The 4th. Innovation and Global Industrial Development Forum &

2018 International Symposium on "Chinese Economy under the New Development Approach"

Sponsor：

School of Economics, Wuhan University of Technology (WHU)

Hubei Science and Technology Innovation & Economic Development Research Center (STIED)

Date：

May 26, 2018

Location：

Jian 4 Teaching Building, WUT

Theme：

Chinese Economy under the New Development Approach

Forum of Distinguished Scholars：

1.Scholar：Presentation of Chief Inspector Xiaojun Huang

Title：Transition and Supervision Trends of Global Baking Business: US as An Example

Date：June 1, 2018

2.Scholar：Presentation of Dr. Xi Luo

Title：Assessing the Role of Long-run and Valuation Risks in Explaining Nominal Bond Yields

Date：June 7, 2018

3.Scholar：Presentation of Prof. Jinjun Xue

Title：Global Impact and Risk Assessment of the Belt and Road

Date：June 8, 2018

4.Scholar：Presentation of Prof. Qiang He

Title：Supervision and Risk Prevention of Financial Technology

Date：June 10, 2018

5.Scholar：Presentation of Prof. Guijun Lin

Title：Friction and the Future of Trade between US and China

Date：June 16, 2018

6.Scholar：Presentation of Prof. Xiaoping Li

Title：The impacts of offshore outsourcing on biased technological improvement in China’s industry

Date：June 16, 2018

7.Scholar：Presentation of Dr. Cheng Yan

Title：Time-varying skills (versus luck) in U.S. active mutual funds and hedge funds

Date：July 9, 2018

Forum of Young Scholars-I

The 5th Camphor Economist Seminar (Wuhan)

Time: May 26th, 2018

Place: Meeting Room, Room 1615, Teaching Building Jian 4, WUT

Forum of Young Scholars-II

2018 Forum of Young Scholars on "Chinese Economy under the New Development Approach"

1. Opening Ceremony：

Host：Dr. Huang Huiping (Assistance of Dean, School of Economics, WUT)

Speech of Chair man ：Dr. Wei Long (Professor, Dean of SoE, and Director of STIED）

2. Parallel Forums(1)：

Host：Dr. Huang Yanxi (School of Economics, WUT)

Speech of Chair man ：Dr. Wei Long (Professor, Dean of SoE, and Director of STIED）

3. Parallel Forums(2)：

Host: Dr. Ma Ding (School of Economics, WUT)

4. Award of Best Paper ：

Host: Dr. Fang Wang, Vice Director of STIED

Award presenter: Prof. Ping Yu, Vice Dean of SoE

Conference Abstract：

On the morning of May 24th, 2018, the 4th Innovation and Global Industrial Development Forum & 2018 International Symposium on Chinese Economy under the New Development Approach co-hosted by School of Economics, Wuhan University of Technology and Hubei Provincial Research Center for S&T Innovation and Economic Development (STIED), Hubei, China, opened in the meeting room of the School of Economics. From May 24th to July 9th, the Forum lasted 47 days and consisted of two parts: the first is the Forum of Distinguished Scholars, which mainly invites well-known scholars and the aggressive of academic from home and abroad to conduct a series of special reports; The second is the Forum of Young Scholars, which is mainly a symposium organized by young Chinese and foreign scholars.

The Forum of Distinguished Scholars was led by Xiaojun Huang, Director of Strategy and Research of the Bank of China New York branch; Dr. Xi Luo, Stevens Institute of Technology; Professor Jinjun Xue, Nagoya University; Professor Qiang He, Central University of Finance and Economics; Professor Guijun Lin, University of International Business and Economics and Trade; Professor Xiaoping Li, Zhongnan University of Economics and Law; and Dr. Cheng Yan, Durham University. The Youth Forum featured 17 young scholars from Hunan University, Huazhong University of Science and Technology, Huazhong Normal University, Zhongnan University of Economics and Law, and Wuhan University of Technology, respectively giving presentations and making academic discussions with the participating teachers and students.

Section Ⅰ  The Forum of Distinguished Scholars

(1) Xiaojun Huang, Director of Strategy and Research, Bank of China New York branch.

