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Dr. Liu Shengjun Speaks at EU Conference

Time£º2010-7-3 From£º

July 3, 2010. Shanghai Expo Site -- "How Can the EU and China Contribute to a Sound and Sustainable Global Economic Recovery?" That was the theme explored today during a workshop hosted by EU DG Economic and Financial Affairs in the 2010 World Expo's EU/Belgium Pavilion.

CEIBS Lujiazui International Finance Research Centre Deputy Director Dr. Liu Shengjun spoke at the workshop which also included presentations from:
- People's Bank of China Deputy Governor Hu Xiaolian,
- EU DG Economic and Financial Affairs Director Gert Jan Koopman,
- European Central Bank Board Member Gertrude Tunpel-Gugerell,
- Export-Import Bank of China Chief Economist Wang Jianye,
- as well as experts from the Financial Times, Standard Chartered and the Financial Research Institute of Development Research Centre of the State Council.

Dr. Liu's address focused on "Shanghai as A World Financial Centre". Shanghai's 2020 goal is possible but there are many challenges that must be overcome, according to Dr. Liu. On one hand, he said, Shanghai will benefit from China's fast economic growth, the Chinese government's huge power to make things happen, as well as China's commitment to market-oriented financial reform. As he pointed out, global investors will evaluate the attractiveness of a financial centre from three perspectives: return, risk and liquidity. To realize the Shanghai 2020 objective, China needs to do three things in sequence, he advised: pursue financial innovation, improve the legal and regulatory environment and move towards RMB convertibility. Dr. Liu explained that the real bottleneck in Shanghai is not a lack of financial talents, but an opaque legal and regulatory system. Trying to attract financial talents without improving the legal and regulatory environment is in fact putting the cart before the horse, he said.

The workshop attracted more than 50 attendees from leading financial institutions including Santander, ICBC, CCB, and Bank of Italy.

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