南方财经全媒体记者施诗 广州报道
Southern International Forum of Finance and Economics 2023 took place in Guangzhou. This year the theme of forum is “Recovery and New Circulation - New Generation of Industry and New Logic of Capital”. Experts from all over the world came together to share their insights on the global economy and the Chinese economy. What takeaways can we learn from the forum? SFC’s Xie Hongzhou brings this report.
Xie Hongzhou: I am currently at the venue of Southern International Forum of Finance and Economics 2023. The forum has been established since 2019 and has become a renowned financial forum in the Greater Bay Area over the years.
And this year, the forum puts a focus on the recovery of the global market. Experts and leaders from international financial institutions are sharing their ideas on innovation, trade and the global capital market.
The guests include a Nobel Prize-wining economist, heads of stock exchanges from all around the world, and global asset management giants. They have been giving very informative keynote speeches.
Thomas J. Sargent: Monopolies are bad
At the forum, the 2011 Nobel Prize for Economics, Professor of New York University, Thomas Sargent gave a keynote speech about Globalization, Innovation, and Trade. He pointed out, tariffs and subsidies are the headwinds of globalization.
Thomas Sargent: The world is a complicated place, and there are headwinds against economic growth and sharing ideas. And some of them come from political measures in my own country in terms of tariffs, subsidies, and trade wars. And most economists in any country do not like monopolies. They like competition. So economists think monopolies are bad. Because even when they operate efficiently, they produce too little and charge too much.
But in my own country, this is another reason why I don’t like monopolies, they have less incentive to operate efficiently. So if you think about industrial policies like some that are being put in my country, or tariffs that have been put on by both President Trump and President Biden, they have many adverse effects. They protect monopolies. And they promote what economists call rent seeking activities. You see this in the United States, where instead of trying to produce a new idea, businessmen try to get some of the money that the government has allocated to subsidize.
And finally, there are some things that concern scientists in my own country, that are barriers to sharing technologies and scientific ideas across countries. Those are bad because the more scientists talk to each other, it produces good things throughout the whole world.
So I think there are ways that scientists and entrepreneurs across the world are trying to make progress despite these barriers. But this is something that's in my country is the theme of this decade. Nevertheless, I’m optimistic that these headwinds will be overcome and a conference like this makes me optimistic that they will be.
Foreign stock exchanges also shared their insights on IPO market and welcomed Chinese companies to list overseas. Let’s listen to their views.
Charlie Walker: The GBA is the most internationalized region in China
Charlie Walker: Chinese capital markets are continuing to open up, supporting the broad aspirations of China's growing numbers of companies, expanding the scope of their overseas operations. And the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is one of the most open, internationalized and economically dynamic regions in China.
The London Stock Exchange's engagement in China is very much in tune with the goal set for the GBA, promoting the use of capital markets platforms to support Chinese companies going global
and UK listed companies expanding into China, supporting sustainable development and cross-border transactions feeds in well to the GBA's four main development goals, building an international innovation center, becoming a benchmark for green transformation, exploring new models for coordinated supply chain development and establishing a national platform for high level opening up.
The development of the GDR and CDR connect framework governing issuance by Chinese listed corporates of GDRs on foreign exchanges recognizes that both of our markets benefit from companies being able to access a wider pool of capital and have the ability to deploy that capital in the markets where they are expanding.
It helps Chinese companies access the most successful DR listing platform in Europe with over 160 DR programs raising close to $100 billion over the past two decades. And it helps investors in London access formidable Chinese companies. For Chinese companies, it also enables access to much needed development capital to support their overseas expansion projects with greater ease and at greater speed.
And for UK-listed companies, it enables tapping into pools of capital to which they had previously little to no access. Companies like STIC and Ming Yang Smart Energy with significant existing and planned projects in clean energy generation in the UK have both benefited from their presence in London and the earning of the London Stock Exchange Green Economy Mark, which recognizes companies’ green credentials and helps global investors identify those companies that meet their green investment criteria.
The latest expansion of the connect GDR and CDR routes to include both Shanghai and Shenzhen Exchanges is a major development which both widens and diversifies the candidate pool for GDR assurance.
Cassandra Seier: We welcome more Chinese companies to the NYSE
Cassandra Seier: Our listed companies form a powerful community committed to good governance and societal impact. Industry-leading trading technology, combined with the guidance of experienced traders creates higher market quality for NYSE-market participants.
We advise private companies, private equity and venture capital firms, investment bankers and others on the IPO landscape, NYSE initiatives and listing venue selection.
This year, we saw the green shoots of a warming IPO market, with a number of notable NYSE listings leading the way. IPO market activity spanned across sectors and countries, and I am optimistic that we will continue to see deal flow pick up. So many great companies began their public lives with NYSE IPOs, and they will continue to do so in the future.
As many of you know, 2024 is the year of the dragon, which is generally thought to be an auspicious year. Perhaps this will bring good fortune for companies looking to IPO in 2024.
We look forward to welcoming more Chinese companies to the NYSE in 2024 and beyond.
（市场有风险，投资需谨慎。本节目嘉宾意见仅代表本人观点。）
策划：于晓娜
监制：施诗
责任编辑：和佳
记者：谢鸿州 李依农
制作：李群 蔡于恬
拍摄：李群 李依农
新媒体统筹：丁青云 曾婷芳 赖禧 黄达迅
海外运营监制: 黄燕淑
海外运营内容统筹: 黄子豪
海外运营编辑：庄欢 吴婉婕 龙李华 张伟韬
出品：南方财经全媒体集团