The 4th International Conference on Financial Regulation and Financial Stability was hosted by Shanxi University of Finance and Economics on November 5th and 6th, co-sponsored by the School of Finance and the Discipline Office of Applied Economic, and supported by British Accounting Review, Economic Modelling, Journal of Chinese Economic and Business Studies, Journal of Management Science and Engineering, Journal of Management Science in China, Journal of Shanxi University of Finance and Economics. 97 experts and scholars from more than 30 universities and colleges, including University of London, London Business School, University of Edinburgh, the FOM University of Applied Sciences, Zhejiang University, the University of Macau, Nanjing University, Xiamen University, Southeast University, Shandong University, Hunan University, Tianjin University, Sun Yat-sen University, Central University of Finance and Economics, Capital University of Economics and Business, Beijing Normal University and etc., gathered online and discussed the cutting-edge issues in the field of financial security and risk prevention around the theme of “Financial Regulation and Financial Stability”.
The 4th International Conference on Financial Regulation and Financial Stability consisted of three parts: opening ceremony, keynote speech and session report. Opening ceremony and keynote speech were held on November 5th, hosted by Li Jingping, Dean of the School of Finance.
Shen Peilong, Standing Committee of Party Committee, and Vice President delivered the opening speech
On behalf of the school, Vice President Shen Peilong made an opening speech, in which he welcomed all the leaders, experts and scholars attending this conference and appreciated them for their strong support for this conference. He pointed out that forestalling major financial risks is the eternal theme of the financial industry. The financial risks need underlining in finance system, and we should strengthen and perfect the prevention, early warning and mechanism for managing financial risks, and safeguard the financial stability and financial security of our country. In recent years, the discipline of Finance, Financial Engineering and the first-level discipline of Applied Economics of Shanxi University of Finance and Economics have made brilliant achievements in talent cultivation, scientific research, social service and cultural heritage and innovation, etc. The influence of the research team on financial risk and financial regulation has been continuously improved. Moreover, the International Conference on Financial Regulation and Financial Stability, which is co-organized by the School of Finance and Discipline Office of Applied Economics of Shanxi University of Finance and Economics, provided a valuable opportunity for relevant experts and scholars.
Addressed by Prof. Peng Jiangang in Hunan University, President of the Conference
Prof. Peng Jiangang of Hunan University made a speech on behalf of the Academic Committee of the conference and all members of the organizing committee to welcome and appreciate all attendees from home and abroad. He pointed out that 2022 as the key year of the “14th Five-Year Plan”, “Two Sessions” (the National People's Congress and the Chinese People's Political Consultative Conference) in 2022 claimed to prioritize stability while pursuing progress. We should deal with risk prevention and management, strengthen the risk early warning, prevention and control mechanisms and capacity building, and firmly guard the bottom line against systemic financial risks. He hoped that experts and scholars would take this opportunity to fully exchange, enhance mutual understanding, and jointly make greater contributions to the study of financial regulation and financial stability, as well as provide a valuable reference to the prevention of major financial risks in China.
Keynote speech by Professor Edmans Alexander James, London Business School
In the next session of keynote speech, Professor Edmans Alexander James of the London Business School gave a presentation entitled “Do We Need Environment, Society and Governance?”. He discussed the importance of environment, society and governance (ESG) as well as the application of divestment strategies in the decision-making process by building a model that includes environmentally unfriendly firms, risk-neutral responsible investors, and risk-averse investors to explore the investment decisions of firms and investors at different time point, analyzing how investors invest to maximize their returns in the presence of externalities.
Keynote speech by Prof. Shi Jinchuan of Zhejiang University
Prof. Shi Jinchuan of Zhejiang University made a presentation on “Ethical and Legal Issues in Fintech Innovation”. He discussed the “technology-efficiency dividend” and “technology-institution dividend” of financial innovation from both positive and negative perspectives, arguing that the “technology-institution dividend” has enlarged financial leverage while providing convenience, resulting in information leakage to the extent. It is further suggested that only correctly recognizing the strengths and weakness of the dividend can we do a better job in the regulation and control of financial risks.
Keynote speech by Prof. Yang Zihui of Sun Yat-sen University
Prof. Yang Zihui of Sun Yat-sen University had a presentation on “Research on International Shocks and Contagion Channels of Systemic Risks”. Based on the combination of macroprudential and microprudential research perspectives, he explored the heterogeneous evolution of idiosyncratic risk transmission factors in different risk periods under different market shocks in the global, developed and emerging markets, finding that China's financial risks have obvious heterogeneity and tail risk accumulation phenomenon, as well as are prone to generate obvious risk linkages with emerging markets.
