CHINA - U.S. SYMPOSIUM

PIFS and the China Development Research Foundation (CDRF) held the inaugural Symposium on Building the Financial System of the 21st Century: An Agenda for China and the United States, in June 2004. This invitation-only Symposium was held at Diaoyutai State Guest House in Beijing. This year's sixth annual Symposium will be held from June 12-14, 2009 in Cambridge, MA.

The CDRF was founded by the Development Research Center of the State Council to promote China's consulting and academic research with the goal of contributing to its social and economic development. The Chairman of the CDRF is Wang Mengkui and Lu Mai is the Secretary-General. Anthony Neoh is the liaison between the Harvard Law School Program on International Financial Systems and the China Development Research Foundation. Mr. Neoh is a member of the International Advisory Council of the China Securities Regulatory Commission.

The China-U.S. Symposium brings together about 100 participants, half from China and half from the United States, composed of senior government officials, politicians and their advisers, financial firm leaders, lawyers and consultants, leading academics, and a few media representatives. The participants gather for off the record discussions of matters affecting the function and stability of the global financial system and in particular those matters of most immediate concern to the financial relationship between the U.S. and China.

Three topics are generally discussed. For each topic, two panelists (one from China and one from the U.S.) identify major issues for discussion. The participants then split into small groups to discuss the topic, where most of the time is spent. The goal of the Symposium is to foster an informal dialogue between China and the United States in the financial and economic sectors.

The participant list, agenda, summary of discussions, and list of sponsors appear in the annual Symposium Report. You can read or download the reports by clicking on the links below.


SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21st CENTURY:2
AN AGENDA FOR CHINA AND THE UNITED STATES

Date:   June 12-14, 2009
Place:  Harvard Law School, Cambridge, MA

RSVP to Katie Knowles by email kknowles@law.harvard.edu or phone 1-617-496-5542.

Three topics, relevant to both continents, will be discussed in detail:


1. Impact of the Credit Crisis on the U.S. and China and Their Responses
2. Reform in the International Financial System in Light of the Credit Crisis
3. Innovative Post-Crisis Economic Cooperation Between the U.S. and China

Keynote Speakers:
Robert Dohner, Deputy Assistant Secretary for Asia, U.S. Department of the Treasury
LI Jiange, Chairman, China International Capital Corporation
John H. ZHAO, Chief Executive Officer, Hony Capital

2009 Symposium:
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2009 HOST SPONSORS
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CCB

China Construction BankCorporation

Headquartered in Beijing, China Construction BankCorporation (the “Bank”) has 52 years’ history of operation in China. The Bank was listed on The Stock Exchange of Hong Kong Limited in October 2005 (Stock Code: 939), and became the first bank listed overseas among the big four Chinese commercial banks. As at the end of 2006, with a market capitalisation of USD142,994 million it ranked as one of the top 10 listed banks in the world. At the end of 2006, the Bank had a network of 13,629 branches and sub-branches in Mainland China, and maintained overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul, as well as representative offices in London and New York, with a total of 297,506 employees. Its subsidiaries mainly include China Construction Bank (Asia) Corporation Limited (formerly Bank of America (Asia) Limited), China Construction Bank (Asia) Limited (formerly Jian Sing Bank Limited), Sino-German Bausparkasse Co. Ltd and CCB Principal Asset Management Co., Ltd.

In 2006 the Bank developed various businesses in alignment with its strategy in order to realise the transformation of its business structure, and promoted the reengineering of operation mechanism by improving management patterns and business processes. With improved business structure and progressing reforms, the Bank is well on the way towards its strategic goal of becoming a world class commercial bank with the best services to our customers, the most value to our shareholders and the best career development opportunities to our employees.

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CICC

China International Capital Corporation Limited (“CICC”) was founded as a strategic partnership of prestigious domestic and international financial institutions in China.  CICC is headquartered in Beijing with subsidiaries in Hong Kong and USA, branch in Shanghai and retail brokerage branches in Beijing, Shanghai and Shenzhen.  We are committed to delivering comprehensive capital market solutions and adding value to clients.

