Hong Kong Institute for Monetary Research (HKIMR)
—Wang Yanan Institute for Studies in Economics (WISE)
The Sixth HKIMR Conference on the Mainland Economy
“Efficiency and Stability of the Financial System in Mainland China”
16-17 October 2008
Venue: 56/F, Two International Finance Centre, Central, Hong Kong
Programme
(To be conducted in Putonghua)
16 October 2008, Thursday
08:30 – 09:00 Coffee reception and registration
09:00 – 09:10 Opening Remarks
Peter Pang, Deputy Chief Executive
Hong Kong Monetary Authority
HONG Yongmiao
Session Chair
HE Dong, Hong Kong Monetary Authority
09:10 – 09:45 Keynote speech
by LI Yang, Institute of Finance and Banking, Chinese
Academy of Social Sciences
(no discussant for this speech)
09:45 – 10:45 “Institutional investors and stability and efficiency
of the Chinese stock market”
by FANG Xinghai and WANG Fenghua, the Shanghai
Municipal Government, and the Shanghai Stock
Exchange
Discussant: SUN Jie, Hong Kong Securities & Futures
Commission
10:45 – 11:15 Coffee break
11:15 – 12:15 “Macroeconomic implications of Chinese
households turning from depositors to shareholders”
by SUN Tianqi, the People’s Bank of China
Discussant: ZHANG Zhiwei, Hong Kong Monetary
Authority
12:15 – 13:45 Lunch
Session Chair
CUI Li, Hong Kong Monetary Authority
13:45 – 14:45 “What causes the Chinese stock market bubble:
resale option or inflation illusion?”
by CHEN Guojin, ZHANG Yijun, and WANG Jing,
Xiamen University
Discussant: Matthew YIU, Hong Kong Institute for
Monetary Research
14:45 – 15:45 “Liquidity in China’s government bond market”
by AN Guojun, Chinese Academy of Social Sciences
Discussant: NIU Linlin, Xiamen University
15:45 – 16:15 Coffee break
16:15 – 17:15 “Spillovers of the U.S. Subprime Financial Turmoil
to Mainland China and Hong Kong – Evidence from Equity Markets”
by SUN Tao and ZHANG Xiaojing, International
Monetary Fund and Chinese Academy of Social
Sciences
Discussant: Lillian CHEUNG, Hong Kong Monetary
Authority
17:15 – 18:15 “Informal finance in China—a new institutional analysis”
by ZHANG Xiang, Peking University
Discussant: SUN Tianqi, the People’s Bank of China
19:00 – 21:00 Conference dinner, hosted by Mr. Joseph Yam,
Chief Executive, Hong Kong Monetary Authority
(Venue: The Square, 4/F, Two Exchange Square)
17 October 2008, Friday
08:30 – 09:00 Morning coffee
Session Chair
HONG Yongmiao
09:00 – 10:00 “The Chinese approach to capital account
liberalization: what do we learn from renminbi
banking in Hong Kong?”
by HE Dong, Hong Kong Monetary Authority
Discussant: MA Yue, Lingnan University
10:00 – 11:00 “Bank loans with Chinese characteristics: inside
debt, firm quality, and market response”
by YANG Zhishu, Warren Bailey, and Victor Wei
HUANG, Tsinghua University, Cornell University and
University of Hawaii
Discussant: ZHU Haibin, Bank for International
Settlements
11:00 – 11:30 Coffee break
11:30 – 12:30 “Monetary policy rule in China: 1997-2005”
by ZHAO Yang and GUO Huiming, Xiamen
University
Discussant: ZHU Feng, Bank for International
Settlements
12:30 – 13:30 “Provincial and regional impacts of monetary
policy in China”
by GAN Xingdi, Fudan University
Discussant: SHU Chang, Hong Kong Monetary
Authority
13:30 – 14:30 Lunch
Session Chair
CHEN Guojin, WISE, Xiamen University
14:30 – 15:30 “The foreign exchange exposure of Chinese banks”
by Eric WONG, Jim Wong and Phyllis Leung, Hong
Kong Monetary Authority
Discussant: HONG Yongmiao
**End of Conference**
