2nd Conference on Chinese Capital Markets

December 7th, 2012

All use of this information must cite the NYU Center on U.S.-China Relations

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Conference Program PDF
Conference Photos

Conference Agenda:

For more information on the participants and their presentations, click their highlighted name.

Registration
8:15 AM
 Rosenthal Pavilion, 10th Floor, Kimmel Center


Opening Remarks
9:00 AM   
David Denoon, Director, NYU Center for U.S.-China Relations


Welcome to NYU
9:05 AM   
Professor Thomas Carew, Dean, NYU Faculty of Arts & Science


Keynote Address
9:15 – 10:30
Professor Zhiwu Chen, Yale University, “The Macro Situation in China and the Prospect of Growing Capital Exports”


Coffee Break
10:30-10:45



Panel 1
10:15-11:45
What Is China’s Long-term Economic Strategy?
Moderator:  Amb. J. Stapleton Roy, former U.S. Ambassador to China and Director, Kissinger Center, Smithsonian Institution

Liping Zhang,Development Research Center,China State Council “China’s Macro-Economic Strategy and Overseas Direct Investment”
Wayne Morrison, Congressional Research Service, “The Implications of China’s Holding $1.5 trillion of U.S. Securities”
Kim Ruhl, Stern School, NYU, “The Macro-Economics of China’s Growth”
Ming Zhang, China Academy of Social Sciences,  “How China’s Macroeconomic Policies Affect Capital Flows”




Luncheon
12:00-12:45



Keynote Interview
12:45-1:30
Ambassador Winston Lord, ,Former U.S. Ambassador to China and Assistant Secretary of State for East Asian and Pacific Affairs, “Likely Developments in U.S.-China Relations” - interviewed by David Denoon


Panel 3
1:45 -3:00

China’s Foreign Direct Investment in Asia, Africa, Europe, and The Middle East
Moderator: Mary Wadsworth Darby (Managing Director, Peridot Advisors Asia)

Derek Scissors, Heritage Foundation,  “Global Patterns in China’s FDI”
Prof. D. Brautigam, Johns Hopkins – SAIS, “China’s Investments in Africa”
Jonas Parello-Plesner, European Council on Foreign Relations, “China’s Investments in Europe”


Coffee Break
3:00-3:15



Panel 4
3:15-4:30
Panel 3:  China’s Investments in the United States
Moderator: Kim Schoenholtz, Director, NYU Stern School Center for International Business

Amb.Paul Speltz, CEO, Global Strategic Advisors, “How the Financial Community Sees Chinese FDI  in the  U.S.”

Thilo Hanemann, Research Director, Rhodium Group, “What are the Latest Patterns in Chinese FDI in the U.S.?”

Francis Zou, Partner, White & Case, “The Experience of Chinese Banks Investing in the U.S.”



Closing Reception
4:30-5:00


photos

Link to list of conference participants


Conference Presenters

Deborah Brautigam



Brautigam.jpgDr. Deborah Bräutigam has been writing about China, Africa, state-building, governance and foreign aid for almost 30 years. Currently Professor and Director of the International Development Program at Johns Hopkins University’s School of Advanced International Studies (SAIS), she has also held faculty appointments at American University, Columbia University, the University of Bergen, Norway, and been a fellow with the Centre for Chinese Studies, Stellenbosch University, South Africa; and the International Food Policy Research Institute (IFPRI).  Author most recently of The Dragon’s Gift: The Real Story of China in Africa (Oxford University Press 2009, 2011), Dr. Bräutigam’s other books include Taxation and State-Building in Developing Countries: Capacity and Consent; Aid Dependence and Governance; and Chinese Aid and African Development. Dr. Bräutigam has twice won the Fulbright research award.
She is also a recipient of fellowships from the Council on Foreign Relations and the Woodrow Wilson International Center for Scholars. Her research has been funded by grants from the German Marshall Fund of the United States, Columbia University, the North South Center at the University of Miami, and the Centre for Economic Policy and Research (CEPR). She has served as a consultant for Transparency International, the United Nations, the World Bank, DFID, GIZ, DANIDA, the African Development Bank, and USAID.


