The first Tsinghua PBCSF Global Finance Forum, which lasts from May 10 to 12, opened on the morning of May 10 at the New Tsinghua Xuetang, Tsinghua University, attracting a large crowd of scholars, bank governors and senior officials from the banking, securities and insurance industries.

The theme of the three-day forum is "Reform: the New Odyssey for Development." The forum seeks to shed light on the new thoughts, new trends, new practices, and new dynamics of China's financial reform, and seeks to address three major issues: "China and the World", "Reform and Policies" and "Academics and Practices".

The forum also marks the founding of the Tsinghua University National Institute of Financial Research.

Xie Weihe, vice president of Tsinghua University and board member of the PBC School of Finance, Tsinghua University announced the decision to found the Tsinghua University National Institute of Financial Research.

The forum provides an opportunity to hear the thoughts of China's financial heavyweights.

"Merely discussing domestic financial problems is far from enough. Instead, we should boost our efforts to study the international financial market comparatively in order to carve out a unique mode that suits China's financial development," said Liu Hongru, former deputy governor of the People's Bank of China and founding chairman of China Securities Regulatory Commission.

Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission and board member of the PBC School of Finance, Tsinghua University, reflected on the "post-financial crisis era" and shared his views on financial innovation.

The past financial crisis, he said, has caused destruction, but has also taught us a wealth of theoretical lessons to help us guard against the next crisis.

He also voiced his worries over unchecked financial innovation, which without transparency and proper regulation runs the risk of bringing down the whole financial system.

Wang argued that we should trace back to the very root of the role of finance, which is to better serve the real economy.

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