CCDC F.10 Forum Focusing on Policy Changes and Asset Allocation
The first F.10 Forum in 2018 was held at CCDC Headquarters on April 19. With the theme “Policy Changes and Asset Allocation”, the forum focused on the impact of macroeconomic development and policy changes on the financial market in the new era and the strategies for the allocation of major assets in this context. Nearly 200 guests attended the meeting, including senior managers from bond-market financial institutions, experts from well-known think tanks and media representatives.
Chen Gangming, President of CCDC, addressed the opening ceremony. He pointed out that as China’s economic development enters into a new era, we are facing a complicated internal and external environment. We must, he noted, carefully implement the strategic deployment of high-quality development and focus on three major tasks including servicing real economy, preventing and controlling risks, and deepening reforms, with the aim to establish a high-quality financial system and promote high-quality economic development. In terms of “returning to fundamentals”, it is necessary to guide capital into real activities, improve the efficiency of servicing real economy, and actively participate in supply-side structural reforms; in terms of optimizing economic structure, we must maintain a generally stable and neutral monetary policy stance, accelerate the construction of a multi-layer capital market system, encourage the healthy development of Fin-tech and enhance the inclusiveness of financial supply innovations; in terms of strengthening supervisions, we must further improve the regulatory system, improve the functional supervision system, and consolidate the basis for supervision; in terms of market construction, we shall continue to promote the market-oriented reforms of interest rate and exchange rate, improve the policy transmission channels of monetary policies, increase the market liquidity of financial factors and expand the opening up of the financial industry. Chen Gangming emphasized that the transformation and upgrading of the financial system guided by high-quality development strategy is a new task and also a new opportunity for the financial industry in the new era.
The forum's morning agenda was focused on the macroeconomic and financial developments. Xu Hongcai, deputy chief economist of the China Center for International Economic Exchanges, gave a keynote speech on the current economic situation and its outlooks. He comprehensively analyzed the Chinese economy, covering growth momentum, price and employment, and forecast the economic trend and policy stance in 2018. Zong Liang, chief researcher of the Bank of China, gave a keynote speech titled “The Accelerating Global Growth is Brewing New Changes,” summing up new features of global economic development and new trends in the development of international financial markets. Zong noted that five key factors including Sino-U.S. trade developments, the joint infrastructure development plans of United States, Japan, India and Australia, the situation in Syria and Russian financial market risks, the Brexit, and China’s opening up reforms, will shape the global economic and financial landscape in the near future. Song Yuesheng, vice president of HSBC (China), and Yao Xuedong, deputy general manager of Dacheng Fund analyzed and interpreted the new changes in domestic financial policies and proposed the response of the market.
In the afternoon, the forum conducted in-depth discussions on hot issues such as the allocation of major assets and the bond market investment strategy. The Deputy Director of Golden Credit Rating International chaired a panel discussion on “Asset Allocation Strategy”, joined by Pan Dong, General Manager of Asset Management Department of China Everbright Bank, Chu Dong, Assistant General Manager and Chief Investment Officer of Changjiang Pension Insurance, and Dong Yuping, Deputy General Manager of Strategic Planning Department of China Orient Assets Management as well as other front-line experts in the investment field, who conducted in-depth discussions on the allocation strategy of the major assets in 2018. “Strategic Talks on Bond Market(2018Q2)”, one of the brand sessions by "ChinaBond" magazine, was also held in the forum, gathering bond market investment research experts, including Sun Jiankun, division chief of Asset Management Department of Agricultural Bank of China, Song Yao, Director of Financial Markets Department Bond Exchange Center of Minsheng Bank, Zhou Wenyu, Assistant General Manager of Financial Market Department of Beijing Rural Commercial Bank, Ming Ming, Chief Analyst of Fixed Income with CITIC Securities, and Zhao Ling, Director of the Bond Pricing Department of ChinaBond Pricing Center. The panel made an in-depth discussion on the macroeconomic developments, monetary policy and liquidity situation for 2018Q2 as well as the bond market investment strategy.