On October 23, 2021, the Symposium on Financial Innovation and High-quality Development of Financial Market, sponsored by the School of Finance, Southwestern University of Finance and Economics (SWUFE) and co-sponsored by China Industrial Economics Magazine, was held in Chengdu. With the theme of financial development and innovation, the symposium aims to provide academic support for the high-quality development of financial markets and contribute wisdom and strengths to the high-quality development of the economy in the new development stage. More than 60 experts and scholars from Renmin University of China, Wuhan University, Sun Yat-sen University, Xiamen University, Sichuan University, Shanghai University of Finance and Economics, Central University of Finance and Economics, Capital University of Economics and Business and other over 20 universities participated in the discussion.
Professor Luo Ronghua, associate Dean of School of Finance, SWUFE, presided over the opening ceremony. Zhang Qizai, deputy director of the Institute of Industrial Economics of Chinese Academy of Social Sciences and deputy editor of China Industrial Economics, and Zhao Feng, deputy director of Research Office, SWUFE, delivered a speech on behalf of the organizers.
In his speech, Zhang Qizai affirmed the long-term friendly cooperation between SWUFE School of Finance and China Industrial Economics Magazine. Also, he introduced two kinds of academic seminar forms of Chinese industrial economy, including conducting a large annual academic conference on a certain subject and holding a specialized, precise and new seminar on a hot topic. He also pointed out that China's Industrial Economy is a journal of applied economics, and the innovation of finance and real economy, financial innovation and financial supervision are the hot issues of key interest. It emphasizes that China's financial innovation has its own characteristics, and it is necessary to conduct exploratory and original academic research around China's financial development and innovation. It is hoped that innovative contributions will be drawn from this conference to refine China's wisdom and solve China's problems so as to promote high-quality development of China's economy.
Zhao Feng extended a sincere welcome to all the experts and scholars, briefly introduced the history and outstanding talents of the university, and summarized the achievements of the university in education, teaching and scientific research in recent years. He emphasized the importance of finance in the modern economy, improving the capacity of finance to serve the real economy, and innovating financial products and services directly to the real economy, which is the key subject of academic research. It is hoped that this academic exchange can systematically summarize the experience of China's financial development and reform and the economic logic behind it, explore the modern financial theories with Chinese characteristics, and provide a theoretical basis for China's economic and social development. He wished the conference a grand success and hoped that all experts and scholars would enjoy the meeting.
Subsequently, Luo Ronghua, Zhao Feng presided over the keynote speech of the first half and the second half respectively. In the first half of the speech, Chen Xuebin, professor of liberal arts at the School of Economics, Sichuan University, took the title of "Application of Deep Reinforcement Learning in Financial Asset Management" to explain the basic principles of deep reinforcement learning and introduce the models and specific cases applied to financial asset management.
Hou Chengqi, a professor of School of Humanities and Social Sciences, Beijing Institute of Technology constructed a theoretical model including the input-output relationship between the real estate market and the consumer goods market, clarified the theoretical mechanism of real estate market fluctuations on economic fluctuations, and provided empirical basis for policy regulation with the title of "Input-Output Relationship, Inverted U Curve and Real Estate Regulation",
In the second half of the keynote speech, Professor Yin Zhichao, dean of the School of Finance, Capital University of Economics and Business, presented a speech titled “Can Digital Transformation Promote Common Prosperity?” to reveal the internal relationship between digital transformation and common prosperity from the two channels of entrepreneurship and employment.
Zhu Hongquan, a professor at the School of Economics and Management of Southwest Jiaotong University, talked about “Game in Another Town: Geography of Stock Watchlists and Firm Valuation” in which he built city correlation based on investors' stock concerns, analyzed the potential impact of investors' concerns on listed companies in linked cities, and expanded the study of city correlation and company valuation.
In the afternoon, four sub-sessions discussed financial innovation and high-quality development of financial markets in a parallel fashion. Each session presented 3 selected papers in the first and second half of the session respectively. The conference adopted the mode of small seminar, and each paper is arranged within 35 minutes. First, the reporter would describe the paper in detail, and then two reviewers would comment on the paper and put forward suggestions for improvement. Participants of each sub-forum conducted in-depth and enthusiastic discussion on the selected 24 papers, which generated a large number of thoughts and ideas. At the end of the symposium, the participants still had much to say about the papers, which brought new views and insights into finance to serve the real economy more efficiently.
This "Financial Innovation and High-quality Development of Financial Market Academic Symposium" received more than 110 papers, among which 24 excellent papers were selected for special discussion, and new views and ideas were presented on a series of issues such as innovating modern financial theories with Chinese characteristics and improving the efficiency of financial services for the real economy. In the collision of ideas and theories, academic research is constantly sublimated and excellent results are produced herein, making contributions to the sustainable and healthy development of China's financial market and high-quality economic development in the future.