5th Annual Conference on Chinese Capital Markets

Assessing the Progress of China's Economic and Legal Reforms

December 5th, 2015

NYU Kimmel Center, 5th Floor, Grand Hall

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


Conference Agenda:

Registration and Breakfast

Opening Remarks
Prof. David Denoon (Professor of Politics & Economics, NYU; Director, NYU Center for U.S.-China Relations)

Panel 1
Status of China's Reform Agenda

Moderator:  Prof. Kim Schoenholtz (Professor of Management Practice & Director of the Center for Global Economy and Business, NYU Stern School of Business)

Nicholas Borst (Analyst, Greater China and South Asia, Federal Reserve Bank of San Francisco)


Douglas Elliot (Partner, Oliver Whyman)

Panel 2


Legal Issues from the 4th Plenum
Moderator:  Prof. Ira Belkin (Executive Director, US Asia Institute & Adjunct Professor of Law, NYU School of Law)

Prof. Minxin Pei (Tom and Margot Pritzker '72 Professor of Government & Director of the Keck Center for International and Strategic Studies, Claremont McKenna College)


Prof. Donald Clarke (David Weaver Research Professor of Law, The George Washington University School of Law)


Prof. Nicholas Howson (Professor of Law, University of Michigan Law School)



Keynote Interview


Leland Miller (President, China Beige Book International) 

Panel 3

Debt and China's Macroeconomic Choices 

Moderator: Joydeep Mukherji (Managing Director, Standard and Poor's)

Prof. Stephen Cecchetti (Professor of International Economics, Brandeis International Business School)


Steven Barnett (Advisor, IMF Strategy, Policy and Review Department)


Houze Song (Program Associate, Paulson Institute)

Concluding Reception


Steven Barnett







Mr. Barnett recently became an Advisor in the Strategy, Policy, and Review Department of the International Monetary Fund (IMF). Prior to that, he was Chief of the China Division in the IMF’s Asia and Pacific Department. He has spent the better part of the last 10 years covering Asia, including serving as Assistant Director at the IMF Office for Asia and the Pacific in Tokyo, Resident Representative to China, and Resident Representative to Thailand. Prior to joining the IMF in 1997, he earned his PhD in economics from the University of Maryland. He has a Bachelor's degree in economics from Stanford University as well as a Master's degree in Russian and East European Studies, also from Stanford.


Prof. Ira Belkin









Professor Belkin is an Adjunct Professor of Law at NYU School of Law where he teaches the Law & Society in China: Criminal Justice in American Perspective Seminar. He is also the US-Asia Law Institute’s most recent addition and first executive director.

Prior to joining the Institute in September 2012, Belkin served as a program officer at the Ford Foundation in Beijing, where he worked on law and rights issues. His grant-making supported Chinese institutions working to build the Chinese legal system, to strengthen the rule of law and to enhance the protection of citizens’ rights, especially the rights of vulnerable groups. Prior to joining the foundation in 2007, Belkin combined a career as an American lawyer and federal prosecutor. His appointments included two tours at the U.S. Embassy in Beijing and a year as a fellow at the Yale Law School China Law Center. After graduating from NYU Law, Belkin spent 16 years as a federal prosecutor including time in Providence, R.I., where he was chief of the criminal division, and in Brooklyn, N.Y., where he was deputy chief of the general crimes unit.

Before attending law school, Belkin taught Chinese language at Middlebury College. In addition to his J.D. from New York University School of Law, Belkin has a master’s degree in Chinese studies from Seton Hall University and a bachelor’s degree from SUNY Albany.


Nicholas Borst








Nicholas Borst is an analyst in the Country Analysis Unit within the Division of Financial Institution Supervision and Credit (FISC) at the Federal Reserve Bank of San Francisco. In that capacity, he conducts research into Asian financial and economic issues and produces analyses of Asian foreign banking organizations. In addition, he monitors financial, regulatory, and economic developments in Asia with a special focus on Greater China and South Asia. His research interests include financial reform, shadow banking and financial innovation in emerging markets.

Before joining the Federal Reserve, Mr. Borst was a research associate and the China program manager at the Peterson Institute for International Economics. He has also worked as an analyst at the World Bank.

Mr. Borst received a master’s degree in International Relations and Economics from the Johns Hopkins School of Advanced International Studies (SAIS). He also earned a graduate certificate in China Studies from the Johns Hopkins–Nanjing University Center for Chinese and American Studies. Mr. Borst graduated from the University of Arizona with a bachelor’s degree in International Studies and Political Science.