With a unique combination of expertise in both domestic and global capital markets, extensive industry know-how, in-depth understanding of China and its business environment, as well as an international support network, CICC is committed to establishing long-term relationship with clients by offering world-class and innovative financial services and assisting them to realize strategic objectives. Since its incorporation in 1995, CICC has established its market leading position in such key strategic sectors as telecommunications, power, oil and gas, petrochemical, non-ferrous metal, banking and insurance in terms of advisory business. CICC is now natural choice of major industry players in China.  Being milestones for CICC and even China’s investment banking industry, many of these successful deals have won CICC numerous domestic and international awards from key media resources, making CICC an industry leader.

CICC’s outstanding underwriting achievements have made it an unparalleled arranger of global offerings for China’s state-owned enterprises (“SOEs”).  Since 1997 when Chinese SOEs began their international capital markets journey, CICC has been ranked number one in terms of value financed through Asian (ex-Japan) IPOs, overseas IPOs by Chinese companies and accumulated overseas financings by Chinese companies.  CICC has strong expertise in domestic and overseas equity underwriting, securities brokerage, asset management, fixed income and market research.  We are known for our “strong research capability, professional sales and trading and prudent risk control mechanism” in serving fund management companies, insurers, QFII and conglomerates.  In 2004, CICC was named a pilot securities firm in terms of innovation and awarded in 2007 an AA securities firm in the category A in accordance with guidelines for regulations of classification of securities firms.  In 2007, CICC initiated new business activities including retail breakage, private equity and QDII.
CICC has talents from both domestic and international markets, and has developed a professional team with high standard professionalism, innovation, outstanding execution capability and experiences.

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2009 LEAD SPONSOR
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Deloitte

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate.

Deloitte’s China practice is one of the leading professional services providers in the Chinese Mainland, Hong Kong SAR and Macau SAR, with over 8,000 people in 11 offices including Beijing, Dalian, Guangzhou, Hangzhou, Hong Kong, Macau, Nanjing, Shanghai, Shenzhen, Suzhou and Tianjin.

Deloitte's 165,000 professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.

About Deloitte
“Deloitte” is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are members of Deloitte Touche Tohmatsu, a Swiss Verein (DTT). Each member firm provides services in a particular geographic area and is subject to the laws and professional regulations of the particular country or countries in which it operates. DTT helps coordinate the activities of the member firms but does not itself provide services to clients. DTT and the member firms are separate and distinct legal entities, which cannot obligate the other entities. DTT and each DTT member firm are only liable for their own acts or omissions, and not those of each other. Each of the member firms operates under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other related names. Each DTT member firm is structured differently in accordance with national laws, regulations, customary practice, and other factors, and may secure the provision of professional services in their territories through subsidiaries, affiliates and/or other entities.  © 2009 Deloitte Touche Tohmatsu

 

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Morgan Stanley

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 36 countries.

Morgan Stanley has had a presence in Asia for more than 35 years, providing clients with access to the full scope of Morgan Stanley products and services. With regional hubs in Hong Kong and Tokyo, the Firm also has offices in Beijing, Shanghai, Zhuhai, Taipei, Seoul, Singapore, Bangkok, Mumbai, Sydney and Melbourne.

Morgan Stanley is one of the earliest investment banks to enter China, and over the years has built a successful franchise in the country. In 1995, it became the first international securities firm to participate in China’s first joint venture investment bank, China International Capital Corporation Limited (CICC). The Firm is also the first among its peers to have acquired 100% of a domestic bank in China, Morgan Stanley Bank International (China) Limited (formerly known as Nan Tung Bank Ltd., Zhuhai), in October 2006.

