Think Tank Update

• NIFD concludes the first “National High-Level Think-Tank Economic Seminar”

Organized by the Secretariat of the National High-Level Think-Tank Council, the closed-door seminar was attended by over ten distinguished guests, including experts and academics from high-level Chinese think-tanks and institutes of higher learning, officials from the Japanese central bank and Hong Kong’s regulatory agencies, executives of Chinese securities exchanges, and practitioners from financial institutions. COVID-19 has dealt a heavy blow to the global economy, giving rise to economic and financial risks in China. At the workshop, participants discussed the global economic outlook, international fiscal and monetary policies, and the supply of financial services, and presented suggestions on how to weather the crisis.

• The NIFD broadens publicity channels and creates a “New Media Center” for internet-based communication amid the pandemic

Since its launch, the New Media Center has released the NIFD Quarterly Report series for Q1 2020 via live video streaming in partnership with media platforms, and held online meetings. While conducting further research, the NIFD will continue to improve online discussions and communication, contribute ideas for financial development, and promote financial policy and publicity.

• The NIFD holds the “2020 Fintech Development Forum” in Beijing

Under the theme of “Fintech and Economic Recovery,” this virtual forum gathered economists, financial analysts and fintech experts to discuss such topics as financial infrastructure, digital transition, and fintech’s role in supporting the real economy, contributing wisdom to the fintech industry amid the pandemic. The forum also released the New Finance, New Economy: Report on Fintech’s Role in Supporting the Real Economy, and featured the virtual award ceremony for the Fintech Papers by Young Chinese Researchers (2020). Broadcast live by Tencent News, the forum was viewed by nearly 500,000 online participants.

Think Tank Opinion

Prof. Li Yang, chairman of NIFD, believes that great potentials exist in urban and rural infrastructure and public services. COVID-19 has revealed weaknesses in China’s public health system, urban development, and city management. According to Prof. Li, urban development should put people first, follow science-based principles, and promote urban-rural integration. Amid a worsening global environment and desultory domestic consumption under the pandemic, China must bolster its growth by investing public funds and debt capital in social infrastructure. Hence, he suggests that (i) infrastructure investment should contribute to integrated urban-rural development and land markets, and spur the free flow and exchange of urban and rural factors on equal terms; (ii) great efforts should be made to develop a digital economy and an internet economy that help bridge urban-rural gaps.