Paper


Zhiwu Chen




Chen.jpgDr. Zhiwu Chen, Professor of Finance, Yale School of Management, and a Visiting Professor, Tsinghua University. He is Chief Advisor to Permal Group. He is also on the board of directors at PetroChina, Bank of Communications, and Lord Abbett China Fund Management. Dr. Chen is on the International Advisory Board of the China Securities Regulatory Commission (CSRC), the Board of Trustees of the Yale-China Association, the 12th Five-Year Plan Advisory Commission to the Beijing Municipal Government, and a Chief Academic Advisor to the 10-episode CCTV documentary series, “Wall Street”.
Professor Chen is an influential and widely-read economist in China. He is an expert on finance theory, capital markets, and China's economy and financial markets. Dr. Chen is a frequent contributor to top economics and finance journals with research papers ranging from securities valuation to capital market development, to the impact of financial markets on society and culture, and economic policy topics. In the last ten years, Dr. Chen has been actively doing research on market development and institution-building issues in the context of China's transition process and other emerging markets. What institutions are necessary for markets to develop? What roles do financial innovations play in a country's economic development process? These are among the issues which Dr. Chen's research focuses on.
Dr. Chen previously served on the Expert Advisory Board for the formation of the China Investment Corporation in 2007, and on the board of directors at both Jiayuan.com International (a NASDAQ listed company) from May 2011 to April 2012 and China Eagle Securities Corp. from 2002 to 2005.  He was co-founder and partner of ZEBRA Capital Management from 2001 to March 2011, and co-chairman of ValuEngine Inc. from 1997 to 2004.
Dr. Chen received from Yale University a Ph.D. Financial Economics in December 1990 and M.Phil. and M.A. in Financial Economics, May 1990. He received an M.S. in Systems Analysis from Changsha Institute of Technology, China in1986. He went to the Central-South University of Technology, China, and graduated from there with a B.S. degree in Computer Science in 1983.


Powerpoint Slides

Mary Wadsworth Darby



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Mary Wadsworth Darby is Founder and Managing Director of Peridot Asia Advisors. Peridot Asia Advisors is a business strategy consulting and financial advisory firm that assist clients dealing with greater China and other countries in Asia. Ms.Darby has lived and worked in Asia for more than 25 years focusing primarily in the financial services industry and with several Fortune 100 companies. She has developed strategic business plans for many companies, advised on market opening strategies and negotiated numerous significant and complex transactions in excess of $5bn with her Chinese counterparts. She was in the first group of US business to travel to China after the historic Nixon-Kissinger opening and has been conducting business in China since then. Before founding Peridot, Mary Wadsworth Darby worked for Morgan Stanley in Firm Management in New York City and for Morgan Stanley Investment Management in Hong Kong. She was also Executive Director of the America-China Society, an organization devoted to the promotion of relations between the US and China chaired by Henry A. Kissinger and the late Cyrus R. Vance.
Ms. Darby is also a Senior Research Scholar , Jerome A. Chazen Institute, Columbia Business School and she has lectured on multi-cultural negotiations and" how to negotiate with the Chinese" and researches Chinese capital markets. Mary Wadsworth Darby serves on a number of educational and non-profit Boards and she is a member of the Council on Foreign Relations.





David Denoon



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David Denoon is Professor of Politics and Economics at New York University and Director of the NYU Center on U.S.-China Relations. He has a B.A. from Harvard, an M.P.A. from Princeton, and a Ph.D. from M.I.T.; and has served in the Federal Government in three positions: Program Economist for USAID in Jakarta, Vice President of the U.S. Export-Import Bank, and Deputy Assistant Secretary of Defense.
Professor Denoon is a member of the Council on Foreign Relations, the National Committee on U.S.- China Relations, the International Institute for Strategic Studies (London), the Asia Society, the U.S.-Indonesia Society, and is Co- Chairman of the New York University Asia Policy Seminar. He is also Chairman of the Editorial Advisory Board of Great Decisions. He is the author and editor of seven books, including Real Reciprocity - Balancing U.S. Economic and Security Policy in the Pacific Basin. He has two recent books, a monograph titled The Economic and Strategic Rise of China and India (Palgrave-Macmillan) and an edited volume, China: Contemporary Political, Economic, and International Affairs (NYU Press).