In December 2007, China Investment Corporation Ltd. (CIC) entered into an agreement with Morgan Stanley to become a long-term financial investor of the Firm. The investment from CIC further underscores Morgan Stanley's deep historic ties and market leadership in China.

Morgan Stanley works with many of Asia's governments and plays a major role in re-structuring and privatizing state-owned enterprises. The Firm also advises Asia's leading corporations on complex domestic and cross-border mergers & acquisitions, and equity, equity-linked or debt capital raising on local and international capital markets.

For more information about Morgan Stanley, please visit www.morganstanley.com

Click here for Morgan Stanley's profile in Chinese.

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2009 SPONSORS
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Baker&McKenzie

Baker & McKenzie pioneered the practice of international commercial law in China in the early 1970’s. With full-service offices in Beijing, Shanghai and Hong Kong, our nearly 200 China-focused lawyers now comprise the largest and most experienced international law practice in China, and the depth and breadth of our China expertise in specialist fields ranks second to none. Working closely with our US partners, we provide unparalleled legal services to US corporations and financial institutions in all their China-related investment, business and trade activities and to Chinese corporations and financial institutions as they expand internationally.

Baker & McKenzie’s China practice received IFLR’s “Asian Equity Deal of the Year Award” for its representation of China Railway Construction Corporation in its $5.4 billion IPO.  Other recent transactions include advising State Grid Corporation of China on its $3.95 billion consortium investment to operate the nationwide transmission system and electricity grid in the Philippines; advising Porsche AG in a ground-breaking victory in the Chinese courts recognizing the protection of copyrights in architectural designs; and representation of ITOCHU Corporation in its acquisition of the food manufacturing and distribution businesses of the Ting Hsin Group in China and Taiwan.

Awards recognizing Baker & McKenzie’s China practice include in 2008 the No. 1 Law Firm for China and Hong Kong award and the Leading Law Firm for Labor and Employee Benefits in China  award by PLC Which Lawyer?,  the China Client Choice Award by International Law Office Awards, the Tier 1 World’s Leading Tax Transactional Firm (Hong Kong & China) award of the International Tax Review, and the Leading IP Law Firm (China and Hong Kong) award of Asian IP.

 

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Bingham McCutchen Murase

Bingham McCutchen Murase is an international law firm with approximately 1,000 lawyers in 12 offices, including Hong Kong, London and Tokyo, focused on serving clients in complex financing and financial regulatory issues, high-stakes litigation, government affairs, and a wide variety of sophisticated corporate and technology matters. In the more than 100 years since our firm’s establishment, we have developed extensive experience in U.S., European and Asian cross-border matters and have advised clients on the strategic legal, business and governmental issues necessary for success in global business operations.

Attorneys in our worldwide offices represent major U.S., European and Asian companies throughout Asia. We provide clients with the strategic insight crucial for navigating the unique cultural framework of the region. Our firm offers teams of professionals with broad experience in cross-border matters, including M&A, project finance, financial transactions, joint ventures, complex litigation, intellectual property, governmental relations and regulatory issues as well as major cross-border insolvencies and corporate restructurings.

宾汉・麦卡勤LLP律所在全球范12家分部(包括香港、敦和京),律人数超1000名,是国性的律所,业务围涉及金融风险、金融、政府事、巨额诉讼以及一系列高公司法等各个专业领域。在建所一百余年的程中,宾汉在美国、欧洲和洲的业务累了丰富的法律事务处经验在全球范内的商运作提供法律、商和政府公等方面的一流法律服

宾汉在世界各地的律遍及美国、欧洲和洲多国的客群。我们拥有具有丰富跨国业务经验专业师团队不同国家和地区的客提供适所属地区独特文、社会背景的法律服和商策略。宾汉的主要跨国服包括兼并与收目融、金融交易、合复杂诉讼、知识产权、政府公管以及重大跨国投清算和公司重域的业务

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Caxton

 

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CME

 

CME Group is the world's largest and most diverse derivatives exchange.  Building on the heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of customers around the globe.  As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on trading floors in Chicago and New York.  By acting as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates counterparty credit risk.  CME Clearing also offers $8 billion in financial safeguards to help mitigate systemic risk, providing the security and confidence market participants need to operate, invest and grow.  CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, and alternative investment products such as weather and real estate.  CME Group is listed on NASDAQ under the symbol "CME." 

