On the Road to Reforming China's Financial Markets

SHANGHAI, China - Three outstanding institutions, Tsinghua University's China Centre for Financial Research (CCFR), the Massachusetts Institute of Technology's (MIT) Sloan School of Management, and the China Europe International Business School (CEIBS), have come together to promote the country's reform and opening of its financial markets in China at the Shanghai International Conference Centre on July 8 to 10, 2004. The conference provides an open platform to bring together researchers from home and abroad to exchange and discuss the latest developments in the research and application of finance, so as to accelerate the formulation and implementation of financial policies and measures in China.

CICF 2004 opened calls for papers and reviews and received more than 400 high quality papers from scholars and practitioners in the finance world from China's mainland, Hong Kong and Taiwan as well as North America, Europe, Japan, and Southwest Asian countries. A total of 85 papers are presented and discussed during the conference.

Showing support for the conference are Zhou Xiaochuan, Governor of the People's Bank of China; Li Jiange, Deputy Director of Development Research Centre of the State Council of PRC; Xie Ping, Director General of Bureau of Financial Stability, the People's Bank of China; and some senior officials from Shanghai's municipal government. Also in attendance are Lester Thurow, famous economist and former Dean of Sloan School of Management, MIT, Stewart C. Myers, famous economist from MIT, and a number of prestigious Chinese economists including Wu Jinglian and Xu Xiaonian professors from CEIBS, who present their opinions about the financial reforms in China.

Wang Jiang, NTU Professor of Finance, MIT, director of CCFR, Tsinghua University and special-term professor, Tsinghua University, chairs the conference. Stewart C. Myers, professor of finance, Sloan School of Management, MIT and world-famous financial expert, and Wu Jinglian, Bao Steel Professor of Economics, CEIBS and prestigious Chinese economist, make keynote speeches. In addition, the conference holds six academic sessions on topics including financial reforms in China, financial development in Shanghai and real estate finance.

Among the three joint organizers of the conference, CCFR, Tsinghua University is a top open platform of financial research in China based on the School of Economic and Management, Tsinghua University; CEIBS is one of Asia's leading business schools based in China, producing a great number of managerial talents; and MIT is a top institution of higher learning in the world. With their support, the conference is aimed to become the most influential event in China's financial industry.

About China Center for Financial Research, Tsinghua University
Established in 2002, the China Center for Financial Research (CCFR) is to promote and support research on China's financial system, including the development and management of financial markets and financial institutions, the governance of corporations, and government financial policies. The school of Economics and Management, Tsinghua University is in close collaboration with the Sloan School of Management, MIT to develop the Center. The Center's development has received generous support from the Goldman Sachs Group.

About Sloan School of Management, Massachusetts Institute of Technology
The MIT Sloan School of Management, based in Cambridge, Massachusetts, is one of the world's leading business schools — conducting cutting-edge research and providing management education to top students from more than 60 countries. The School traces back to 1914, when MIT established its pioneering department of Engineering and Business Administration. An MIT Sloan Foundation grant established the MIT School of Industrial Management in 1952 with a charge of educating the ''ideal manager.'' Today, the mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice.

About China Europe International Business School
China Europe International Business School, internationally known as CEIBS, is a non-profit, joint venture created by the European Union and the Chinese government. Since its establishment in 1994, CEIBS has been the leading business school in China and its high quality meets high international standards and has been accredited by EQUIS. Since 2001, CEIBS has been ranked among the world's top 100 business schools for all its three programmes MBA, EMBA and Executive Education. On October 13, 2003, China's first EU Policy Paper, designed to increase cooperation between the EU and China, specifically stated that more work should be done with China Europe International Business School to develop more top business professionals by enhancing and expanding academic and business exchanges at all levels.