Every year I join the conference to feel the pulse of the finance, investment and banking world in China. Usually many people turn up, like 1,000, as well as throngs of journalists. There are always some of the biggest shots in the industry to give a speech.
This year it took place in the Westin Hotel (Finance Street) under the title “Financing and Investing for Sustainable growth”.
Key speeches and presentations are mostly bland and say little or nothing that is worth mentioning. The Conference is mostly for me to hear what is NOT being said.
Some of my friends bankers get upset by the “empty talk, the B***S###”. Like when the Chinese bank officials talk about the need for innovation, the lack of expertise, etc. “Well, we foreign banks can do a lot but they just don’t let us”. Grumble grumble.
This year there was one remarkable message from nearly all Chinese key speakers: there is a serious risk for financial markets to drop considerably. “Markets do not always go up so we need to be prepared”. Not exactly an optimistic message. The subprime loan crisis is one of the factors mentioned. Not to talk about the totally crazy stock market in China. No more need to go to Macao, more and better here.
Some of the key speakers:
+ Zhou Xiaochuan, governor, PBOC
+ Lou Jiwei, chairman of the board, China Investment Corporation
+ NDRC vice chairman Zhang Xiaoqiang. In my opinion the best speaker:
– Switch from quantity to quality in foreign investment; new catalogue for investment; reduce export oriented and polluting industries for FDI; more focus on inland regions
– Chinese investments abroad going more global but still in its infancy; companies should be most involved, government to facilitate and lead the way; improve policies of forex and type of ownership abroad;. participation of large firms & SME.
+ Jiang Jianqing, chairman ICBC
+ Mike Moore, former PM of New Zealand (not exactly the highlight of the day)
+ Tianjin representative: Tianjin is an area of 11,000 km2 with over 11 million people. New Binhai Region covers 650 km2. New project of 10 million ton oil refining project.
See here the picture gallery with some pics of the key speakers – click on this link:
http://homepage.mac.com/bjprc/PhotoAlbum13.html