From 28 to 31 March 2023, renowned scholars from the National School of Development at Peking University (NSD) were invited to attend the Boao Forum for Asia (“BFA”) 2023 Annual Conference, including Yi Gang, Governor of the People's Bank of China, Co-Founder and professor of the NSD, Justin Yifu Lin, Honorary Dean of the NSD, Dean of the Institute of New Structural Economics at Peking University and Dean of the Institute of South-South Cooperation and Development at Peking University ("ISSCAD"), Yao Yang, Distinguished Professor at PKU Boya, Dean of the NSD and Executive Dean of the ISSCAD, Huang Yiping, Deputy Dean of the NSD, Sinar Mas Chair Professor and Director of the PKU Institute of Digital Finance, Ma Jun, Co-Director of the Macro and Green Finance Lab of the NSD, Director of the Green Finance Committee of China Society for Finance and Banking and President of the Institute of Finance and Sustainability. The NSD also co-sponsored IFENG NIGHT with IFENG Finance on its presence at the Forum.
This year’s annual conference, themed “An Uncertain World: Solidarity and Cooperation for Development amid Challenges”, received some 2,000 representatives from more than 50 countries and regions and over 1,100 journalists from more than 170 media organizations in nearly 40 countries and regions. The participants included Li Qiang, Chinese Premier and Lee Hsien Loong, Prime Minister of Singapore, as well as 92 ministerial-level and former officials from different countries, 11 heads of international and regional organizations, and many business leaders and renowned scholars.
Sharing and Exchange at the BFA
As per the schedule and agenda, on the afternoon of March 28, Professor Yao Yang appeared at the sub-forum on “New Pattern of Industrial Chain and Supply Chain” to speak about the new pattern facing the world. He believed that China will not lose its status as the "world factory" in the next ten to twenty years; on the contrary, China will remain a key part in global manufacturing. Maybe the US efforts on decoupling from China will expedite the industrialization of Southeast Asia in the future, but this may not evolve as they wish.
On the morning of March 29, Professor Justin Yifu Lin attended the sub-forum on “World Economic Outlook” to center around global development. He said that climate change is one of the largest areas of international cooperation, for which all countries should take common but differentiated responsibilities. Greenness and development can both be achieved. China can fulfill its commitments, and also provide affordable renewable energy technologies to other countries, in a move to jointly press for transition to a green economy.
On the morning of the day, Professor Ma Jun presided over the sub-forum on "Carbon Neutrality: Dilemmas and Breakthroughs". The panelists included Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia and China's Chief Representative to the Boao Forum. Professor Yi Gang delivered a keynote speech on "Green Finance Development and International Cooperation on Green Finance". He said that the Carrot and Stick Approach should be adopted to achieve carbon peaking and carbon neutrality. High carbon pricing or carbon tax can be considered as a "big stick", moderate carbon pricing a "small stick" or "medium stick", and the PBOC's support tools "carrots" in the incentive mechanism. The PBOC offers re-loans to financial institutions at low rates, and financial institutions that accept low-cost funds are required to support carbon emission reduction projects under the obligation to disclose necessary information to the public.
At the Dialogue between Chinese and European Entrepreneurs in the afternoon, Professor Justin Yifu Lin exchanged views with the EU Ambassador to China and more than 20 representatives of Chinese and European entrepreneurs on topics including "Europe's Energy Crisis", "China's Transition to Green Energy and Low-carbon Development under the Goals of Carbon Peaking and Carbon Neutrality", and "Creating A More Open, Convenient and Fairer Business Environment".
On March 31, Professor Huang Yiping presided over a roundtable on "Financial Infrastructure and Financial Services in the Digital Era", at which more than 20 senior officers from domestic and foreign financial institutions including Zhou Xiaochuan discussed issues such as "Innovation and Upgrade of the Financial Ecosystem" and "Financial Risks and Supervision". After the roundtable, Professor Huang Yiping said in a group interview with Boao's official media that renminbi settlement for commodity trade is a key step in pushing the internationalization of the renminbi. Given that China is unlikely to fully liberalize its capital market in the short term, it is recommended to develop Hong Kong into an offshore RMB market. The city can be expected to become China's largest international financial center and the world's most important center for trading RMB assets. Professor Huang also answered questions on hot topics including the trend of "De-dollarization", "RMB Internationalization", "Consumption Growth" and "Digital Economy".
In addition, NSD professors also shared their views on important hot topics in economy and development when interviewed by media like CCTV, Xinhuanet, China Business News, Sohu, and Tencent.
NSD and IFENG Co-sponsors "2023 Boao • IFENG NIGHT"
“During the BFA 2023 Annual Conference, the NSD and IFENG Finance co-sponsored "2023 Boao · IFENG NIGHT", where a number of guests from all walks of life who participated in the BFA were specially invited to share their views on the theme of "Building A Better Future in An Open and Win-win Manner".
Long Yongtu, Chief Negotiator of China's WTO accession and former Vice Minister of Foreign Trade, said in respect of current Sino-US relations that the biggest misconception the US has about China is that the Chinese are striving for the world leadership, posing a threat to the US. "To resolve this issue, we should help them really know China."
Professor Yao Yang expressed his view on the competition between China and the US, saying that it is good if the Americans are willing to compete with China; then both sides can sit down and discuss competition rules. Unfortunately, if the US is breaking the rules ragingly like a "child who cannot afford to lose", it will be very detrimental to normal competition between the two countries.
The four-day BFA 2023 Annual Conference marked the first offline conference since the outbreak of the COVID-19 Pandemic. This year's forum consisted of four modules – "Development and Inclusiveness", "Governance and Security", "Regional and Global" and "The Present and the Future", under which more than 20 topics focusing on different fields were presented, with the purpose of helping all participants reasonably discuss their respective interests and common interests, short-term interests and long-term interests, and promoting consensus on development and security. At this forum, NSD scholars were active in exchanges and discussions on different topics, and also expected that they could contribute positively to promoting discussions and reaching consensus.
Written by：GAO Lingna，WANG Zhiqin
Edited by: WANG Xianqing