur of Cornell University, Professor Hu Yongtai of the University of California-Davis, Professor Wang Luolin, Special Consultant to the China Academy of Social Science, and Professor Wang Shouyang, Director of the Centre for Forecasting Science of the China Academy of Sciences. The experts discussed the current path and future trends in China´s economic development to propose solutions for creating continued prosperity for the Chinese economy.

The Conference included 4 key-note speeches and 51 sessions which covered many aspects of the recent economic development of China: analysis of the financial crisis and the problems created; fluctuation in China´s foreign exchange rates; China´s real estate and capital markets; industrial organisation; the structure and transformation of the Chinese economy; analysis of the rural economy in China; modelling China´s labour economics and consumer economics; the economies of Hong Kong and Taiwan; monetary and financial policies; bank credits; and climate change and environment protection. The Chief Editors of major international journals were invited to give a talk on manuscript submission; business-people from Taiwan joined a round-table discussion on economic co-operation between Taiwan and the west side of the Strait. Finally, an economic education and research forum was set up to discuss the modernisation and internationalisation of education in economics in China in order to mark the outstanding contributions of Professor Zhou Zhizhuang, a well-known expert in econometrics and the development of education in economics.

Professor Maskin spoke on the causes of the financial crisis occur and how it should be coped with. He compared the banking system to grain production as a way of illustrating vividly the peculiarity of the financial market. He showed that while insufficient production of grain in one area can be supplemented by abundant grain production in another area, the imbalance in the banking market caused by the faulty operations of one bank could not be compensated for by other banks, due to the close interactions between financial institutions which lead easily to the rapid spread of the crisis. In order to deal with crisis, he stressed the importance of government action towards crisis prevention together with the effective regulation of financial institutions.

Professor Zhou Zhizhuang concentrated on a number of major experiences in his study of the Chinese economy. He drew not only on his decades of experience in such studies but also referred to the research results of other scholars, to indicate several important factors for economic research in China. These included major economic theories applicable to China´s economic situation, the major characteristics of China´s economic development and the prospect of China´s economic reform. He also put forward a number of suggestions on China´s future economic development.

Professor Perkins spoke on the rapid development and reform of economic structure from the payer´s perspective and its application in China. He compared the differences between China and other nations in their respective period of rapid economic development in terms of GDP growth, personal incomes and consumption. He further analysed the relation between GDP growth and consumption and investment on the basis of an equation relating income and expenditure.

The Vice-Governor of Fujian Province, Ms Chen Hua, wished the Conference every success on behalf of the Fujian Provincial Government. She spoke highly of the CES´ extremely hard work since 1985 in promoting market-oriented reform and China´s reform and opening up, in encouraging economic exchanges between China and the rest of the world, in inviting foreign experts in economics to China´s economic research, and in promoting the development of economic studies in China. Xiamen having been chosen to be the host city for the 2010 Conference would definitely benefit the development of economics studies, not only at Xiamen University but also across the whole of Fujian province, and benefit the economic and social advancement of the Province.

Chen Xiumao, the Chairman of Xiamen People´s Political Consultative Conference, also extended on behalf of Xiamen Municipal Government their wishes for a successful Conference. He appreciated the active role the CES had been playing in international academic circles since its establishment 25 years ago, and its dedication to the study of the Chinese economy. The CES had actively supported the internationalisation of economic research in China; it has helped to improve strongly education and research within education in economics in China and expanded the influence of Chinese economists internationally. Xiamen´s economic development was currently shifting from a resource-driven pattern to a knowledge-driven one; in consequence, the city would be even more open welcoming overseas Chinese economists.

This year´s Conference was organised by the Xiamen University School of Economics. It was founded in1982 as the first business school to be set up within a comprehensive state key university in mainland China. It has the greatest number of students, runs two first-class national key programmes recognised by the Ministry of Education, in theoretical economics and applied economics, and five secondary national key programmes including accounting, finance & banking, political economics, public finance and statistics, all of which have a significant influence in China.

The Wang Yanan Institute for Studies in Economics was established in 2005 as an institute of education and research. WISE has since become home to other academic research institutes including the Centre for Econometrics Research and the Centre for Financial Research. It is also home to a "Macroeconomic Analysis & Forecasting" project. WISE is constant in its pursuit of academic excellence and selective policies of development, to which end it has taken full advantage of international educational resources to establish itself as a comprehensive institute with an excellent academic reputation. This internationalisation strategy is applied in various ways, including in discipline construction, academic team-building, educational reform and specialist training, research, innovation in techniques, academic exchanges and co-operation, infrastructure- and network-building and supporting local economic growth. WISE´s unremitting efforts in pursuing excellence and multi-directional development has paid off in terms of notable achievements. WISE is now a by-word in Econometrics and Quantitative Finance; within a mere 3 years of its foundation, WISE had developed smoothly in various areas; and it completed the "Macroeconomics Analysis & Forecasting" project (II) under the Ministry of Education sponsored "985 Project", even surpassing the project´s original objective, which has had extensive influence both domestically and even internationally. The completion of the Project has also given fresh impetus to XMU´s traditional advantages in education and research in modern economics, as established by former President Professor Wang Yanan.

Note: Introduction to the Chinese Economists Society

The Chinese Economists Society (CES) is a non-profit academic organisation established on May 26, 1985 in New York City by Chinese overseas scholars in the fields of economics and management. Its aim is to promote market-based economic reforms and open-door policies in China, to expand academic exchanges between China and the outside world and to engage in scholarly studies of the Chinese economy. The CES became a member of the Allied Social Science Association in 1992, and has organised both independent seminars and joint seminars with other associates at ASSA conferences. The CES publishes an English language specialist journal, The China Economic Review, which has a worldwide circulation, becoming an authoritative publication on the Chinese economy. In addition to the journal, the CES has published a wide range of books, both within China and abroad, on subjects including advanced theories and empirical, policy-oriented studies. Since 1993, the CES has organised an annual international conference in China as a way of promoting new reforms and to help governments at different levels formulate reform and development strategies. These conferences are widely attended by internationally renowned economists, senior government officials and business leaders and have had a major impacts on policies in China. The CES organises a range of events every year, including: a forum on the Chinese economy held during the Annual Meeting of the American Economic Association; winter seminars; a conference on the Chinese Economy; the Zou Zhizhuang China Scholarship Programme; the selection of winners of the Zou Zhizhuang Outstanding Economic Paper award; and the publication of specialist books.

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