August 4th, 2016, Unirule Development Forum was held at Unirule Beijing Office.
Mr. WU Si, President of Unirule, hosted the event in the morning. Professor ZHANG Shuguang, Chairman of Unirule Academic Committee, gave an opening speech. He introduced the current economic performance, and emphasized the problems of over-leveraging, over-capacity, and over stock. He introduced the development of the private sector, especially the high risks of the debt problem. Later, he closed with the issue of the state-owned enterprises that are not promoted by the central government to grow even bigger and stronger, which poses a severe problem for carrying out the reform measures issued by the state council.
Professor FENG Xingyuan moderated the first session. Professor Christopher Lingle presented on “Reforming Monetary Policy: Shifting Focus from Macroeconomic Aggregates to Microeconomic Realities”. He took issue on the central bank. He introduced the model based on which the central banks around the world were created. He also criticized the problems of macroeconomics that provides theoretical basis for most of macroeconomic policy that causes further economic problems. He then analysed the negative effect of macroeconomic policy, central bank, monetary policy, and the adjustment of interests rate.
Professor Ken Schoolland presented on “Redistribution: The Perversion of Economic Justice”. He introduced the current research trends regarding redistribution. He criticised the redistribution done by the government from three aspects: the practical one, the utilitarian one, and the moral perspective. He argued that those who have the most power are dominating the redistribution process that mostly benefit themselves. He then introduced why the monetary policy by central banks are mostly harmful to the interest of the common citizens.
Professor LI Weisen commented and presented on the above two topics. He talked about the quantitative easing of the US that resulted to huge debt and high financial risks. He analysed how the QE has helped exacerbating the financial system. And then he encouraged the participants to look into the incentives of the Chinese government in promoting similar policy schemes.
Mr. XIONG Yue commented on the presentations. He introduced his studies and he thought that central banks are the last barrier posed by the planned economy. He then added up to Christopher’s presentation and developed on the forecast for the future in terms of central banks and their policies.
Mr. ZHANG Lin’s comments focused on Unirule’s research in the respective areas. He talked about the inflation and deflation process of the economic development. He then focused on the redistribution issue and introduced the case of Beijing.
Professor ZHANG Shuguang moderated the first panel discussion on “China’s Economic Reform in the Context of International Economic Recovery”. Mr. JIANG Hao added his comments on Professor Lingle and Professor Schoolland’s presentations. He introduced his research on the Federal Reserves. Mr. WU Si joined the discussion and clarified why the research on China’s redistribution is mostly inaccurate due to the manipulated data issued by the government. Professor FENG Xingyuan joined the discussion and proposed substitutions for the current central bank system. The experts also took questions from the audience. Professor LI Weisen answered a question on the incompatible between the real estate bubble and the high EMB exchange rate. He thought the current real estate market in big Chinese cities is even higher than that in London or New York, which is not normal.
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