FINAL PROGRAM#ASIFMAchinaconf

Friday, 29 November 201909:00 – 11:15
PLENARY SESSION
KeynotePanel 1: Trade Tensions & Macro Economy
Panel 2: Financial Centres in Greater China
Morning

11:15 – 11:45
Morning Refreshment Break
11:45 – 12:40
PLENARY SESSION
Panel 3: Operating in China’s Markets
Demo: Infrastructure Tool Kit
12:40 – 13:45
Networking Lunch
13:45 – 15:25
STREAM A
Panel A4: Bond Market, FX & Local Rates
Panel A5: Stock Connect & Equities

13:45 – 15:25
STREAM B
Panel B4: FinTech & Technologies
Panel B5: Sustainable Finance

15:25 – 15:55Afternoon Refreshment Break
15:55 – 16:45
Concurrent Roundtables (closed to media)
1. Securitization
2. Cybersecurity Law
3. Infrastructure and Belt and Road
4. Asset Management Landscape in China

Afternoon

16:45 – 16:50
Closing Remarks
Speaker
Biographies

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Page 1 of 11

Morning Plenary Session (For all registrants, open to the media)
09:00-09:15
Welcome Remarks / China Capital Market Paper
Mark Austen#ASIFMAchinaconf

09:15-09:35
KeynoteChina CapitalMarkets Paper

Howard LeeCEOASIFMA

Deputy Chief Executive
Hong Kong Monetary Authority

09:35-10:25
Panel Discussion 1 – China in 2020: Trade Tensions and the Macro-economy
 What impact have US-China trade tensions had on the Chinese economy, market reforms, and theinternationalisation and opening of China’s markets?
 What has the impact been on capital flows in and out of China? Is corporate deleveraging continuing, and what
does it mean for the economy?
 To what extent are Chinese regulatory standards aligned with China’s G20 commitments; where is the greatest
need to close the gap?
 What lies ahead for One Belt, One Road? Where is this ambi initiative headed and will it and China last thedistance?

Li Cui

William Han

Eva Valle Lagares

Iris Pang

Michael Taylor

Simon
Rabinovitch

Chief Economist,
Managing Directorand Head of Macro
Research
China Construction
Bank International

Chief Economist
China Universal
Asset Management

Counsellor, Head ofthe Trade Section
European Union
Office Hong Kong

Economist, Greater
China
ING Bank

Managing Directorand Chief Credit
Officer, Asia PacificMoody’sAsia Economics
Editor
The Economist(moderator)

Page 2 of 11

Morning Plenary Session (For all registrants, open to the media) (Cont’d)#ASIFMAchinaconf

10:25-11:15
Panel Discussion 2 – Evolution of Financial Centres in Greater China
 How will Hong Kong, Shenzhen, Shanghai evolve in coming years? What can we make of Shanghai Stock
Exchange launching a centre in Guangzhou?
 How and to what extent will these centres complement and/or compete with one another? What overarchingnational strategy is at play?
 How will China’s Greater Bay Area initiative drive or impact this dynamic and these centres? How will the Greater
Bay Area initiative evolve over time?
 What can we expect of London-Shanghai and other new ‘Connect’ schemes? What do they mean for othercentres? Will we see a London Bond Connect?
 Are Chinese banks competitive enough outside their domestic market to significantly penetrate other markets
and challenge foreign incumbents?

Xavier Le Sourne

Cliff Sheng

Minny Siu

Carmen Ling

Quentin Webb

Resident Partner,
Registered ForeignLawyer, Luxembourg
Elvinger Hoss PrussenPartner, China
McKinseyPartner
King & Wood Mallesons

Managing Director,
Global Head, RMB
Internationalisation/
Belt and Road,
Corporate andInstitutional Banking
Standard Chartered

Asia Markets Editor
The Wall Street Journal(moderator)

11:15-11:45
Morning Refreshment BreakPage 3 of 11

Morning Plenary Session (For all registrants, open to the media) (Cont’d)#ASIFMAchinaconf

11:45-12:35
Panel Discussion 3 – Operating in China’s Markets: Implications of China’s Recent
Market Opening Setting up a JV or a WFOE? What are the considerations?
 How difficult is it to acquire majority control of a JV? Does the “One Control One Participation”
apply to foreign owned entities?
 How easy is it to convert a PFM WFOE into a fund management company (FMC)?
What are some of the issues with such conversion?
 Why can’t the same entity engage in different activities (e.g. private funds, QDLP funds andpublic funds, or securities brokerage and underwriting)? Are there good reasons for keeping
the activities separate?
 How do foreign-owned firms reconcile differences between the regulatory requirements of
their home jurisdiction and that of China (e.g. data privacy, data protection, cybersecurity,
KYC/AML)?

Relevant sectionof the China
Capital Markets
Paper

Xiaofeng Zhong

Eugenie Shen

Jian Fang

Irene Ho

Stephen Davison

JohnSedgwick

CEO, North Asia
Amundi AssetManagement

Managing Director –Head of AssetManagement GroupASIFMA

Partner
Fangda Partners

CEO and General
Manager
HSBC Qianhai
Securities Limited

Managing Director,
Head of Strategy andChief of Staff
J.P. Morgan

ManagingEditor
Ignites Asia
(moderator)

12:35-12:40
Demo – Infrastructure Took Kit

Anna Cheung
Senior Service Promotion
ManagerHong Kong Trade DevelopmentCouncil

12:40-13:45
Networking Lunch

Page 4 of 11Afternoon Break-out sessions – Stream A (For all registrants, open to the media)
13:45-14:35
Panel Discussion A4 – China Interbank Bond Market, FX and Local Rates
 China Interbank Bond Market (CIBM), Bond Connect and other channels - what is the best
way to gain access to the third largest bond market in the world? Will these be streamlined
over time?
 At the same time, how can China develop deeper, more liquid secondary markets?
What improvements can be made to enable fungibility between channels, and enhancements
to general levels of market liquidity such as fixed income repo, foreign exchange hedging andease of repatriation?
 Is there a need for a deeper derivatives market to drive a more liquid cash market? How doesonshore and offshore hedging compare? What is the significance of close-out netting in thiscontext?
 Will the ramping up of bond index inclusion make a difference? Will international ratings beused soon and will they facilitate investment?

