In the Name of Mingde | Mingde Forum 2016 Successfully Held

New York was ablaze with color in the days leading up to Thanksgiving, with flags from around the world flying at Rockefeller Center. Just after the closely watched U.S. presidential election had come to an end, and with a new year approaching, senior professionals from the economic, financial, and business communities in China and the United States gathered at Mingde Forum 2016 to discuss the global political and economic landscape, financial market developments, and global asset allocation strategies in the “new normal.”

Wu Yafeng, President of the RUC North America Alumni Association, introduced the forum, noting that Mingde Forum was an open, inclusive, international, and academically oriented forum platform initiated by the RUC North America Alumni Association. This year’s annual meeting was jointly hosted by the Alumni Association and Deloitte, a leading global professional services firm, under the theme “Strategy and Investment in the New Normal Economy.”

A total of 18 distinguished speakers, including prominent RUC alumni, took the stage to engage in wide-ranging and in-depth discussions on the policy outlook and financial markets of major global economies under the new-normal political and economic environment; trends in cross-border investment by Chinese companies and overseas asset allocation strategies for Chinese residents; as well as culture and communications.

Guo Haiying, Director of the Alumni Office at Renmin University of China, and Wang Zhicheng, Deputy Secretary-General of the Renmin University Education Foundation, traveled to New York on behalf of the alma mater to attend the forum. Xing Jijun, Science and Technology Counselor at the Chinese Consulate General in New York and an RUC alumnus, and Li Liyan, Cultural Counselor at the Consulate General, also attended.

More than 150 RUC alumni from Beijing, Shanghai, California, Ohio, Georgia, Minnesota, Maryland, Washington, D.C., Pennsylvania, New Jersey, Connecticut, upstate New York, and New York City gathered for the event. Leaders of alumni associations from more than ten peer universities were invited to attend as observers. Nearly 20 major media outlets, including Xinhua News Agency, World Journal, SinoVision, Yicai, and Ta Kung Pao, also covered the event.

Yue Jingsheng, Chairman of the RUC North America Alumni Association; Yuqi Li, Managing Partner of M&A and East Region Leader for Deloitte U.S. China Services Group; Guo Haiying, Director of the RUC Alumni Office; Shi Lei, Vice President of Shanghai Construction Group Americas; and Dawson Lee, President of Benimax Investment Group, delivered remarks at the opening.

Chairman Yue Jingsheng first extended a warm welcome to all guests attending Mingde Forum, expressing particular appreciation for the alma mater’s care and support for North American alumni and the Alumni Association. In his remarks, he reviewed the growth and achievements of the RUC North America Alumni Association over the previous two years and encouraged alumni to continue learning and making progress together.

Yuqi Li said Deloitte was delighted to have the opportunity to partner with the RUC North America Alumni Association in organizing the inaugural Mingde Forum. She expressed her appreciation for the unity and caliber of RUC alumni, as well as the Alumni Association’s organizational capabilities and ability to turn ideas into action. She also expressed hope that there would be more opportunities for collaboration with RUC alumni in the future.

Director Guo Haiying spoke highly of Mingde Forum organized by the RUC North America Alumni Association and, on behalf of the university leadership, extended congratulations on the successful launch of the forum.

He also introduced the latest developments at the alma mater, including the construction of the new campus, preparations for the university’s 80th anniversary, and recent developments in alumni affairs. He expressed the hope that the RUC North America Alumni Association would organize an even larger and higher-level alumni event in 2017 as a major part of overseas alumni celebrations for the university’s 80th anniversary. He warmly invited all RUC alumni in North America to return to China the following year to participate in the anniversary celebrations.

Shi Lei and Dawson Lee both expressed their appreciation for the opportunity to collaborate with the RUC North America Alumni Association and their hope for expanded mutually beneficial cooperation and win-win partnerships in the future.

As the inaugural keynote of Mingde Forum, Chen Jiu, Vice Chairman of the RUC North America Alumni Association and President of the North American Chinese Writers Association, was invited to deliver a keynote speech on the theme of Mingde.

He spoke of the classical formulation from The Great Learning: “The way of the Great Learning lies in manifesting luminous virtue, renewing the people, and resting in the highest excellence.” He also discussed the principles of “investigating things and extending knowledge” and “cultivating oneself, regulating the family, governing the state, and bringing peace to the world,” noting the profound sense of commitment to family, country, and the wider world embodied in the concept of Mingde.