On June 1st, 2018, Xiaojun Huang delivered a presentation entitled Transition and Supervision Trends of Global Baking Business: US as An Example in the meeting room of the School of Economics on the 16th floor, teaching building Jian 4.

(2) Xi Luo, Assistant Professor in the Department of Finance at Stevens Institute of Technology.

On June 7th, 2018, Professor Xi Luo presented a report on Assessing the Role of Long-run and Valuation Risks in Explaining Nominal Bond Yields in the lecture hall of the School of Economics on the 16th floor, teaching building Jian 4, with the participation of some faculty and graduate students from the School of Economics. Combined with this theme discussion, he answered the questions that students asked about stocks, bonds, interest rates and other financial instruments.

(3) Jinjun Xue, Professor of Nagoya University, Director of the Institute for Low-Carbon Economy.

On June 10th, 2018, Professor Jinjun Xue delivered an academic report entitled Global Impact and Risk Assessment of the Belt and Road in the meeting room of the School of Economics on the 16th floor, teaching building Jian 4, which was hosted by Professor Wei Long, Dean of the School of Economics, WUT. Some teachers of the School of Economics and some graduate students attended this symposium. At the beginning, Professor Xue analyzed the global effects of the Belt and Road, and then he made an elaboration on the New Blind Men Fell the Elephant Theory. At the same time, he introduced the risk assessment of the Belt and Road. Lastly, he had a detailed discussion with the students and teachers on the sein-shaped industrial development model, the link between carbon emissions and smog related financial derivatives, and encouraged every attendent to continue to study and research with those issues.

(4) Qiang He, Professor of Central University of Finance and Economics, Member of CPPCC.

On June 11st, 2018, Professor Qiang He visited our institute to conduct some academic exchanges with our faculty and students in the meeting room of the School of Economics. Professor Qiang He described the development process of the School of Finance, Central University of Finance and Economics, and the current development situation of new finance. In addition, he proposed that someone doing academic research can’t be impetuous but should be practical to do research. Taking Internet Finance and Ant Financial Service as examples, he also introduced the problems of third-party payment, financial risk management and fund management, etc. In the end, he put forward the idea of the asset management quota of financial institutions and strengthening the risk control.

(5) Academic Report of Prof. Guijun Lin ,University of Foreign Economic and Trade

On June 16, 2018, Prof. Guijun Lin, former vice-president of the University Of International Business And Economics and doctoral supervisor, brought a wonderful report on the theme of " Friction and the Future of Trade between US and China " at the Room 201, Convention Centre, WUT. The lecture was hosted by Prof. Long wei, Dean of the School of Economics. Prof. Guijun Lin mainly discussed the limits of globalization, the strategic thinking of the United States in the debate, and why the United States provoked conflicts, the issues raised by the United States, and the prospects for future Sino-US trade relations. He pointed out that China must play a comparative advantage in the global value chain in the future.

(6) Prof. Xiaoping Li, Vice-Dean of Zhongnan University Of Economics And Law

On June 16, 2018, Prof. Li Xiaoping, Vice-Dean of Zhongnan University Of Economics And Law, presented an academic report entitled " The impacts of offshore outsourcing on biased technological improvement in China’s industry " in Room 201, Conference Center, Wuhan University of Technology. In the report, Professor Li pointed out that although both endogenous growth theory and new trade theory have proved that international trade is the source of technical progress.Technological progress will affect factor marginal productivity in different ways, especially in intermediate trade. Offshore outsourcing is a typical import intermediate trade and an important channel for technology transfer, which will affect the productivity of labor, wages and capital in developing countries. Therefore, increasing and effectively using R & D investment and strengthening the intensity of intellectual property protection will be conducive to giving full play to the biased technological progress of offshore outsourcing to China's industry.

(7) Dr. Cheng Yan, Assistant Professor of Finance, School of Business, Durham University, UK

On July 9, 2018, Dr. Cheng Yan, Assistant Professor of Finance at Durham University Business School, UK, was invited to give a lecture entitled "Time-varying Skills (Relative Luck) in Active American Mutual Funds and Hedge Funds". The conference was held in Room 1615, Teaching Building Jian 4, WUT. Vice President Ping Yu hosted the conference, and some teachers and graduate students from the School of Economics participated in the report. Dr. Cheng Yan, based on mutual funds and hedge funds, gave detailed answers to questions such as "how to use the special situation of the Chinese market" and "how to make money from early funds and later funds".