 





Thilo Hanemann



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Thilo Hanemann is research director at RHG and leads the firm’s cross-border investment work. He coordinates RHG’s research assets across different practice areas and supports the investment management, strategic planning and policy analysis requirements of RHG clients within his fields of expertise.
Thilo’s work on cross-border investment assesses the rise of China, India and other emerging markets as global investors and the implications for direct investment flows, the allocation of portfolio investment, and global competitiveness. Thilo and his team analyze new trends in global capital flows, related policy developments and specific transactions involving emerging market players. One of his areas of expertise is the evolution of China’s outward foreign direct investment (OFDI) and the economic and policy implications from this new trend.


Powerpoint Slides


Ambassador Winston Lord



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Winston Lord currently serves as Co-Chairman of the International Rescue Committee, the largest non-sectarian organization that both helps refugees abroad and resettles them in the United States.  The IRC operates in 28 countries (including Afghanistan and Pakistan) and in eighteen American government and the private sector.
For three decades Ambassador Lord has been at the center of U.S.-China relations.  As Special Assistant to the National Security Advisor he accompanied Henry Kissinger on his secret visit to China and President Nixon on his historic opening in the early 1970’s, as well as subsequent trips by President Ford and Dr. Kissinger.  From 1985-1989 he served as Ambassador to Beijing under president Reagan and Bush.  From 1993-1997 he was Assistant Secretary of State in charge of all East Asian policy, including China, under President Clinton.
In between governmental posts Ambassador Lord has headed a variety of private organizations related to international affairs– as President of the Council of Foreign Relations 1977-85, as well as Chairman of the National Endowment for Democracy and Chairman of the Carnegie Endowment National Commission on American and the New World in the early 1990s.





Wayne Morrison



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Wayne Morrison is a Specialist in Asian Trade and Finance at the Congressional Research Service (CRS), where he has worked for 30 years. He is the leading CRS specialist on China’s economy and U.S.-China trade relations. Wayne has authored numerous CRS reports on China, including: China's Economic Conditions; China-U.S. Trade Issues; China’s Currency Policy: An Analysis of the Economic Issues; China’s Holdings of U.S. Securities: Implications for the U.S. Economy; and China’s Rare Earth Industry and Export Regime: Economic and Trade Implications for the United States.
He holds a B.A. in Political Science from the University of Maine and a Masters in Public Policy from the University of Maryland. 


Powerpoint Slides


Jonas Parello-Plesner



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Jonas Parello-Plesner is a Senior Policy Fellow at the independent think tank, European Council on Foreign Relations (ECFR). Previously, he was Director of a development NGO with activities in Asia and served as Denmark’s Senior Advisor on China and North East Asia from 2005-2009. He has appeared on panels with the US Congress’ (USCC-Commission) and with the European Parliament’s Foreign Affairs and international trade Committees on Chinese investments in Europe. He writes a weekly blog on Carnegie Europe on European questions set by Judy Dempsey from the International Herald Tribune.
He has written op-eds and is quoted in Financial Times, le Monde, International Herald Tribune, European Voice, Frankfurter Rundschau, EU-Observer, E!Sharp, Asia Times, East Asia Forum and on the screen appearances with CNN, al Jazeera, Bloomberg, France 24, Channel 4, Danish Broadcast. At ECFR, he co-authored briefs on China and Germany: a new special relationship? and on the Scramble for Europe, about the Chinese economic presence in EU, the European Foreign Policy Scorecard 2010 and 2011 (China sections), China’s Janus-faced Response to Arab Revolutions. He is a graduate of London School of Economics, Copenhagen University and the Ecole nationale d’administration (ENA) in Paris.


