The 2015 Graduation Season - Dean of SAIF Jiang Wang’s Expectations of Graduates (Excerpt)



"China is undergoing the transformation of its development mode, from size-oriented to efficiency-oriented, from government-dominated to market-dominated, and from a development mode driven by the resource input to a sustainable development mode driven by innovation. You shall all be devoted to your own cause and look forward to future. You will have promising prospects!"
  

On July 5th, 2015, Dean of SAIF Jiang Wang gave a keynote speech at the 2015 Graduation and Degree Awarding Ceremony of SAIF, Shanghai Jiao Tong University.
 
[Brief Introduction of Jiang Wang]
Chair of the Academic Advisory Council at SAIF (Dean)
Chair Professor of the Mizuho Financial Group at MIT's Sloan School of Management
Researcher at the National Bureau of Economic Research
PhD in Finance, the Wharton School, University of Pennsylvania
PhD in Physics, the University of Pennsylvania
 
An excerpt of his speech follows:
 
Today is especially worthy of celebration, because today we’ll witness the commencement of 320 MF, FMBA, FDOA students at SAIF.
 
On behalf of SAIF of Shanghai Jiao Tong University, please allow me to extend our warmest congratulations to each of you who will graduate today, congratulations for your successful graduation after 2 or 3 years of persistent hard work at SAIF.
 
I would also like to avail myself of this opportunity to extend our sincere congratulations and gratitude to the family and friends of our graduates for your constant encouragement and devotion to them in their diligent study process. They wouldn't have achieved such remarkable grades without your support!
 
As we all know, China’s economy has undergone enormous changes in the last 4 decades, but what are the goals and ways of its further development? Actually, we and even the whole world are pondering this question.
 
A common view at present holds that China’s economic development is stepping into the next new normal, but what is the new normal? Obviously it doesn’t simply refer to the GDP decreasing from a growth rate of 10% to 7%. It should be the transformation of the development mode. The new mode should be a sustainable development mode that changes from size-oriented to efficiency-oriented, from government-dominated to market-dominated, and from being driven by resource input to being driven by innovation. The key to assuring a successful transformation is to give full play to the decisive role of markets in resources allocation; this should also be supported by a modern and open financial system.
 
To construct such a financial system as soon as possible is the historical opportunity that we are faced with, and SAIF emerges in response to such a need and an opportunity. Although SAIF is still in its early stages, it has a special mission, namely activating ideas and cultivating talent for the development of China’s modern financial business. Ideas are generated by talent.
 
Over the last 6 years, a large group of senior professors from international senior business schools has gathered at SAIF to undertake this mission. We took the lead in providing MF, FMBA, FEMBA, FDBA and PhD. in Finance, which represent the most complete, fully international and specialized finance teaching programs. Because of the features of our programs, the most talented students are attracted here - students such as yourselves. Hence, I really want to take the opportunity to express my appreciation to all SAIF professors for transmitting wisdom and imparting knowledge to students, and thanks again for all the staff’s hard work.
 
Of course, it is you, the students of the Class of 2015, who I appreciate the most. Thank you for choosing SAIF, thank you for growing with SAIF and thank you for bringing us triumphs marked by the successes you have already achieved and those you are yet to achieve.
 
From now on, you should devote yourselves to your own causes and look forward to your future, which is brilliant. The financial sector in China is experiencing a fast historic reform which is reflected in at least three aspects:
 
First, China’s economic transformation and national development strategy, driven by creativity, urgently needs specific and efficient financial support. The close combination of technology and capital is the key to successful innovation. From angle investment, venture capital, TE, risk control, listing, mergers and international expansion to capital operation, the whole life cycle of an enterprise needs financial support because a highly efficient financial market will provide innovation with an incentive mechanism, a development level and the spirit of risk aversion. Such finance demands achievements, especially innovation achievements. Moreover, the great developmental wave is coming into being in the field.
 
Second, to meet the demands for further economic and social reform and development in China, we see the surging momentum of marketization and the liberalization of the entire financial system. On the one hand, we can see the further marketization of interest rates and the main asset prices. Certainly, the condition appearing in our stock market and the government’s corresponding action is an inevitable episode in the process. However, finally, we should still rely on the market to regulate the asset price system.
 
On the other hand, the weakening of various thresholds, barriers and supervision results in unprecedented openness and explosive development in the financial service sector. The sudden rise of internet finance is a good example. If there is proper guidance and controllable risks, this tendency will surely bring a more ideal new normal to China’s finance.
 
Third, through international trade, China’s economy has basically integrated into the global system, but China’s financial system is still dissociated it. Moreover, the stable opening of capital accounts is also an established goal which will lead to the relative combination and integration of China’s financial system and the global financial framework, greatly promote the integration of China’s financial system with the global financial architecture, promote domestic capital to go global and international capital to come in, and provide a broad space for investors to allocate their assets globally and evade risks.
 
Therefore, this has greatly improved the efficiency and risk tolerance of the capital market. At the same time, it is also a basic condition for a series of strategic measures including the construction of the Shanghai International Financial Center, the construction of the China (Shanghai) Pilot Free Trade Zone, RMB Internalization, the Bricks Bank, the Asian Infrastructure Investment Bank and private funds.
 
These historic reforms and developments highlight the urgent need for high-end innovative international financial talent and offer unlimited opportunities and space for all of you to show your talents. Thus, I believe the two years’ exercise that SAIF has brought to you will be greatly beneficial for your development! Since SAIF is itself an innovation, choosing SAIF shows your innovation awareness and your courage to blaze new trails.
 
On seeing you set out and give full play to your talents, I am filled with excitement. I am excited for the historical opportunities that you will face and the historical mission that you will take on. At the same time, I feel proud of your future glory and SAIF’s ability to provide you with assistance.
 
Please allow me to bless and thank every student graduating from SAIF today. Thank you for choosing SAIF, for shouldering the mission of SAIF and for making contributions to the spirit of innovation, the source of ideas and the further development of SAIF. I wish you all a bright future. Thank you all!
 
[About SAIF MF]
The Master of Finance (MF) program has been the flagship program at SAIF since it first matriculated students in the fall of 2009. Our mission is to provide the best and brightest young individuals with the academic knowledge and professional skills needed to succeed in the global finance industry.
To achieve this mission, we provide students with a curriculum rooted in modern financial theory, that delivers sophisticated quantitative and analytical tools and imparts state-of-the-art practical knowledge and skills to meet the rigors of today’s finance profession. Furthermore, the MF program is committed to fostering exceptional leadership and communication skills, the highest levels of professionalism, and an exemplary sense of social responsibility.
 
[Official WeChat ID of SAIF MF]: SAIF-MF