Hong Kong Institute for Monetary Research (HKIMR)

Fifth Annual International Conference on the Chinese Economy

“Price Reforms and Factor Markets Liberalisation in the Chinese Economy”

16 January 2014 (Thursday) - 17 January 2014 (Friday)

Room 5608 (Aduitorium), 56/F, Two International Finance Centre, 8 Finance Street, Central


Day 1 Thursday, 16 January 2014

8:45 - 9:15 Registration and Coffee

9:15 - 9:30 Opening Remarks

Dong He (Executive Director (Research) of Hong Kong Monetary Authority and Director of Hong Kong Institute for Monetary Research)

Session 1 Chair: Edward Chen (The University of Hong Kong)

9:30 – 10:20 Measuring Bank Competition in China: A Comparison of New Versus Conventional Approaches Applied to Loan Markets
Bing Xu (Universidad Carlos III de Madrid)
Adrian van Rixtel* (Bank for International Settlements)
Michiel van Leuvensteijn (APG)

Discussant: Chun-Yu Ho (Shanghai Jiao Tong University)
10:20 – 10:50 Coffee Break

10:50 – 11:40 Interest Rate Determination in China: Past, Present and Future
Dong He (HKMA and HKIMR)
Honglin Wang* (HKIMR)
Xiangrong Yu* (HKIMR)

Discussant: Steven Barnett (International Monetary Fund)
11:40 – 12:30 A Model of Chinese Capital Account Liberalisation
Dong He (HKMA and HKIMR)
Paul Luk* (HKIMR)

Discussant: James Yetman (Bank for International Settlements)
12:30 – 14:00 Lunch

Session 2 Chair: Hongyi Chen (HKIMR)

14:00 - 14:50 Learning from a Puzzle: When Can Stronger Labor Protection Improve Productivity?
Lin Ji (Tsinghua University)
Shang-Jin Wei* (Columbia University)

Discussant: Richard Herd (OECD)

14:50 – 15:40 Labor Regulation and Manufacturing Employment in China
John Giles (World Bank)
Albert Park* (Hong Kong University of Science and Technology)
Yang Du (Chinese Academy of Social Sciences)

Discussant: Zhigang Tao (The University of Hong Kong)
15:40 – 16:10 Coffee Break

Session 3 Chair: Frank Packer (Bank for International Settlements)

16:10 – 17:00 Productivity as if Space Mattered: An Application to Factor Markets across China
Wenya Cheng* (London School of Economics)
John Morrow (Centre for Economic Performance, LSE)
Kitjawat Tacharoen (Centre for Economic Performance, LSE)

Discussant: Kang Shi (The Chinese University of Hong Kong)
17:00 – 17:50 China’s Economic Transition and the Value of Firms’ Political Connections: A Longitudinal Study of Publicly Listed Firms
Heather A. Haveman* (University of California, Berkeley)
Nan Jia (University of Southern California)
Jing Shi (Australian National University)
Yongxiang Wang (University of Southern California)

Discussant: Joshua Felman (International Monetary Fund)
18:30 – 20:30 Conference Dinner (By invitation only)

Day 2 Friday, 17 January 2014

8:45 – 9:15 Registration and Coffee

9:15 – 10:05 Keynote Speech: Grasp the Large, Let Go of the Small: The Transformation of the State Sector in China
Zheng Michael Song (University of Chicago)

Session 4 Chair: Yin-Wong Cheung (City University of Hong Kong)

10:05 – 10:55 "One Currency, Two Markets" and the Renminbi’s Growing Influence in Asia-Pacific
Chang Shu* (Bank for International Settlements)
Dong He (HKMA and HKIMR)
Xiaoqiang Cheng (HKMA)

Discussant: Shang-Jin Wei (Columbia University)
10:55 – 11:25 Coffee Break

11:25 – 12:30 Panel Discussion: Reform Implementation and Macroeconomic Consequences

Steven Barnett (International Monetary Fund)
Zheng Michael Song (University of Chicago)
Tao Wang (UBS)
Shang-Jin Wei (Columbia University)

12:30 – 14:00 Lunch

- End of Conference -

* : presenter

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