Paper


Ambassador J. Stapleton Roy



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Ambassador J. Stapleton Roy is Director of the Kissinger Institute on China and the United States at the Woodrow Wilson International Center for Scholars in Washington, DC. He retired from the Foreign Service in January 2001 after four and a half decades with the U.S. Department of State. Mr. Roy served as the U.S. ambassador to Singapore (1984-86), the People’s Republic of China (1991-95), and Indonesia (1996-99). In 1996, he was promoted to the rank of Career Ambassador, the highest rank in the Foreign Service. Ambassador Roy’s final post with the State Department was as Assistant Secretary for Intelligence and Research. He joined the Woodrow Wilson International Center for Scholars in September 2008 to head the newly created Kissinger Institute.
He is also a Senior Adviser to the consulting firm Kissinger Associates, Inc. In 2001 he received Princeton University’s Woodrow Wilson Award for Distinguished Public Service.






Kim Ruhl


Ruhl.jpg Kim Ruhl joined New York University Stern School of Business in 2006 as a Visiting Professor and became an Assistant Professor of Economics in July 2008. He teaches the "Global Economy" course in the core M.B.A. program, and "International Macroeconomics" courses in the Ph.D. program. Prior to joining NYU Stern, Professor Ruhl was an Assistant Professor of Economics at the University of Texas at Austin, and a visiting scholar at the IMF Institute and the Federal Reserve Bank of Minneapolis. Professor Ruhl's research focuses on international economics, foreign direct investment, models of firm heterogeneity, and national income accounting. His work includes modeling the export decision of firms and estimating the costs associated with entering a new export market. He has been awarded several grants from the National Science Foundation for his research. He is an Associate Editor of the Journal of International Economics and Economic Letters.  He is an Editor of the B.E. Journal of Macroeconomics.  Professor Ruhl received his B.S. in Economics from Bowling Green State University in Ohio and his Ph.D. in Economics from the University of Minnesota.


Powerpoint Slides
Notes



Derek Scissors


 Scissors.jpg
Derek Scissors focuses on China as senior research fellow for economics in The Heritage Foundation's Asian Studies Center. He also analyzes and comments on broad economic trends in Asia and related challenges facing the U.S. Scissors also is adjunct professor at George Washington University.
Scissors has testified multiple times before both houses of Congress on topics such as rare earth elements, green energy, trade barriers and exchange rate disputes. Scissors' analysis and commentary have appeared in Foreign Affairs, National Review, The New York Times, and The Wall Street Journal. Scissors and his work also have been featured in The Financial Times, The Washington Post, The Economic Times of India and by news agencies such as Dow Jones, Reuters and Xinhua. Television audiences know Scissors as a guest commentator on Bloomberg, CNBC, CNN, Fox, MSNBC and China's CCTV, among other major cable and broadcast outlets.
Before joining Heritage in August 2008, Scissors was China economist at Intelligence Research, a global consulting firm. He also taught at Lingnan University in Hong Kong. Scissors has a master's degree in economics from the University of Chicago and a doctorate in international political economy from Stanford University.



Slide
Paper



Kim Schoenholtz



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Kim Schoenholtz joined the NYU Stern School of Business in 2009. He is Professor of Management Practice in the Economics Department and teaches courses on money, banking and financial markets, and on macroeconomics. He also directs Stern's Center for Global Economy and Business. Previously, Schoenholtz was managing director and senior advisor in Citigroup's Economic and Market Analysis department. He was Citigroup’s global chief economist from 1997 until 2005. Schoenholtz has served as a member of the Executive Committee of the Centre for Economic Policy Research in London and is currently a panel member of the U.S. Monetary Policy Forum. He is the co-author of a textbook on money, banking and financial markets.





