w88 casino News Network (provided by the w88 casino of Finance)On the evening of April 25, 2016, the closing ceremony of the 15th Financial Culture Festival of the w88 casino and the special lecture by Professor Peng Wensheng were held grandly in the Chengxin International Conference Hall on the third floor. Guests attending this lecture include Dean of the w88 casino of Finance Wu Weixing, Secretary of the Party Committee of the w88 casino of Finance Zou Yasheng, Deputy Secretary Wang Chunlei, and Secretary of the Youth League Committee Chen Yuping,TeacherGao Jie。
Guests present
Wu Weixing, Dean of the w88 casino of Finance, delivered the closing speech of the Financial Culture Festival. He reviewed the activities of the 15th Financial Culture Festival, expressed his gratitude to all the guests and the student organization team for their hard work, and hoped that the students of the University of w88 and Economics can learn something from the cultural festival. He also expressed his gratitude to Peng Wensheng for his support to the w88 casino of Finance.
Peng Wensheng gave a speech on atypical economic cycles, examining China's economic development and transformation from a macro perspective. Peng Wensheng is the global chief economist of CITIC Securities and a professor at Tsinghua University and Nankai University. He has served as an economist at the IMF, head of the Economic Research Division and Mainland China Affairs Office of the Hong Kong Monetary Authority, and head of China economic research and managing director of Barclays Capital.Peng WenshengFirst, he explained the meaning of atypical economic cycles in the theme of the speech, and listed three major unexpected changes in the global economy. First, the world’s largest source of liquidity, the Federal Reserve, changed its policy at the beginning of the year; second, the scope of negative interest rates in developed countries expanded; third, China’s credit expanded. These three major changes all show that various countries are using monetary policies in different ways to promote commercial bank loans and accelerate market recovery. When implementing monetary policies, all countries need to think deeply about the difficulties they face, such as monetary policy objectives, impacts on the transmission mechanism, and unconventional monetary policy operations.
Peng WenshengAsk a question: Do unconventional currencies work? He gave detailed answers and extensions from the three major areas of quantitative easing, negative interest rates and forward guidance with a professional vision. The supply of credit depends on the bank's ability and willingness to lend, and credit has many channels that affect the economy, such as increasing consumption and physical investment, purchasing existing assets, etc. But asset purchases also bring the risk of bubbles. History shows that most financial crises are related to excessive credit expansion.Peng WenshengEmphasis: "Due to the special financial nature of real estate, it is an important collateral for credit."
SubsequentlyPeng WenshengIntroduced the mechanism of the financial cycle and raised the issue of “destocking” of real estate.Peng WenshengExplained: "If the real estate 'destocking' effect is obvious, it may bring financial risks. The recent trends in first-tier cities have been a warning, and we must avoid campaign-style promotion of 'destocking' in third- and fourth-tier cities." Immediately after,Peng WenshengHe explained to everyone the two major problems of the RMB exchange rate - "overvaluation" and "insufficient flexibility".
The depreciation of China’s exchange rate caused the stock market to plummet, which is contrary to the facts in developed countries. The reason is that the private sector in developed countries holds a large amount of foreign exchange assets, while most of China's foreign exchange assets are controlled by the government.
Peng WenshengTells about the two major structural challenges facing the global economy - population aging and wealth differentiation. He pointed out that the most fundamental reason for the difficulties faced by the global economy is the reduction of labor force and insufficient consumption and investment. The fundamental way to solve the problem lies in vigorously promoting the recovery of the birth rate, reforming the fiscal and taxation system, and investing in young economies.
Questions from the audience
In the next question-and-answer session, in response to several questions about population raised by students,Peng WenshengExplains that people are not only consumers, but also producers, and quotes Adam Smith's "The Wealth of Nations" - "The sign of wealth is the total number of people, because this allows for the specialization of labor."
Finally, in the warm applause of the students,Peng WenshengSigned the name on the banner of the 15th Financial Culture Festival and took a group photo. At this point, the 15th Financial Culture Festival came to a successful conclusion.
Build a dream and pick up gold, everything will carry glory, carry on the past and open up the future, and the lingering sound will linger. As one of the most influential activities of the w88 casino of Finance, the Financial Culture Festival leads the students of the University of Finance and Economics to focus on reform and jointly explore the trend of China's finance, which greatly broadens the horizons of the students of the University of Finance and Economics and enhances their knowledgew88 casino's academic atmosphere. See the gathering of famous people and enjoy the academic feast. I believe that the ideological enlightenment brought by the Financial Culture Festival will be of great benefit to the future of the students of the University of w88 and Economics.