Chen also led the audience through a review of the history and development of Renmin University of China. At every important historical moment, he said, the university and its people had demonstrated their distinctive spirit and brilliance.

His keynote deepened participants’ understanding of the meaning of “Mingde” and strengthened their affection for the alma mater and their pride in being RUC alumni.

The thematic discussions at Mingde Forum 2016 consisted of three topics:

1. Policy and Markets in the New Normal Economy

2. The Outlook and Practice of Overseas Asset Allocation

3. Culture and Communications

Panel 1 | Policy and Markets in the New Normal Economy

In the first panel, Li Shanquan, Senior Vice President of OppenheimerFunds; Xi Ye, Managing Director at Goldman Sachs; Guan Ning, Chief Investment Officer of QuantScape; Tang Qi, Senior Vice President at Neuberger Berman; and Micheal Ning, Chief Investment Officer of Phase Capital, exchanged views on the outlook for the global economy and financial markets in 2017 under the new normal.

Guan Ning noted that globalization had driven a redistribution of the global economic pie among different countries. The share of the global economy accounted for by developed Western countries had declined, while the share of developing countries had increased. She argued that this was the result of a more efficient allocation of productive resources around the world and was consistent with economic principles.

The resulting challenge, however, was uneven distribution of income within individual countries and a widening wealth gap. These issues, she said, were increasingly creating challenges for economic globalization.

Xi Ye said that central banks had gone beyond their traditional roles in attempting to stimulate economic prosperity through monetary issuance, making money less scarce and reducing the marginal effects of monetary expansion. Ultimately, he argued, economic development would be determined by demand, while new sources of growth would require new ideas and new technologies.

He noted that the financial condition of large U.S. companies was among the healthiest in history and remained optimistic about the development of the U.S. economy following Donald Trump’s election.

Li Shanquan argued that major breakthroughs were needed in capitalist monetary and fiscal theory, while demographic structure was a fundamental factor determining long-cycle investment.

Tang Qi said the benefits of globalization had been unevenly distributed. In developed countries, she noted, the primary beneficiaries had been multinational corporations and those who owned capital, while middle- and lower-income populations had become among those adversely affected.

She also discussed Trump’s stated intention to designate China as a currency manipulator, arguing that such a designation could provide a legislative basis for imposing punitive tariffs on China.

Micheal Ning argued that the generally weak performance of macro assets over the preceding period was largely due to the inability of macroeconomic theory to be translated into profitable investment strategies. High leverage, he noted, did not necessarily mean high economic growth, while low-interest-rate policies could no longer generate additional demand.

Panel 2 | Overseas Asset Allocation

Dawson Lee, President of Benimax Investment Group; Yue Jingsheng, Senior Financial Services Professional at New York Life; Liu Jing, Managing Director of Jstar Capital; Zhang Peibei, Partner at Abacus; Liu Ruoke, M&A attorney at Morgan Lewis; and Wu Xiaowen, Founding Partner of MaxFinance, discussed the widely followed topics of overseas mergers and acquisitions by Chinese companies and overseas asset allocation by Chinese residents.

The panelists shared their views on the importance of real estate, overseas insurance, and family trusts in asset allocation, investment strategies for overseas Chinese coming to the United States, and common legal issues they encounter.

Their perspectives and recommendations provided valuable insights for participants who might consider overseas asset allocation in the future.

Panel 3 | China-U.S. Exchange, Culture and Communications

Chen Jiu, President of the North American Chinese Writers Association; Li Liyan, Cultural Counselor at the Chinese Consulate General in New York; Chu Lin, Founder of Yichuang & Huawen Cultural Communications; Ma Teng, a McKinsey analyst; Zhao Lixin, President of American Runyuan Enterprises; and Professor Wei Detong, Chinese Director of the Confucius Institute at Columbia University, also engaged in discussions on China-U.S. exchange, culture, and communications.

The panel explored the history and current state of exchanges between China and the United States, as well as opportunities to promote greater understanding and communication through culture and media.

The annual meeting was jointly hosted by the RUC North America Alumni Association and Deloitte, with strong sponsorship from Shanghai Construction Group Americas, Benimax Investment Group, MaxFinance, Sky City Pictures, and Yichuang & Huawen Cultural Communications. Leading financial media outlets, including Yicai, provided media support, while Yuan Images Photography Studio provided professional photography services for the event.