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Davis Polk & Wardwell

 

Davis Polk is a leading global law firm with more than 750 lawyers in ten offices worldwide, including in Hong Kong and Beijing.  Founded 160 years ago, Davis Polk has a long history as a firm of choice for global transactions involving China.  

The firm advised ICBC on its $21.9 billion IPO (the largest IPO in history) and the $3.78 billion investment in ICBC by a consortium (the largest-ever investment in the Chinese financial sector). Other matters include the IPOs of Air China, China Merchants Bank, China Construction Bank, Sinopec, China Unicom and Baidu.com, sovereign debt offerings by the People's Republic of China, the formation of CICC and numerous other securities offerings and M&A and private equity transactions. Since 2004, Davis Polk has advised on approximately 50% of high-yield offerings by Chinese issuers, and we remain at the center of the rapidly evolving financial landscape in the Greater China region.

 

Prudential plc

Prudential plc (United Kingdom) is an international retail financial services group with significant operations in Asia, the US and the UK.

Founded in London in 1848, we have grown to become a leading provider of insurance and financial services worldwide, with more than 21 million customers and US$400 billion in assets under management (as of 31 December 2008).

In Asia, Prudential is the leading Europe-based life insurer in terms of market coverage and number of top three market rankings. With around 425,000 employees and agents across the region, we have life insurance and asset management operations in 13 markets covering Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam and the United Arab Emirates.

Prudential's fund management business in Asia is also one of the region's largest, managing US$60 billion in assets and holding more top five market rankings than any other regional player (as of 31 December 2008).

Prudential plc of the United Kingdom is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

 

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ReedSmith

Reed Smith Richards Butler is ranked one of the 15 largest law firms in the world.  With over 1,700 lawyers from coast to coast in the United States, as well as in China, the United Kingdom, continental Europe and the Middle East, the firm is known for its experience across a broad array of industry sectors. The firm represents many of the world’s leading companies in cross-border and other strategic transactions, complex litigation and other high-stakes disputes, and crucial regulatory matters.

The lawyers at Reed Smith counsel 28 of the top 30 U.S. banks and 10 of the world’s 12 largest pharmaceutical companies. Based on the results of a survey of large and Fortune 1000 in-house counsel, the BTI Consulting Group ranked Reed Smith among the top 5 firms for client service. The Lawyer named Reed Smith its runner-up for U.S. Law Firm of the Year, and The American Lawyer named the firm a finalist for its Litigation Department of the Year in the product liability category. The Deal highlighted the firm’s commercial restructuring and bankruptcy practice as the fourth most active.  Asian-Counsel named the firm’s Hong Kong office "Firm of the Year" in two categories: Commercial Transactions and M&A.

 

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State Street

With $11.337 trillion in assets under custody and $1.395 trillion under management (as of March 31, 2009), State Street Corporation (NYSE: STT) is a world-leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. State Street operates in 27 countries and more than 100 geographic markets worldwide. We combine an unwavering customer focus with in-depth experience and leading-edge technology to offer an unrivaled breadth of products and services to the global investment community.

State Street's customers are among the most sophisticated investors in the world: investment managers, pension plan sponsors, collective investment fund managers, banks, multinational corporations and non-profit organizations. As a specialist provider, we work closely with our customers to develop a thorough understanding of their needs. This consultative approach enables us to deliver a comprehensive array of customized solutions that help global investors achieve their business objectives, across all phases of the investment process.