Section II  The Forum of Young Scholars

1. The 5th Camphor Economist Seminar (Wuhan)

As the first part of the Youth Forum of this academic conference, the 5th Camphor Economist Seminar (Wuhan) was held in the School of Economics, Wuhan University of Technology on May 26, 2018. More than ten papers have been received by Camphor Economist Seminar. More than 30 scholars from Wuhan University, Huazhong University of Science and Technology, Wuhan University of Technology, Zhongnan University Of Economics And Law, Central China Normal University and Hunan University participated in the seminar.

Around the issues of High-quality Development, Innovation, Technological Progress and Financial Risk Management of China's Economy, the Organizing Committee selected 10 papers as the main exchange papers and each paper was reported for about 40 minutes. The speaker was asked to give a speech in 25 minutes, and 15 minutes was for free discussion. Prof. Long Wei, president of the School of Economics, delivered a speech on behalf of the organizers. Professor Pei Yu and Prof. Ping Yu hosted the morning and afternoon forums respectively. Wuhan University of Technology devotes itself to creating the purest academic discussion atmosphere for the forum. Scholars at the conference have had warm academic exchanges during working lunch and tea break.

（1）Prof. Hongtao Xie and his students, from School of Public finance and taxation, Zhongnan University of Economics and Law, made a meta-analysis on the effectiveness of the existing empirical research on government R&D subsidies, based on the topic of Heterogeneity, Publication Bias and Confidence Intervals of Government Subsidies for Research and Development-induced Effects. The funnel diagram and meta-regression were used to analyze the effectiveness of the existing government R&D subsidies. To identify publication bias of existing research and calculate the confidence interval of true effect value will provides us with new methods and ideas of literature research.

(2) Lunzhen Ding, School of Economics, Wuhan University of Technology, reported on the paper "Political Impact of Enterprises and Cross-Border Mergers and Acquisitions of Enterprises: Empirical Evidence from Listed Companies on Shanghai and Shenzhen Main Board", which was completed under the guidance of Professor Lanpin Yang and Associate Prof. Shucheng Han. The paper aims at the new type of "pro-Qing" political-business relationship that was concerned by the 19th National Congress. The empirical result shows that the relationship between government and business can improve the success rate of cross-border M&A, and have a negative effect on the efficiency of enterprises, but it has a positive effect on the long-term growth of enterprises.

(3) On Monday, the School of Economics and Trade of Hunan University, entitled The Factor Market Distortion and the Quality of China's Economic Growth: Theoretical and Empirical Evidence, reported the impact of the distortion of China's capital market and labor market on the quality of economic growth. The counterfactual test shows that the restraining effect of capital market distortion on the quality of China's economic growth is declining, while the suppression of labor market distortion is increasing.

(4) Song Yiru from the School of Economics of Wuhan University of Technology gave a report titled Research on the Participation of China's High-tech Industry in Global Value Chain Reconstruction. This paper drew on the theory of hyper-cyclical industry to participate in the reconstruction of global value chain model.

(5) Wang Xuliang of the School of Economics of Wuhan University of Technology, withed the title “Change and Convergence of TFP in China's Transportation, Warehousing and Post Industry”, incorporated energy input and carbon dioxide emissions into the calculation of environmental total factor productivity in transportation, warehousing and postal services, and divided the country into East Central West and Eight Economic Zones for heterogeneity studies.

(6) Professor Zhuang Ziguan, Jia Hongjing from the School of Finance of Zhongnan University of Economics and Law made a report entitled “Monetary/Risk Preference and Macroeconomic Effects of China's Monetary Policy – Quantitative Analysis Based on DSGE Model”, The study introduced money into family risk appetite in the form of MIU, and selected a mixed monetary policy rule model to explore the impact of monetary balance on China's macroeconomics under the influence of monetary policy.

（7）Tailiang Chen of the Wenlan School of Business, Zhongnan University of Economics and Law entitled Endogenous Cost Difference, Market Competition and Reform Mechanism of Mixed Ownership of State-owned Enterprises, expanded the theory of mixed oligarchy under the framework of Matsumura-Chen and established the degree of reform related to mixed ownership. The efficiency improvement model demonstrates that the mixed ownership of state-owned enterprises can achieve a win-win situation for social welfare, state-owned enterprise profits and privately-owned enterprises.

