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Unirule Master Thoughts Class(2016) Session 3 Held in Beijing
Time:2016-10-17 14:15:36   Clicks:

June 25th and 26th, Unirule Master Thoughts Class(2016) Session 3 was held in Beijing. This session had the pleasure of the company of famous economist Professor CHEN Zhiwu from Yale University; Mr. ZHENG Yefu, Non-resident Researcher of Unirule, and Mr. WU Si, President of Unirule.


On the morning of 25th, Professor CHEN Zhiwu gave a presentation on “What Is Finance?” He said that finance is first and foremost inter-temporal value exchange, between today and tomorrow, tomorrow and the day after tomorrow, or in the time span of years. This is key to understand finance. As for the nature of inter-temporal value exchange, trust, credit, and execution of contracts. If contracts are not followed and honoured, then it’s impossible to conduct such value exchanges over time. In addition, there are usually two parties in a financial exchange, buyers and sellers. Finance is not just a set of economic instruments, but also a mode of thinking and a framework of analysis.





On the afternoon of 25th, Mr. ZHENG Yefu spoke on “State Policy and Social Issues.” He focused on six social issues, including population, Hukou system, education, housing market, anti-corruption campaign, and preservation of rights. Mr. ZHENG thought the motivation of further social reforms would be the movement of civil rights that injected life into China’s legal system. As China’s laws are tailored by the so-called high-level officials, whereas European and American laws are established through conflicts and struggles between concerned parties, it is the only way to push the legal reform forward by civil rights movements.





On the evening of 25th, Associate Professor LIU Yu joined the class for tea and talked about the third democratisation wave and the future path of democratisation in China.





On 26th, Mr. WU Si spoke on “China’s Future Direction.” Mr. WU Si forecast and analysed China’s future from the perspective of global transformation and Officialism theory. He said that the GDP growth rate of China in the next one or two decades would fall to a normal level and the reliance on financial revenues would end. Room for rent seeking will shrink, there will be more social issues featuring more unemployment, financial crises, the poor fighting for more social welfare, and the rich fighting against high taxes. The officials would have to compromise their interest for stability and security eventually.


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