Ambassador Paul Speltz



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Ambassador Paul W. Speltz is the Chairman and CEO of Global Strategic Associates, LLC (GSA). Paul brings over 35 years of experience in Asian business and finance, both in the private and public sectors.
Immediately prior to founding GSA, Paul served as the President of Kissinger Associates, Inc. Prior to Kissinger Associates, he served as the U.S. Executive Director and Ambassador to the Asian Development Bank. Based in Manila, the ADB is a multilateral development bank consisting of 65 member nations. For four years, Paul represented the United States as one of twelve voting members on the ADB Board of Directors. He instituted major structural and financial reforms throughout the organization, overseeing the flow of approximately $7 billion USD in annual loans and investments throughout the region.
In this role as Ambassador, Paul represented the United States extensively throughout Northern, Southern and Central Asia to expand regional trade, promote financial cooperation and increase private sector lending and financing activity.
In 2004, United States Secretary of the Treasury, John W. Snow, designated Paul as Financial and Economic Emissary to China. In this role, he spearheaded the administration’s economic and financial cooperation between the United States and China.
  Prior to his public sector service, Paul had over 20 years experience as a prominent member of the international business community. He served as Managing Director of Global Operations for New York based Bluestone Capital, as a Senior Director and Advisor on Asian geopolitical activities for United Technologies Corporation. Paul holds a BSBA and an MBA from the University of Connecticut. He has sat on the Board of Directors for the university's School of Business since 1998 and also serves as an advisor on Asian affairs. Paul is a member of the Council on Foreign Relations, the Asia Foundation, The Asia Society, and the National Committee on United States – China Relations. When not traveling overseas, he resides in New York City and New Hampshire.


Powerpoint Slides


Liping Zhang



Liping.jpg
Liping Zhang is Ph.D. in Economics. Now she is Senior Fellow and Deputy Director-General in Financial Research Institute of Development Research Center of the State Council (DRC) of PRC. She mainly concentrates on international trade, international finance and international economic cooperation. She joined several important projects, such as China’s Finance Reform and Financial Security, Regionalization of RMB, China’s Foreign Trade Upgrading in New Era, China-US Strategic and Economic Dialogue and Related Issues, China 2030, and so on. Her recent publications include China-US Industrial Complementarity (2011) and Industrial Upgrading and National Competitiveness (2012). Between Sept. 2006 and March 2007, she was visiting research fellow in Japan International Institute for Monetary Affairs (IIMA) and conducted research on Regional Monetary and Financial Cooperation in East Asia. Between Oct. 2011 and Jan. 2012, she visited Peterson Institute for International Economics (PIIE) in the US and conducted research on China’s direct investment in the US.



Powerpoint Slides
Paper


Ming Zhang


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Ming Zhang is a senior research fellow and the director of Department of International Investment, Institute of World Economics and Politics (IWEP) under Chinese Academy of Social Science (CASS). His research covers international finance and Chinese macro-economy. In the past several years his interest fields include global financial crisis, foreign exchange reserves, cross-border capital flow, RMB’s exchange rate and internationalization. He has produced several books, over 60 academic papers and numerous articles. Before joining in IWEP, he worked as an auditor in KPMG, and a PE fund manager in Asset Managers Group (Japan). He received his doctor’s degree from the Graduate School of CASS.



Powerpoint Slides
Paper


Francis Zou



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Francis Zou is a partner in White & Case's New York office. His practice focuses on two areas: (i) banking transactions and bank regulatory matters and (ii) mergers and acquisitions and other corporate transactions.
In the banking and bank regulatory area, Mr. Zou advises major international commercial banks and corporate borrowers in investment grade, leveraged or structured financing transactions, receivables financings and other trade financings, and debt restructurings. In addition, he advises foreign banks in connection with their applications to the Federal Reserve and the applicable federal or state bank chartering authorities to establish presence in the U.S. and in connection with their strategic expansion in the U.S.
In the M&A and corporate area, Mr. Zou advises major international corporations and commercial banks in acquisitions, divestitures, rollup transactions and other corporate transactions, including acquisitions of broker-dealers and commercial banks. He has experience in both public and private M&A transactions.
Mr. Zou also has substantial experience in SEC-registered offerings and private placements of debt, equity and convertible securities, asset financings, and derivatives transactions. In addition, he works closely with colleagues from the Firm's litigation department in counseling foreign banks and corporations operating in the U.S. in connection with commercial disputes and criminal investigations.