 

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Tudor Investment Corporation

Tudor Investment Corporation (都德投资公司) is recognized as a leading global alternative investment management company. Founded in 1980 by Paul Tudor Jones, II, Tudor has a well established record as a profitable and prudent investment manager and has evolved into a diverse, multi-strategy enterprise. Tudor has over 30 portfolio managers engaged in a broad array of investment strategies in the global currency, equity, commodity, fixed-income, and private equity markets and over 380 employees supporting the firm’s trading, research, information technology, operations and administrative demands. The firm is headquartered in Greenwich, Connecticut and has offices in Boston, New York, Washington D.C., Surrey (United Kingdom), London, Singapore, Sydney, and Beijing (Representative Office). In Asia, Tudor has been an active participant in both public and private markets and has directly and indirectly made private equity investments in nearly 40 Chinese enterprises since 1993.

 

 

Tudor Investment Corporation

Unio Holdings is New York City based owner-oriented investment and operating company. It believes in the principle that companies will be more effective when they combine the know-how and execution of the businessperson with the perspective and long-term vision of the business-minded investor. Unio’s principal business is acquiring operating companies that must be closely connected to their customers and compatible with Unio’s credo and culture. Based on the same investment approach it uses for acquiring operating companies, Unio’s second, complementary business is investing in publicly traded securities as a minority shareholder. Unio’s organizational purpose is to build an “enterprise of autonomous enterprises” whose productive power is enhanced by their exposure to Unio’s credo, culture & investment and management practices. Its financial purpose is to produce for Unio’s shareholder-owners enduring cash flows, an acceptable return on capital, and rising enterprise value.

 

 

 


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June 12-14, 2009     Cambridge, MA
Discussion Topics:

Impact of the Credit Crisis on the U.S. and China and Their Responses
Reform in the International Financial System in Light of the Credit Crisis
Innovative Post-Crisis Economic Cooperation Between the U.S. and China
Agenda
Participants
Final Plenary Presentation (Powerpoint Download)

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Septemper 5-7, 2008     Shanghai, China
Discussion Topics:

The Process of Financial Change in China and the U.S.
Reform of the Capital Markets in China and the U.S.
Issues in Public Sector and Private Sector Investments: Sovereign Wealth Funds, QDII, Private Equity
Report
Agenda

Participants

Final Plenary Presentation (Powerpoint Download)

2008 Keynote Speakers:
Richard Kramlich, General Partner and Co-Founder, New Enterprise Associates
Ambassador Alan F. Holmer, Special Envoy for China and the Strategic Economic Dialogue, U.S. Department of the Treasury (via pre-recorded video)

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June 22-24, 2007     Half Moon Bay, CA
Discussion Topics:

The Process of Financial Change in China and the U.S.
Reform of the Capital Markets in China and the U.S.
Joint Ventures and Private Equity in and by China
Report
Agenda
Participants
Sponsors
Final Plenary Presentation (Powerpoint Download)

June 23-25, 2006     Tianjin, China
Discussion Topics:

Protection and Enforcement of the Rights of Minority Shareholders in Public Companies
The Value of Strategic Partnerships in the Chinese Financial Sector
U.S. Barriers to Chinese Acquisitions (CFIUS) and Trade Sanctions for an “Undervalued” Currency
Report
Agenda
Participants
Sponsors
Final Plenary Presentation (Powerpoint Download)

June 17-19, 2005     Armonk, New York
Discussion Topics:

Financial Market Liberalization
Corporate Governance in China and the U.S.
New Thoughts on the Bretton Woods System
Report
Agenda
Participants
Sponsors

June 11-13, 2004     Beijing, China
Discussion Topics:

The Role of the Financial Systems of China and the U.S. in the Development of their Economies
The Approach of the Financial Systems of China and the U.S. to Fostering Corporate Governance
     and Serving Multiple Constituencies
How Financial Issues between China and the U.S. Affect the Flow of Investment and Trade
Report
Agenda
Participants
Sponsors