9 February 2010

CUHK Establishes Institute of Global Economics and Finance to Meet Demand for Expertise in the Area



As China continues to open up its financial system for integration into the global financial markets after the financial tsunami, it is high time for it to re-think its strategy and to re-constitute its financial institutions and practices to avoid the pitfalls that have caused the current financial crisis. There is a call for fresh ideas and a pressing need for new research directions. A good understanding of international best practices in policy-making and managing changes is essential for senior executives in both public and private financial sectors. With notable strengths in research and executive education, The Chinese University of Hong Kong (CUHK) establishes the Institute of Global Economics and Finance (the Institute) with the vision of contributing to the development of China as an emerging global financial powerhouse.

Through research, the institute will contribute conceptual and policy ideas to the opening up of China’s post-financial-crisis financial system. It will also dedicate itself to organizing and delivering executive education programmes. The objective is to enhance the knowledge and expertise of participants in new developments and ideas in global finance and banking, which the institute believes are essential to this opening up process.

As a comprehensive research-led university, CUHK has the expertise to meet the new demand of global financial markets. Apart from building on its existing strengths, CUHK has the unique opportunity to assemble a group of distinguished professors and policy-makers as members of the institute to participate in research and executive training. These include Prof. Lawrence J. Lau, Vice-Chancellor and Ralph and Claire Landau Professor of Economics, CUHK; Prof. Sir James Mirrlees and Prof. Robert Mundell, both Nobel Laureates in Economic Sciences and Distinguished Professors-at-Large, CUHK; Professor Sung Yun-wing, chairman of the Department of Economics, CUHK; Professor Leslie Young, Professor of Finance, CUHK; Mr. Joseph Yam, former Chief Executive of Hong Kong Monetary Authority, HKSAR; and Prof. Liu Pak-wai, Professor of Economics, former Pro-Vice-Chancellor, CUHK, who serves as the founding director of the institute.

Professor Liu is confident that the institute will serve as a much-needed think-tank in this post-financial-crisis era, ‘The financial tsunami poses a severe challenge to western theories and practices in institution building in finance and government’s role in regulation. It is clear that China, in opening up its financial system, must avoid the mistakes of the West. What is not clear is the alternative path China should take. The institute aims to contribute ideas through research and transfer expertise through training to this process.’

With the extensive connections of CUHK, distinguished academics and policy-makers from all over the world will be invited to come as short-term visiting scholars to conduct research and deliver lectures in executive training courses. Among them may include Governors of the US Federal Reserve banks and former Chief Economist of the World Bank.

Participants of the executive education programmes are expected to be high-level executives of financial institutions and senior government officials from Mainland China, Hong Kong and overseas. The programme will cover a wide range of topics highly relevant to new developments in global economics and finance, as well as important basic recurrent themes, such as the 2008 financial tsunami, the emergence of Renminbi as an international reserve currency, international best practices in corporate governance, etc. Each session of the programme will last one to two weeks.

CUHK has a long history of taking initiatives to build bridges between China and the West. Founded in 1963 with the mission ‘to combine tradition with modernity; to bring together China and the West’, the University is experienced and well-positioned to play an active role in contributing to a new phase of development in the Chinese financial system.

Prof. Liu Pak-wai
Prof. Liu Pak-wai

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