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Forum on BRICS Development and China Free Trade Zones held in Fudan

Author  :       Source  :    Fudan University     2014-10-27

The Forum on BRICS Development and China Free Trade Zones (FTZ) was successfully held at Fudan on September 27, 2014. The theme of the forum was the short-term risks and long-term challenges faced by the BRICS countries. The discussion was centered upon significant issues such as the building of the BRICS Bank and the establishment and influence of the China (Shanghai) Pilot FTZ. The forum was organized by the Institute of Economics of the Chinese Academy of Social Sciences (CASS), Fudan Development Research Institute, and the editorial board of Economic Research. It was also sponsored by Fudan BRICS Research Center, the Fudan Comprehensive Research Institute for Shanghai FTZ, the Shanghai Research Institute for Developmental Strategies, and was co-organized by Lujiazui Research Base of CASS.

Professor Pei Changhong, Head of the Institute of Economics of CASS, Professor Lin Shangli, Vice President of Fudan, Mr. Huang Jianhui, Vice President of the Research Institute affiliated with the China Development Bank, Professor Zhang Youwen from Shanghai Academy of Social Sciences, Professor Yuan Zhigang, Dean of the College of Economics at Fudan, Professor Sun Lijian, Director of Fudan Financial Research Center, and Professor He Haifeng, Director of Financial Policy Research Center of CASS, attended the Forum. Professor Wu Libo from Fudan Development Research Institute officiated the opening ceremony. Professor Zheng Hongliang, Deputy Editor of Economic Research, led the discussion on the BRICS Bank. Professor Lin Shangli addressed the audience on behalf of Fudan. In addition, Professors Pei Changhong, Yuan Zhigang, Sun Lijian, Zhang Youwen and He Haifeng, as well as Mr. Huang Jianhui, delivered keynote speeches. The experts and scholars from various institutions shared their ideas on BRICS development and the China (Shanghai) FTZ in four parallel sessions. Fudan Financial Research Center and BRICS Research Center also initiated the organization of the Forum on the BRICS Bank.

Professor Lin Shangli noted in his speech that China has entered the era of all-round development, and so the research on issues related to China needed to take a full perspective. The building of FTZs and the cooperation among BRICS countries are crucial strategies in promoting the new reform and development of China. Shanghai is an important platform for the implementation of the two strategies, and Fudan University, located in Shanghai, sees the research on these issues as its important mission. The forum will have significant influence on the development of humanities and social sciences at Fudan, by bringing together the talents of Fudan and CASS.

Professor Pei Changhong shared his thoughts about the Shanghai Pilot FTZ. He pointed out that the essential task of the FTZ is to explore the means of reform and innovation within the system, focusing on trade facilitation, the investment management system, financial system innovation and governmental management. The expansion of the FTZ can be achieved by establishing secondary zones, setting up an electronic fence system or enlarging the scope of business.

Professor Yuan Zhigang addressed the audience on the future development of the FTZ. He mentioned that the planning of the Shanghai FTZ should be in accord with the city’s strategic objectives of becoming a center of international economics, finance, trade and shipping by 2020, and becoming a global city by 2040.

Mr. Huang Jianhui analyzed in depth the global impact and future trends of financial cooperation among the BRICS countries. He noted, despite rapid economic growth, the BRICS countries still face various problems, which may challenge cooperation among them. To push forward deeper cooperation, the integration of financing and talent exchange can be the starting point.

Professor Sun Lijian noted that the FTA is a platform for the “export” of national production capacity and financial currency. To achieve these two objectives, we need to increase the reserve value of the Renminbi, as well as to build the international financial channel for the Renminbi, and thus accelerate its process of internationalization. Professor Sun also stressed that Renminbi internationalization should be based on the improvement of our financial system and industrial competitiveness, and that we should be alert against the potential fluctuation of the financial market after its opening up, as well as the possibility of industrial hollowing-out after the relocation of production capacity.

Professor Zhang Youwen analyzed the intrinsic relation between BRICS cooperation and the Shanghai FTZ. He pointed out that BRICS countries can share with each other their experience of economic development and reform achievements. The establishment of the FTZ makes manifest the transformation of our nation in economic reform: the transition from processing and logistics liberalization to trade and investment facilitation, from attracting investments in manufacturing industries to the expansion of the service industry, and from the elimination of internal obstacles to the adaptation to global rules, and so on.

Professor He Haifeng addressed the issue of how to build a financial system suitable for a large and open country like China. He emphasized that a sound financial system can provide the momentum for economic growth, and the Shanghai FTZ should also contribute to the establishment of such a system by exploring the mechanism of an open capital market and other innovative regulatory approaches.

Editor: Chen Meina

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