CMS Board Chairman Gong Shaolin delivered a speech in University of Cambridge on the financial reform and opening-up of China

China Merchants Securities (2014-06-15 16:45) [Full Text]

In the afternoon on June 12 (local time), CMS Board Chairman Gong Shaolin was invited to make a speech titled Recent Financial Reform and Opening-up of China in Judge Business School, University of Cambridge.

Mr. Gong delivered the speech centering on the issues and challenges encountered by the Chinese economy currently, for example, slowdown of GDP growth, excessive increase of land and labor costs, and increase of labor cost in Chinese coastal regions. Mr. Gong pointed out that middle-income trap was a challenge China must face and illustrated the so-called progressive characteristic of Chinese economic reform to teachers and students in University of Cambridge, as well as the determination and measures for sticking to the market orientation path by analyzing and comparing lots of data.

Mr. Gong introduced the recent development of Chinese financial reform and listed the five principles and 12 major fields of Chinese financial reform. In particular, he described the roadmap of interest rate liberation in China and predicted that the proportion of direct financing in China would  increase based on the proportion of direct financing in the UK after the liberation of interest rate. Simon Taylor, a professor of finance in University of Cambridge discussed with Mr. Gong the issue in an in-depth manner and exchanged views on the spot. Scholars of University of Cambridge present also agreed with his point of view. In addition, Mr. Gong introduced current business development of the company, summarized the roadmap of the reform of Chinese stock market and illustrated recent hot events in Chinese financial reform, for example, development of securities markets in Hong Kong, Shenzhen and Shanghai and interworking between Shanghai and Hong Kong.

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