Powerpoint Slides




Conference Photos


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Conference Participants

Serhan Ayhan, NYU
Marc Berger, National Committee on U.S.-China Relations
Jessica Bissett, National Committee on U.S.-China Relations
Carter Booth, Consultant
Christopher Bowman, NYU
Patrick Browne, NYU
Fei Cai, NYU
Jennifer Carpenter, NYU
Takuang Chang, Ivy Law Group
Michael Cheah, NYU
Jason Chen, WSR, Knights Investment Group
Ruijie Cheng, NYU
Rika Cheung, Columbia
David Cohen, The Diplomat Magazine
Larry Comstock, Rhodium Group
Rorry Daniels, NCAFP
Dinara Dauyen, NYU
John De Vito, NYU
Gloria Denoon, NYU
Bodi Du, NYU
Patrick S. Eng, The Gaucho Investment Group
Bingxin Fa, NYU
Tom Gan, Options Group
Mikhail Gasiorowski, Business Connect China, Inc.
Andrew Getty
Jay Guo, WSR, Financial Times
James Hsiung, NYU
Parker Hsu, BCG
Ziming Huang, Columbia
Matt Huang, WSR, Barclays
Raji Jagadeesan, NYU
Nazgul Jenish, NYU
Minhui Jia, NYU
Han Jian, Columbia University
Howard Jiang, Troutman Sanders LLP
Stanley Jin , WSR, Citigroup
Donghyun Kim, NYU
Clarence Kwan, Sino-Century
Michael J Laver, NYU
Byron Lee, HKTDC
Simon Lee
David Lee, WSR, Credit Suisse
Yuxuan Li, NYU
Xinpu Li, NYU
Tianran Li, NYU
Ming Li, NYU
Sching Lin, WSR, Links Capital Management
Jerry Liu, WSR, Pagodian Capital
Lu Zhou, City College of New York
Jiangang Luo, Tsinghua University NY Alumni Association
Owen Marmaduke, NYU
Oliver Melton, US Department of State
Catherine Michaelson, Michaelson Associates, LLC
Leland Miller, China Beige Book International
Everett E. Myers, NYU
M Ishaq Nadiri , NYU
Kai Ou, NYU
Sujin Park, NYU
Jay Pelosky, New America Foundation
Dustin Pinschmidt, US Department of State
Ingo Pitterle, UN Department of Economic and Social Affairs
Nicholas Platt, Ambassador
Xiaohong Qi, WSR, KIG
Martin Rivlin, Columbia University
Brandy Schindler, NYU
Sherle R. Schwenninger, New America Foundation
Liz Steffey, NCAFP
Minxuan Sun, NYU
Xiaofen Tan, Columbia University
Emily Tang, National Committee on U.S.-China Relations
Tony Tang, Credit Suisse
Steven Tang, Credit Suisse
Zelong Tang, NYU
Henry Tang, WSR, Co-Founder of Committee of 100
Jinfeng Tang, WSR, Director at Deutsche Bank
Jinxu Tang, NYU
Derya Tanghe, Global Strategic Associates
Susy Tekunan, NYU
Qing Tian, NYU
Allen Tjiong, United Nations
Esther Tran-Le, NYU
Dongbo Wang, NYU
Yazhen Wang, NYU
Charles P. Wang, Rosen/Wang Global Partners
Han Wen, NYU
Tianyang Xi, NYU
Winston Xie, WSR, Reval
Yi Xiong, NYU
Guoqiang Xu, Overseas Chinese Association of Hunan University
David Yan, Credit  Suisse
Jeannie Yi, WSR, CG Group
Sainan Yu, NYU
Yun Yu, NYU
Natalie Le Zhang, NYU
Yvonne Zhang, CYH Capital LLC
Philip Zhang, WSR, Ivy Law Group
Mengqi Zhang, NYU
Ben Zhang, WSR, Knight Capital Group
Xingyu Zhang, NYU
Qiyuan Zhao, China Financial Association
Zhen Zhou, NYU
Liang Zhu, Consulate General of P.R. China
Jiang Zhu
Shirley Zhu, WSR, Bank of America
Xiangyi Zong, NYU