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Brief Introduction of SIIFC

To be relied on Shanghai University of Finance and Economics (SUFE), Shanghai Institute of International Finance Center (SIIFC) was established in June 2012 by Shanghai Municipal Education Commission. It is jointly sponsored by Shanghai Municipal Education Commission and SUFE. The School of Finance (SOF) at SUFE is fully responsible for its launch and development by cooperating with other departments and schools at SUFE.

To meet strategic needs of the construction of Shanghai International Financial Center, SIIFC aims to create an international high-end financial intelligence platform with Chinese characteristics and an open attitude toward collaboration and gather global financial talents, based on SUFE’s advantage in the discipline of finance as well as other fields. The President of SIIFC is Hongwei Wang, the Vice-President of SUFE. The Executive Dean is Professor Xiaoju Zhao, who is also the executive dean of SOF.

It is a national strategy of Chinese government to establish Shanghai as an international financial center. SIIFC has various aims. The first one is to attract global intelligence, both from academic and industry, for the construction of Shanghai International Financial Center, and to provide a full range of intellectual support and strategic advice, either practical or theoretical. At present, SIIFC plans to carry out the following projects: the internationalization of RMB; its pricing and invoicing function in international trade and finance; the prospect and dynamic study on Shanghai international financial center; the fundamental theoretic and practical researches on Shanghai International Financial Center, such as the development of multi-level, multi-functional financial markets, methods of financial institutions to provide more support for the development of the real economy and help enterprises “overseas operation” (develop globally). Secondly, SIIFC conducts researches on the financial supervision under Basel III, which is the condition for making interest rate to be market-oriented and strengthening international competitiveness of its financial institutions. Finally, SIIFC also works on SME financing and financial ecological environment etc.

At present, SIIFC is, in accordance with its principle of “demand-orientation, fully open attitude, in-depth integration and innovation”, making effort to promote its projects. In the first phase of its operation, from September 2012 to December 2012, it  has successfully held six seminars closely related to the internationalization of RMB, presented its first research report to the Shanghai Municipal Development and Reform Commission. We have already started the joint projects on internationalization of RMB with various institutions in China, such as Chinese Academy of Social Sciences, the President of People’s Bank of China, the Shanghai headquarters of People’ Bank of China, Bank of Communications, the Shanghai International Group, JP Morgan, and Institute of China-ASEAN Research of Guangxi University.

In addition to be actively working with domestic institutions, SIIFC is energetically engaging in international collaboration. We plan to invite scholars from Harvard University, Cornell University, as well as CIFR in Australia, to attend conferences on internationalization of RMB. The conferences will focus on obstacles, paths and methods of RMB’s internationalization. We will attract joint collaborative force, to engage ourselves in solving major strategic problems in the construction of Shanghai International Financial Center, and to provide promising and operative advice on those issues.

 


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