Hong Kong Institute for Monetary Research, Institute of Market Economy of Development Research Center (DRC) of the State Council and Financial Research Institute of The People's Bank of China (PBoC)

The Ninth Annual International Conference on the Chinese Economy

“China’s Real Estate Market and Implications for Economic and Financial Stability”

18 January 2018 (Thursday) - 19 January 2018 (Friday)

Auditorium, 56/F, Two International Finance Centre, Central, Hong Kong

18 January 2018
08:30 – 09:00 Registration and Welcome Coffee

09:00 – 09:15 Welcoming Remarks

Norman TL Chan, Chief Executive, Hong Kong Monetary Authority
09:15 – 10:00 Keynote Speech

Guoqiang Long, Vice President, Development Research Center of the State Council
10:00 – 10:30 Coffee Break

10:30 – 12:30 Policy Forum: China’s Real Estate Market: Recent Development, Policy Options and Future Perspective

Lillian Cheung, Executive Director, Hong Kong Monetary Authority and Director, Hong Kong Institute for Monetary Research

Yiping Huang, Monetary Policy Committee Member, PBoC and Professor, Peking University

Zhong Xu, Director General, Research Bureau, PBoC

Wei Wang, Director General, Institute of Market Economy, DRC

Hong Qin, Director, Policy Research Center, Ministry of HURD P.R. China

12:30 – 13:40 Conference Luncheon (by invitation)

13:40 – 15:50 Session 1: Understanding the Real Estate Market in China
Matthew Yiu, Senior Economist, Hong Kong Institute for Monetary Research

Yongheng Deng, Professor, University of Wisconsin – Madison
[The People’s Housing Market: Evaluating Risk across Chinese Housing Markets]

Larry Hu, Head of China Economics, Macquarie Capital Limited
[Supply/Demand Mismatch: The Core Issue of China’s Property Market]

Hongyu Liu, Professor, Tsinghua University
[China Housing Market Development and Policy Outlook in the New Era]

Anna Wong, Senior Economist, Federal Reserve Board


speaker-yongheng_deng.pdf speaker-hongyu_liu.pdf
15:50 – 16:20 Coffee Break

16:20 – 18:00 Session 2: China’s Real Estate Market and Its Interlinkage with the Real Economy
Hongyi Chen, Senior Economist, Hong Kong Institute for Monetary Research

Wei Xiong, Professor, Princeton University
[A Tale of Three Channels: Real Estate Boom and Firm Investment in China]

Chen Lin, Professor, The University of Hong Kong
[Housing Market, Business Creation and Entrepreneurship]

Mali Chivakul, Senior Economist, European Central Bank


speaker-wei_xiong.pdf speaker-chen_lin.pdf
18:30 Conference Dinner (by invitation)

19 January 2018
8:30 - 9:00 Registration and Coffee

9:00 – 10:40 Session 3: China’s Real Estate Market and Financial Stability
Muhong Niu, Director, Research Bureau, PBoC

Tao Zha, Executive Director, Center for Quantitative Economic Research (CQER) of Federal Reserve Bank of Atlanta
[Fundamental versus Speculative Credit Booms? Anatomy of China’s Mortgage Market]

Daofu Chen, Vice Director-General, Research Institute of Finance, DRC
[Impacts of the Financialization of China’s Real Estate Market and Policy Solution]

Jeff Dawson, Research Officer, Federal Reserve Bank of New York


10:40 – 11:10 Coffee Break

11:10 – 12:50 Session 4: Housing Prices and Its Implication for Long-term Economic Growth
Yusong Deng, Deputy Director-General, Institute of Market Economy, DRC

Jun Nie, Senior Economist, Federal Reserve Bank of Kansas City
[China’s Real Estate Sector and the Macroeconomy: Transmission Mechanism and Risks]

Shouying Liu, Professor, Renmin University of China
[Say Goodbye to China’s Land Development Model]

Hunter Clark, Assistant Vice President, Federal Reserve Bank of New York


speaker-jun_nie1.pdf speaker-shouying_liu.pdf
12:50 – 14:00 Conference Luncheon (by invitation)

14:00 – 16:00 Panel Discussion: Housing Prices, Economic Growth and Financial Stability: A Market View

Sally Chen, Resident Representative, International Monetary Fund Hong Kong SAR Sub-office

Tao Wang, Head of Asia Economics Research, UBS Investment Bank

Helen Qiao, Head of Asia Economics Research, Bank of America Merrill Lynch

Zhiwei Zhang, Chief China Economist, Deutsche Bank

Haibin Zhu, Chief China Economist, J.P. Morgan

16:00 Closing Remarks

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