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Three prominent economists graced the inauguration of the Institute of Global Economics and Finance (IGEF) of The Chinese University of Hong Kong (CUHK) today (21 June) by giving inaugural lectures. Prof. Lawrence J. Lau, CUHK Vice-Chancellor and Ralph and Claire Landau Professor of Economics, talked about the role of Hong Kong as the financial centre of China, East Asia and the world. Another speaker, Prof. Joseph Yam, Distinguished Research Fellow of IGEF, CUHK, shared his views on the Renminbi offshore market in Hong Kong. Prof. Robert A. Mundell, 1999 Nobel Laureate in Economic Sciences and Distinguished Professor-at-Large, CUHK also addressed the audience at the lecture on the evolution of the international monetary system. The first academic activity of the newly established Institute, the inaugural lectures shed light on new developments and ideas in global economics and finance, with a particular focus on China and Hong Kong. The event drew over 80 high-level professionals and executives from the finance and banking sectors as well as government agencies.

Founding director of the Institute, Prof. Liu Pak-wai, Professor of Economics and former CUHK Pro-Vice-Chancellor thanked China Development Bank, Henderson Land Development Company Limited, Sun Hung Kai Properties and Dr. Vincent Cheng for their staunch support towards the establishment of the Institute. Professor Liu said at the inauguration ceremony, ‘Our location away from the epicentre of the financial tsunami gives us a vantage point in looking at the post-crisis international financial system which could be different from that of the U.S. It is high time for academics and policy-makers in Asia to take stock and re-examine our assumptions and position on global finance from a regional perspective. One of the missions of the Institute of Global Economics and Finance is to contribute conceptual and policy ideas on global economics and finance, with an emphasis on the liberalization of China's financial system after the financial crisis and the role of Hong Kong in the process.'

CUHK has announced earlier the establishment of the IGEF to contribute conceptual and policy ideas to the opening up of China’s financial system. Drawing on the educational and research strengths and resources of the Department of Economics and the Faculty of Business Administration, the Institute hopes to make contributions to the modernization of China’s monetary and financial systems by contributing new ways of thinking, making policy recommendations and pointing out new paths for modernization. The Institite comprises renowned economic scholars and specialists, including Prof. Lawrence J. Lau; Prof. Joseph Yam; Prof. Sir James Mirrlees and Prof. Robert A. Mundell, both Distinguished Professors-at-Large and Nobel Laureates in Economic Sciences; Prof. Sung Yun-wing, Chairman, Department of Economics; and Prof. Leslie Young, Professor of Finance.

Through research, the Institute will contribute conceptual and policy ideas to the opening up of China’s post-financial-crisis financial system. The Institute will also offer one- to two-week executive education programmes to enhance the knowledge and expertise of participants in new developments and ideas in global finance and banking that are essential to China’s opening up. Covering a wide range of topics highly relevant to new developments in global economics and finance, as well as important recurrent themes, such as the emergence of the Renminbi as an international currency and international best practices in corporate governance, the programmes target high-level professionals and executives from the banking, insurance, brokerage sectors as well as regulators and government agencies on the mainland, in Hong Kong and overseas. Renowned scholars and policy-makers will also be invited to give lectures.

CUHK has a long history of taking initiatives to build bridges between China and the West. Founded in 1963 with the mission ‘to combine tradition with modernity; to bring together China and the West’, the University is consistently ranked among Asia’s best institutions by international surveys of research output in economics and finance, which was identified as one of its five focused areas of research. The University is experienced and well-positioned to play an active role in contributing to a new phase of development in the Chinese financial system.