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The interplay between finance and macroeconomics in China provides a fascinating opportunity for new research. While financial markets are still fast growing and expanding their territory in China, the Chinese economy has been very innovative in advancing financial technologies. The special role of the Chinese government at both the local and national levels in financial activities has broad-reaching implications for macroeconomic performance and growth prospects in the future. This conference brought together elite scholars to explore the extent of our current understanding and the challenges for future research related to Chinese financial markets and their applications more broadly.

Policy Panel: Challenges in Finance and the Macroeconomy in China

The dynamic growth of China’s economy in recent decades has raised many questions among economists about the nature of this progress, including the role of markets and the state, and the sometimes contentious but often symbiotic relationship between the two. The policy forum featuring Chinese private sector executives and government officials, along with Chinese and US economists, explored these and other topics, as part of a major conference The Macroeconomy and Finance in China Conference at Tsinghua University School of Economics and Management (Tsinghua SEM) in Beijing.
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The Macroeconomy and Finance in China Conference

Agenda

Thursday, December 12, 2019

Sessions held in Shunde Building, Room 418 unless otherwise noted.

9:00 am - 9:30 am
Registration
9:30 am - 9:45 am
Opening Remarks
Lars Peter Hansen, David Rockefeller Distinguished Service Professor in Economics, University of Chicago; Recipient of 2013 Nobel Prize in Economics
Chong-En Bai, Dean, Tsinghua School of Economics and Management; Mansfield Freeman Chair Professor, Department of Economics, Tsinghua University
9:45 am - 10:45 am
Nondispersive Uncertainty, Credit Misallocation, and Endogenous Disasters
Pengfei Wang (Presenter), Professor of Economics, HKUST Business School and Peking University HSBC Business School
Winston Wei Dou, Assistant Professor of Finance, The Wharton School of the University of Pennsylvania
Yan Ji, Assistant Professor of Finance, HKUST Business School
10:45 am - 11:45 am
Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
Hui Chen (Presenter), Associate Professor of Finance, Massachusetts Institute of Technology
Zhuo Chen, Assistant Professor of Finance, Tsinghua University
Zhiguo He, Fuji Bank and Heller Professor of Finance, University of Chicago Booth School of Business
Jinyu Liu, Associate Professor of Finance, University of International Business and Economics
Rengming Xie, Independent
11:45 am - 1:00 pm
Lunch
1:00 pm - 2:00 pm
Conglomeration and Capital Allocation in China
Zheng Michael Song (Presenter), Professor of Economics, Chinese University of Hong Kong
Chong-En Bai, Dean, Tsinghua School of Economics and Management; Mansfield Freeman Chair Professor, Department of Economics, Tsinghua University
Chang-Tai Hsieh, Phyllis and Irwin Winkelried Professor of Economics and PCL Faculty Scholar, University of Chicago Booth School of Business
Xin Wang, Research Associate, Chinese University of Hong Kong – Tsinghua University Joint Research Center for Chinese Economy
2:00 pm - 4:00 pm
Break
4:30 pm - 6:00 pm
Policy Panel: Challenges in Finance and the Macroeconomy in China

Weilun Building Auditorium

Lars Peter Hansen (Moderator), David Rockefeller Distinguished Service Professor in Economics, University of Chicago; Recipient of 2013 Nobel Prize in Economics
Xiao Gang, Member of the 13th CPPCC National Committee and Former Chairman of the China Securities Regulatory Commission
Thomas Sargent, William R. Berkley Professor of Economics and Business, New York University; Recipient of 2011 Nobel Prize in Economics Recipient of 2011 Nobel Prize in Economics
Chenggang Xu, Professor of Economics, Cheung Kong Graduate School of Business
Henry Zhao, Chairman, Harvest Fund Management Co. Ltd.
Friday, December 13, 2019
8:00 am - 8:50 am
Registration
8:50 am - 9:00 am
Opening Remarks
Zhiguo He, Fuji Bank and Heller Professor of Finance, University of Chicago Booth School of Business
9:00 am - 10:00 am
Incentives and Firm Investment: Evidence from Chinese State-Owned Enterprise Reform
Zhiguo He (Presenter), Fuji Bank and Heller Professor of Finance, University of Chicago Booth School of Business
Guanmin Liao, Professor of Accounting, School of Business, Renmin University of China
Baolian Wang, Assistant Professor of Finance, University of Florida
10:00 am - 10:30 am
Break
11:00 am - 11:30 am
The Chinese Stock Market and Macroeconomy
Franklin Allen (Presenter), Professor of Finance and Economics, Imperial College London
12:00 am - 1:00 pm
Lunch
1:00 pm - 2:00 pm
Do Internet Finance Platforms Mitigate Against Conflict of Interest? Evidence from Mutual Fund Investment in China
Shang-Jin Wei (Presenter), Professor of Chinese Business and Economy and Professor of Finance and Economics, Columbia Business School
Chunliu Yang, Assistant Professor of Finance, Fanhai International School of Finance, Fudan University
2:00 pm - 2:30 pm
Break
2:30 pm - 3:30 pm
The Mandarin Model of Growth
Wei Xiong (Presenter), Hugh Leander and Mary Trumbull Adams Professor in Finance and Professor of Economics, Princeton University
3:30 pm - 4:30 pm
Break
4:30 pm - 5:30 pm
Optimal Capital Account Liberalization in China
Zheng Liu (Presenter), Vice President of International Research and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco
Mark M. Spiegel, Vice President, Economic Research Department, Federal Reserve Bank of San Francisco
Jingyi Zhang, Associate Professor, School of Economics, Shanghai University of Finance and Economics
5:30 pm - 6:00 pm
Closing Remarks
Lars Peter Hansen, David Rockefeller Distinguished Service Professor in Economics, University of Chicago; Recipient of 2013 Nobel Prize in Economics