On the evening of May 17th, 2009, the third session of the lecture series hosted by “HSBC Finance Research Institute” of Peking University was held in Yingjie International Exchange Center. Dr. Min Zhu，Vice President of Bank of China delivered a speech on “Global financial crisis changing the future”. Prof. Wen Hai, Vice President of PKU & President of “HSBC Finance Research Institute” also attended the lecture and delivered a speech. The lecture was presided over by Professor Xinqiao Ping. More than 300 students from Peking University attended the lecture.
Dr. Min Zhu said that “The stability of the market, the rise of stock market and the easing liquidity don’t mean that the crisis has gone.” According to Prof. Nouriel Roubini from New York university, the potential loss of the financial crisis would be around 3.4 trillion dollars. However, the bad asset of global financial institutions written off so far was only 1.42 trillion dollars, leaving two trillion U.S. dollars to be written off . Dr. Min Zhu, said the fundamental problem of the financial crisis was the Bank’s non-performing loans, only to wait until all of the non-performing assets to be written off, the economy can won a genuine revival. He stressed that under the background of the two trillion U.S. dollars in non-performing assets remaining to be written off, the volatility in financial markets would be inevitable.
In the past ten to fifteen years, the rapid growth of the financial industry has led and promoted the growth of the global economy. However the rapid growth was also the fundamental reason of the crisis. Then who would lead the global economy? Dr. Min Zhu held that it could be the green industry.
Dr. Min Zhu said that China had huge space in investing in the green industry . The speech of Dr. Min Zhu is a good demonstration of integration of economic theory and the practice of banks which won thunderous applauses from the audience.
In the end, Vice President Wen Hai awarded Dr. Min Zhu the Academic Advisor of Peking University HSBC Finance Research Institute.