Prof. Stephen Cecchetti








Stephen G. Cecchetti is Professor of International Economics at the Brandeis International Business School. Before rejoining Brandeis in January 2014, he completed a five-year term as Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements in Basel, Switzerland. During his time at the Bank for International Settlements, Cecchetti participated in the numerous post-crisis global regulatory reform initiatives. This work included involvement with both the Basel Committee on Banking Supervision and the Financial Stability Board in establishing new international standards. 

Cecchetti's academic appointments include being on the faculties of the Stern School of Business at NYU (1982-1987) the Department of Economics at The Ohio State University (1987-2003). In addition to these other appointments, he has served as Executive Vice President and Director of Research, Federal Reserve Bank of New York (1997-1999); Editor, Journal of Money, Credit, and Banking (1992-2001); Research Associate, National Bureau of Economic Research (1989-2011); and Research Fellow, Centre for Economic Policy Research (2008-present).


Prof. Donald Clarke










Donald Clarke is a professor at the George Washington University Law School in Washington, D.C., where he specializes in modern Chinese law, focusing particularly on corporate governance, Chinese legal institutions, and the legal issues presented by China's economic reforms. In addition to his academic work, he founded and maintains Chinalaw, the leading internet listserv on Chinese law, and writes the Chinese Law Prof Blog. He was educated at Princeton University (A.B.) and the University of London (M.Sc.), and received his law degree (J.D.) from Harvard Law School, where he was a member of the Harvard Law Review. He has served as a consultant on Chinese law matters to a number of organizations, including the Financial Sector Reform and Strengthening Initiative (FIRST), the Asian Development Bank, and the Agency for International Development. He is a member of the New York bar and the Council on Foreign Relations.


Prof. David Denoon












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 three recent books published, a monograph titled The Economic and Strategic Rise of China and India (Palgrave-Macmillan), an edited volume, China: Contemporary Political, Economic, and International Affairs (NYU Press); plus a volume (Ed. & Contributor) China and the U.S.: The Future of Central Asia (NYU Press, 2015).


Douglas Elliot

















Douglas Elliott is a Partner in the financial services consulting practice at Oliver Wyman in New York. Prior to this, he spent seven years as a Fellow in Economic Studies at the Brookings Institution, where he principally focused on the financial sector and its regulation around the globe. He has also been a Visiting Scholar at the IMF. Before Brookings, he worked for almost two decades as a financial institutions investment banker, primarily at JP Morgan, and founded and acted as lead researcher for the Center on Federal Financial Institutions, a think tank devoted to the study of US federal lending and insurance activities. He has written and spoken extensively on the Chinese financial system.


Mr. Elliott is frequently quoted in the Wall Street Journal, Financial Times, and other major media outlets. He has testified multiple times before both houses of Congress on a range of financial regulatory issues. His analyses can be found at http://www.brookings.edu/experts/elliottd.aspx


Mr. Elliott graduated magna cum laude from Harvard in Sociology and has a Master’s degree in Computer Science from Duke University.


Nicholas C. Howson









Nicholas Calcina Howson is a professor of law who earned his BA from Williams College and his JD from Columbia Law School. Prof. Howson has spent many years living in the People's Republic of China, both as a scholar—working at Shanghai's Fudan University (1983 to 1985), Beijing University, China People's University and the Chinese University of Politics and Law (1988), and Shanghai's East China University of Politics and Law (2008)—and as a practicing lawyer based in Beijing (1992 to 1994 and 1996 to 2003).

A former partner at the New York-based international law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, he worked out of that firm's New York, Paris, London, and Beijing offices, finally as a managing partner of the firm's Asia Practice based in the Chinese capital.

In addition to Michigan Law, he also has visited and taught at the Berkeley (Boalt), Columbia, Cornell, and Harvard law schools. Prof. Howson has been a consultant to the Ford Foundation, the United Nations Development Programme, the Asian Development Bank, the Chinese Academy of Social Sciences, and various PRC government ministries and administrative departments in connection with the drafting of PRC statutes and regulations. He acts regularly as a Chinese law expert or party advocate in U.S. and international litigations and/or U.S. government enforcement actions. 


Leland R. Miller









Leland R. Miller, President of China Beige Book International, is publisher of The China Beige Book™ and heads up the strategic management of the firm.

