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Yao Jingyuan Guests on Financiers Club and Makes a Speech on Economy of China

Source:   Updated :2016/05/27    Hits:


      On the afternoon of May 25, the 14th “Qingdao Jinjialing Wealth Management Salon of Financiers' Club” hosted by SUFE Qingdao Wealth Management Institute was successfully held in Rushi Bookstore. Xin Shuren, President of People's Bank of China Qingdao Central Sub-branch, Chunyu Xianli, Deputy Director General of Bureau of Commerce, Qingdao, Wang Jinling, Deputy Director of Qingdao Municipal Financial Operation Office, Xia Zhengqi, Member of the Standing Committee of Laoshan District Party Committee and Executive Deputy Director of Management Committee of Financial Accumulation Area in Jinjialing, Qingdao, Sun Xiangyang, Deputy Director of Laoshan District People's Congress, and more than 150 executives from financial institutions and large enterprises participated in the salon activity. Yao Jingyuan, Consultant of the State Council and former economist of National Bureau of Statistics, was invited to give a speech in regard to China's economic issues concerning everyone, which was highly praised by the attendees.
      In the salon activity, Yao Jingyuan said that, at present, the difficulties facing China's economy can be summarized as “four drops and one increase”, i.e., four drops of economic growth rate, enterprise profits, producer's price for manufactured products and fiscal revenue growth rate, and increase of financial risks.
      He indicated that the current economic difficulties were not only cyclical, but also structural. He said: “We cannot neglect the structural problems and must solve them actively, and the fundamental solution is to promote the economic reform of the supply side.”

      During the speech, Yao Jingyuan believed that the so-called “New Normal of Economy”, apart from the decline of economic growth rate, was reflected in the following two aspects, i.e., structure optimization and power conversion, which was also the important measure for tackling the economic difficulties. He said that optimizing the industrial structure was to strengthen the weak link – the primary industry, enable the shift of the second industry from middle and low end to the high end and attach great importance to the development of modern service industry represented by the financial industry and the cultural industry. In addition, he indicated that the power conversion was to change the previous pattern in which the economic growth was driven by the investment of a large amount of capital, resources and labor force, and seek innovative patterns.
     He said that the fundamental approach to realize sustainable economic growth was to establish five concepts, i.e., innovative, coordinated, green, open and sharing development. He also said: “Open means that while we continue to intensify efforts to attract investment, we should also go out, including the implementation of the One Belt One Road initiative.” Sharing, in his opinion, means that millions of people should be involved and share the development achievements.
     The reporter learned that SUFE Qingdao Wealth Management Institute was jointly built by Qingdao Municipal People’s Government and Shanghai University of Finance and Economics (SUFE), which was an independent institution as a legal person. After more than one year’s development, SUFE Qingdao Wealth Management Institute has successively established many education programs such as “SUFE - UC Berkeley (UCB) Master of Finance Degree Education Program (Global Wealth Management Speciality)”, “Advanced Finance Courses”, EMBA and “Innovative Financial Investment and Capital Operation”; it has designed some customized courses, according to the requirements of financial institutions, enterprises and government provided with corresponding faculty; and it has provided high-level training for the enterprises and public institutions, financial institutions, government and social organizations in Qingdao and even Shandong Province as a whole. 

      Up to now, fourteen sessions of “Qingdao Jinjialing Wealth Management Salon of Financiers' Club” have successfully been held, with guests including Xiang Songzuo, Chief Economist of Agricultural Bank of China, Tian Tao, Consultant of Huawei International Consultative Committee, Ma Guangyuan, a famous independent economist and financial and economic commentator and Xu Hongcai, Director of Economic Research Section of China Center for International Economic Exchanges, etc. These specialists and scholars have given many lectures concerning current hot economic issues in China such as macroeconomics, company management, real estate and stock market, making great contribution to the financial ecosystem in Qingdao on behalf of the academic circles.