Professor He Jia Accepted Three Interviews on “Elite Converge” of Phoenix Satellite TV in 2017
Date: 2018-05-28

Professor He Jia, head of the Department of Finance, accepted three interviews by “Elite Converge” of Phoenix Satellite on August 19, November 20 and December 16.

In the first interview, he discussed whether RMB has been on the ascending path. Professor He believed that the appreciation of RMB shows the rebound of previous devaluation of the currency after overshoot. In addition, currently policies such as the “Belt and Road Initiative”  support RMB to be accepted by foreign countries. Therefore, RMB will maintain an upward trend in the short term and tends to stabilize in the long run.

The second interview focused on the timetable of opening up the financial sector first stated by China. Professor He expressed his views on the profound meaning of China’s  relaxing control over financial market entry, the timetable and roadmap of relaxation access to China banking, securities industry and insurance industry in the future, opportunities and challenges faced by Chinese financial institutions as well as the initiatives of China's financial industry for further opening up to the outside world.

         In the third interview, he discussed the growth of Chinese household debt. Professor He thought that China has accumulated a large amount of assets and debts after a long period of rapid development. China is gradually developing and marching to the level of advanced countries, so the increase in household debt ratio is normal. China's financial system is rather special. China is promoting economic development under the framework of gradual reform. As the financial system is very weak, the fundamental factor triggering a financial crisis is the run on the bank caused by a panic in the crowd.