A leading expert on China’s financial system, he is a frequent guest on media outlets such as CNBC, CNBC Asia, Bloomberg TV and Radio, CNN, BBC, BNN, FOX News and FOX Business, and China’s CCTV, among others, and his work is featured regularly in such publications as The Wall Street Journal, The Financial Times, The New York Times, South China Morning Post, TIME, The New Yorker, The Atlantic, Forbes, Foreign Policy, and The Washington Post.

Mr. Miller holds a law degree from the University of Virginia School of Law, where he was a Hardy C. Dillard fellow and Editor-in-Chief of the school’s Journal of International Law; a master’s degree in Chinese History from Oxford University (St. Antony’s College); a BA in European History from Washington & Lee University; and a graduate Chinese language fellowship from Tunghai University (Taiwan).


Joydeep Mukherji










Joydeep Mukherji is a Managing Director at Standard & Poor’s Ratings Services. He is currently the sector specialist for Sovereign Ratings in the Americas, responsible for analytical and thought leadership.

Joydeep joined the Sovereign group of Standard & Poor’s in 1996 and has worked with credit ratings in Asia and the Americas.

Before joining Standard & Poor’s, Joydeep worked for five years in corporate and investment banking in Canada with CIBC Wood Gundy, working mainly with asset securitization. He has also worked as an economic consultant to the Asian Development Bank in the Philippines and briefly as a financial journalist with the Globe and Mail in Canada. After graduation, he worked as an Intern in the Legislative Assembly of Ontario, and subsequently as an aide to the Treasurer of Ontario.

Joydeep received his bachelor of arts degree in Economics from the University of Toronto and his master’s degree in Public Policy from the Woodrow Wilson School of Public and International Affairs at Princeton University. He speaks French, Spanish, and Bengali.


Minxin Pei









Minxin Pei is a scholar specializing in the politics and governance of the People's Republic of China and U.S.-Asia relations. Originally from China, he earned a Ph.D. in political science from Harvard University.  He was an assistant professor at Princeton University (1992-1998) and a senior associate at the Carnegie Endowment for International Peace (1999-2009).  He currently holds the Tom and Margot Pritzker '72 Professorship of Government and directs the Keck Center for International and Strategic Studies at Claremont McKenna College in California. He is also a non-resident senior fellow at the German Marshall Fund of the United States.

Pei has published in Foreign Affairs, Foreign Policy, the New York Times, the Financial Times, the Wall Street Journal, Project Syndicate, Fortune.com, Nikkei Asian Review, many scholarly journals and edited volumes. He is the author of three books: China’s Crony Capitalism: Dynamics of Regime Decay (forthcoming, 2016); China's Trapped Transition: The limits of developmental autocracy (2006) and From Reform to Revolution: The demise of communism in China and the Soviet Union (1994), all published by Harvard University Press.


Prof. Kim Schoenholtz









Kim Schoenholtz is Professor of Management Practice in the Economics Department and teaches courses on money and banking and on macroeconomics. He also directs the Stern Center for Global Economy and Business. Previously, Schoenholtz served as Citigroup's global chief economist from 1997 until 2005.

Schoenholtz started his career as a market economist at Salomon Brothers in 1986, working in its New York, Tokyo and London operations. He was named Salomon's chief economist in 1997, and subsequently became chief economist at Salomon Smith Barney and at Citigroup.

Schoenholtz was a visiting scholar at the Bank of Japan's Institute for Monetary and Economic Studies from 1983 to 1985. He received an M.Phil. in economics from Yale University in 1982 and an A.B. from Brown University in 1977. He also studied for one year in Marburg, Germany (1978-79) and completed a one-year intensive Japanese language program at Cornell (1979-80).

Schoenholtz was named in 2015 as a member of the Financial Research Advisory Committee of the U.S. Treasury’s Office of Financial Research. He also is a panel member of the U.S. Monetary Policy Forum. Previously, he served as a member of the Executive Committee of the Centre for Economic Policy Research in London. 


Houze Song









Houze Song is a Program Associate at the Paulson Institute, where he does economic research and editing for the Think Tank. He previously worked as a researcher at Columbia Global Center (East Asia). Before that, he worked as a research manager at Unirule Institute, where he assisted the chairman Mao Yushi with research and project management.

Mr. Song holds a MA in Quantitative Methods and a MPA in International Economics, both from Columbia University.