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The Sixth CF40-NRI Finance Roundtable

During Jun 21-25, 2016, China Finance 40 Forum (CF40) and the Nomura Research Institute (NRI) conducted the 6th CF40-NRI Finance Roundtable and a series of exchanges in Tokyo, Japan.

The Roundtable took place on June 24 where experts from both sides engaged in deep and honest exchange on the current economic situation of the two countries, as well as potential risks and policy options.

The first session focused on the lessons and experiences of dealing with deflation. CF40 experts analyzed the current deflationary conditions in China and pointed out that the effect of loose monetary policy was limited, and expansionary fiscal policy should be adopted to protect against deflationary risks. Japanese experts then shared their country’s experiences combatting more than 20 years of deflation.

The second session focused on structural reforms. Chinese economists evaluated the progress China had made in upgrading its economic structure, and analyzed the overcapacity problem using detailed industrial data. Then Japanese scholars explored the evolution of Japan's economic structure from a historical perspective and critiqued the reforms being pushed forward by Japanese Prime Minister Abe, emphasizing the importance of innovation-led structural reforms in promote economic upgrade and growth. Experts at the seminar also discussed Japan's negative interest rate policy.

Attending the seminar were CF40 academic advisor and senior research fellow at Chinese Academy of Social Sciences (CASS) Prof Yu Yongding; CF40 Academic Committee member, Chief Economist at Essence Securities Dr. Gao Shanwen; CF40 member, Inspector at Department of Macroeconomic Research at Development Research Center of China's State Council (DRC) Dr. Wei Jianing; CF40 Senior Fellows Guan Tao and Zhang Bin. Japanese experts included Dr. Kazuhito Ikeo, professor of economics at Keio University; Miyako Suda, special advisor at the Canon Institute for Global Studies and former member of the Policy Board at Bank of Japan; Takashi Kozu, Chief Research Fellow and Director at Ricoh Institute of Sustainability and Business; Hiroshi Yoshikawa, professor of economics at Rissho University; Yuri Okina, Vice Chairwoman, the Japan Research Institute; Yukinobu Kitamura, Director of Institute of Economic Research at Hitotsubashi University.

Mr. Wang Haiming, CF40 Secretary-General and Mr. Tetsuya Inoue, General Manager and Chief Researcher at NRI's Financial Technology and Market Research Department chaired the sessions.

During their stay in Japan, the CF40 delegation paid visits to Japan's government agencies and leading financial institutions, including the Bank of Japan, the Ministry of Finance, Financial Services Agency, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Canon Institute of Global Studies. They also met with former governor of the Bank of Japan, Mr. Toshihiko Fukui and former Vice Finance Minister, Mr. Toyoo Gyohten and engaged in broad discussions on the current economic situation, structural reforms, monetary policy and financial regulation.

On June 23, CF40 and NRI also held a joint press conference with local media where. experts from the two sides answered questions on capital outflows, overcapacity, and housing markets in China and Japan.