Symposium of the “Development Tendency of Internet + Securities Market” Held at Tsinghua University

On November 1, 2015, Symposium of “Development Tendency of Internet+ Securities market” was held at the Reception Hall, Main Building, Tsinghua University. This symposium was co-organized by Institute of Economics, Tsinghua University and Microfinance 50 Forum, and held by Institute for Minsheng Economic Research. The director of Institute of Economics, Tsinghua University, Liu Taoxiong delivered a welcome speech, and then many famous specialists in the field of Internet economy were invited to give keynote speeches.

Professor Wu Xiaoqiu from Renmin University of China delivered a wonderful speech on the topic of “What Kind of Capital Market Do We Need in the Internet Era”. He said China’s capital market would definitely become the world’s leading financial center, but it still faces many problems, especially the financial crisis. Therefore, we should focus on the global financial market, and find out measures used by other countries to deal with the economic crisis. Economic crisis is a sign of economic health and a self-regulatory approach of economic entity. It would benefit China’s financial system if we explore the primary causes of the global financial crisis and find out effective measures and experiences. 

Chief strategy officer of Ant Financial Services Group Chen Long elaborated the combination of Internet and securities from three perspectives: channels, data, and techniques. China’s economic growth has slowed down dramatically. The growth rate fell from 19.5% to 8.2% between 2007 and 2011, except the financial crisis of 2009, and this year is expected to be even lower. China’s economic growth should be transformed from investment-oriented to consumption-oriented, which requires a new financial system.

Manager of the Information and Technology Department, CITIC Trust Co., Ltd., Chu Zhuang delivered a speech of “Prospects and Challenges of the Internet Economy and Capital Market”. He said that Internet economy has become the center of all economies and it has challenged the Capital Market, the banking industry, and the securities industry. In general, the challenges include financial disintermediation, the application of big data, and lack of trust. In the era of Internet, people can only trust the public reviews (participation) or go through thick and thin together.

Deputy dean of the Institute for Minsheng Economic Research Wang Yong delivered a speech on the topic of “Dual Effects of Internet on Investors’ Expectation and Action”. He elaborated that in the Internet era, how the new information distribution system and remote control system affect the consistency of investors’ expectation and action based on the theory of Internet coordination game. Moreover, the consistency of investors’ expectation and action further deepens under the long-range behavior of Internet, which causes huge market fluctuations. Wang Yong pointed out that remote control could play an active role in reducing the market fluctuations by taking advantage of the restriction of Internet investment, lowering the high leverage, and establishing online big data censorship for qualified investors.

Chief executive officer of List Plus Co., Ltd. Luo Ming delivered a speech of “Pricing for the Equity of Internet+ Entrepreneurial Firms”.

About 200 people attended the symposium. Many specialists from Tsinghua University, Renmin University of China, Central University of Finance and Economics, China Banking Regulatory Commission, Ministry of Commerce, and CCTV Financial Channel attended the symposium. Focusing on the “Development Tendency of Internet+Securities market”, they shared knowledge and discussed fiercely with each other. Moreover, members of Microfinance 50 forum, and the faculty and students of Institute of Economics, Tsinghua University, also joined the symposium.

This symposium has significant meanings for research on how development of Internet technology can affect the stock market in terms of issuing, marketing and exchanging, OTC Market, crowd funding, and how to reform and improve the corresponding supervision measures.