（8）Liu Yang，an associate professor of finance at Central China Normal University, made a report entitled Term Mismatch, Endogenous Risk Accumulation in Banks and Macroeconomic Fluctuation. This study is based on the fact that since the 2008 financial crisis, the macro-economic fluctuations have decreased but the maturity mismatch of Banks has increased in China. It introduces the maturity mismatch of the banking industry into the model to investigate China's economic problems.

（9）Associate professor Pei Yu and Ge Peng, School of Economics, WHUT, entitled Environmental Regulation and Location Choice of China's Direct Investment in the United States, by incorporating American environmental regulation into the location selection factors of China's foreign investment, it is concluded that there is significant threshold effect and spatial heterogeneity between American environmental regulation intensity and China's direct investment in the United States.

(10) Pan Chen from School of Economics, Huazhong University of Science and Technology did a study on the impact of Environmental inspections on haze days in Hebei province with the title Catch me if you can: Environmental protection inspection and air pollution in Hebei. The author used the HCW method to come to the conclusion that Environmental inspections have a restraining effect on haze days in Hebei province in the short term but no impact in the long term.

After the report was completed, the convener of the Seminar and the professor of Zhongnan University of Economics and Law, Junwei Shi made a concluding speech. He hoped that Camphor Economist Seminar can continue, and the Seminar will focus on academics, and make academic research more open and pure, and expected more young teachers, students and seniors to participate, making Camphor Economist Seminar become an interdisciplinary, cross-age communication platform.

Finally, professor Junwei Shi thanked Wuhan University of Technology for creating a pure academic environment for this Seminar, and hoped that participants would enjoy the academic and cultural atmosphere of the School of Economics, Wuhan University of Technology.

2. Forum of Young Scholars on 4th Innovation and Global Industrial Development Forum

As the second part of the Youth Forum, on June 28, 2018, the 4th Innovation and Global Industry Development Forum & 2018 International Symposium on Chinese Economy under the New Development Approach co-organized by the School of Economics of Wuhan University of Technology and Hubei Science and Technology Innovation and Economic Development Research Center were was held in our school. Professor Wei Long, Dean of the School of Economics of Wuhan University of Technology and Director of the Science and Technology Innovation and Economic Development Research Center of Hubei Province, attended the meeting and delivered a speech, and Dr. Lu Yang from the School of Finance, Zhongnan University of Economics and Law, Dr. Sesay Brima from the School of Economics, Wuhan University of Technology, and Dr. Niluthpaul Sarker from Huazhong University of Science and Technology attended the forum.

At 9 am, the opening ceremony of the forum was held in the Academic Report Hall of the School of Economics. Professor Wei Long first expressed sincere gratitude to the young scholars who actively participate in the meeting, and hoped that the students attending the meeting would have some insights and gains. In the half-day Forum of Young Scholars, a total of 7 wonderful theme reports were made.

Dr. Lu Yang published a report on the theme of Dependence Structures and Systemic Risk in China's Credit Bond Market: A Wavelet-copula Approach. Dr. Sesay Brima conducted an in-depth analysis of Does the National Innovation System Spur Economic Growth in Brazil, Russia, India, China and South Africa Economies? Evidence from Panel Data in conjunction with the experience of BRICS countries. Dr. Niluthpaul Sarker reported The Existence of Simultaneity among Bank Credit Risk, Disclosures, and Corporate Governance: An Econometric Approach. Dr. Maman Ali Mahamane Moustapha analyzed the shared economy and its role in sustainable development from a Chinese perspective. Seven young scholars brought a brilliant report to the teachers and students from a professional perspective and received warm applause.

At 12 o'clock, the Forum of Young Scholars was successfully completed. Prof. Yu Ping, the vice president of the School of Economics, Wuhan University of Technology, presented the honorary certificate to the author of the excellent paper of the Youth Forum. Seven people including Lu Yang, Sesay Brima and Niluthpaul Sarker won the prize.

The forum was compact and rich in content, focusing on Chinese and foreign politics, and is forward-looking, bringing an academic feast to the participants.