The 5th China International Conference in Macroeconomics (CICM) was held at SWUFE from June 22 to 23. The Conference was co-sponsored by the School of Finance, the Institute of Chinese Financial Studies, and the China Forum of Macroeconomic Research. The participants include Yin Qingshuang (SWUFE Vice President), Miao Jianjun (Professor of Economics at Boston University and Co-chair of China Forum of Macroeconomic Research), Justin Yifu Lin (a member of the 14th Standing Committee of the CPPCC National Committee, the Deputy Director of the Economic Commission, the TWAS Academician, and the Dean of the Institute of New Structural Economics, Peking University), Fang Hanming (Chair Professor in Class of 1965 Term, University of Pennsylvania), and Song Zheng from the Chinese University of Hong Kong. Hundreds of scholars from Boston University, Massachusetts Institute of Technology, Imperial College London, Duke University, London School of Economics and Political Science, University of Rochester, University of Pennsylvania, University of Tokyo, Tsinghua University, Peking University, Chinese University of Hong Kong and other well-known universities at home and abroad came to the scene. They discussed several significant issues in the frontier field of macroeconomics in English.
Yin Qingshuang warmly welcomed the participating experts and scholars on behalf of SWUFE. He pointed out that SWUFE has always had the vision at the macro level concerning the disciplinary construction of economics, been issue-oriented, adhered to interdisciplinary integration, promoted the in-depth development of various disciplines, especially Finance, and explored the structure of an independent knowledge system of finance with Chinese characteristics in the construction of a financial theoretical system with Chinese characteristics. He stressed that it is necessary to more consciously unify the understanding with the central government’s overall judgment on the current international and domestic macroeconomic situation, observe and analyze the specific conditions and laws of domestic and foreign economic development from the perspective of the general trend of world development and the long-term cycle of economic growth, maintain strategic focus, hold the systematic concept, strengthen dialectical thinking, and further promote high-quality economic development.
Miao Jianjun reviewed previous annual meetings and expressed his gratitude to the co-organizers of this event and experts and scholars from all over the world for their preparation and participation. He introduced the submission and acceptance of the papers of the annual meeting, mentioned that SWUFE will maintain the high quality of the China International Conference in Macroeconomics for a long time, and extended an invitation for the 6th Conference.
In his keynote speech titled “Industrial Policy to Avoid the Middle-Income Trap: A New Approach to Structural Economics，” Justin Yifu Lin introduced the development of new structural economics and international experience related to the “Middle-Income Trap” and proposed that to overcome the middle-income trap requires the improvement of labor productivity, and ultimately depends on continuous technological innovation and industrial upgrading. He divided industries into five types: industries with technology and added value gaps with developed countries, industries with products and technologies already in world-leading positions, industries that have lost their comparative advantages, industries with short innovation cycles, and strategic industries that run counter to their relative advantages and put forward six steps to catch up with industries in high-income countries.
Focusing on “the ‘growing pains’ in China’s social security system,” Fang Hanming elaborated on the five features of China’s social security system, introduced the inter-generational iteration theory and the wage compensation theory, and expounded on the policy implications of China’s social security in allusion to the theory.
At the Conference, the outstanding paper award ceremony was held. Yin Qingshuang, Miao Jianjun, and Wang Qing (dean of the School of Finance, the Institute of Chinese Financial Studies) presented the Best Paper Award and the Best Junior Scholar Paper winners. The best paper was “Endogenous Liquidity and Capital Reallocation,” co-authored by Wei Cui, Randall Wright, and Yu Zhu. The best junior scholar paper was “Vacant Jobs” by Xincheng Qiu.
The valid submissions totaled 230, and 49 papers were finally accepted. 42 well-known scholars at home and abroad formed the Paper Review Committee. Miao Jianjun and Wang Qing co-chaired the Conference, and Miao Jianjun served as the general secretary.
In the sub-forum, the participant scholars had in-depth exchanges on 14 crucial topics in the field of macroeconomics, including “Behavioral Macroeconomics,” “Innovation and Growth,” “Labor Market,” “Microfinance,” “China’s Economy,” “Business Cycle and Credit Cycle,” “Export and Trade Barriers,” “Consumption and Income,” and “Information and Disclosure in Macrofinance.”
The 6th China International Conference in Macroeconomics will be held at the Chinese University of Hong Kong in 2024.