#ASIFMAchinaconf

Relevant sectionof the China
Capital Markets
Paper

Julien Martin

Joyce Huang

Leonard Kwan

Hayden BriscoeDavid Campbell

Managing Director,
Head of Fixed Incomeand Currency ProductDevelopment, MarketDevelopment,
Hong Kong Exchangesand Clearing Limited;
General Manager,
Bond Connect
Company Limited

Senior Director
Lianhe Ratings Global

Vice President, Emerging
Fixed Income Portfolio
ManagerT. Rowe Price Hong KongLimited

Managing Director,
Head of Fixed Income,Asia Pacific
UBS Asset Management

Managing Director Head of Fixed Income
ASIFMA(moderator)

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Afternoon Break-out sessions – Stream A (For all registrants, open to the media) (Cont’d)#ASIFMAchinaconf
14:35-15:25
Panel Discussion A5 – Stock Connect, QFII Reform and Equities Market Development
 We have seen Stock Connect flourish and serve as an effective channel for global investment
flows into China A shares, with MSCI upping its Partial Inclusion Factor from 5% to 20% andwith FTSE and S&P including A shares into their global indices as well. What is the next act for
Stock Connect?
 QFII flows have in recent years not kept pace and China is exploring to expand the businessscope for QFII/RQFII investors to participate in derivatives trading and securities lending,activities currently not available via Stock Connect. Are these complementary or competing
channels and what will the ecosystem look like in ten years’ time? Will the schemes merge?
 Which challenges remain for international investors to trade more China A shares and for index
weightings to further increase? What key restrictions remain? How can the markets become
more efficient? How can investor needs be better met?
 Amidst the geopolitical tensions which seem to continue to increase, how might this impact
market reforms in China?

Relevant sectionof the China
Capital Markets
Paper

Simon Williams

Edna ChanJack Ko

Tae Yoo

Jessica Morrison

Lyndon Chao

Managing Director,Head of APAC Equity
Trading
BlackRockDirector
Citigroup Global
Markets Asia Ltd

Executive Director
Goldman Sachs

Managing Director,
Global ClientDevelopment,
Markets Division
Hong Kong
Exchanges andClearing Limited

Executive Director
Morgan Stanley

ManagingDirector – Headof Equities
ASIFMA(moderator)

15:25-15:55
Afternoon Refreshment BreakPage 6 of 11

Afternoon Break-out sessions – Stream B (For all registrants, open to the media)#ASIFMAchinaconf

13:45-14:35
Panel Discussion B4 – FinTech in China and Emerging Technologies
 Blockchain, crypto currencies and ICOs, artificial intelligence, big data – which are the areas in which China isgenuinely world-beating?
 How has China’s historically benign regulatory environment shaped its technology firms, and what does this meanfor markets outside China? How is this regulatory environment changing?
 What can we learn from China’s BigTechs or Fintechs about long-term disruption and increased competition thatmight occur in other markets?
 What consumer technology developments in China could inform and drive changes in wholesale markets both
domestically and internationally?
 Is the emergence of China’s technology accompanied by meaningful advances in RegTech and SupTech? Are weseeing a greater emphasis on AI regulation?
 How might the US-China rivalry for technological supremacy impact any of these developments as well as broader
geopolitics and markets globally?

Selim Baek

Avril Rae

Whikie Liu

Zennon Kapron

Business Development,
Institutional
OK Group

Head of Fintech, Hong Kong
KPMG China

Head of Capital Markets andStandards, China
SWIFT

Founder and Director
Kapronasia(moderator)

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Afternoon Break-out sessions – Stream B (For all registrants, open to the media) (Cont’d)#ASIFMAchinaconf
14:35-15:25
Panel Discussion B5 – Sustainable Finance What is sustainable investing in the Chinese context? What has been driving China’s pushtowards green and sustainable finance?
 What can other markets learn from sustainable finance developments in China? Will any
developments in China inevitably impact the way other sustainable finance markets emerge
globally over the coming years?
 What is China doing to ensure it remains one of the most advanced markets in terms ofdeveloping standardised taxonomies for green products?
 Is green coal really that green? What is China doing to enhance transparency, consistency
and standards of disclosure?
 What is a ‘circular economy’, can it grow and create profit for investors?

Gabriel Wilson-Otto

Dominique Duval

Luying Gan

Matthew Chan

Head of StewardshipAPAC
BNP Paribas AssetManagement

Sustainable Banking –Head of Asia-Pacific
Crédit Agricole
Corporate & Investment
Bank

Head of Sustainable
Bonds, Debt CapitalMarkets, Asia-Pacific
HSBC

Executive Director –Head of Policy andRegulatory Affairs
ASIFMA(moderator)

Relevant sectionof the ChinaCapital Markets
Paper

15:25-15:55
Afternoon Refreshment BreakPage 8 of 11

Afternoon Concurrent Roundtables* (For all registrants, CLOSED TO THE MEDIA)#ASIFMAchinaconf*4 simultaneous roundtables will take place, each representing a designated topic with moderators
leading the discussion under Chatham House rules. Delegates can choose to join any table.
15:55-16:45
Roundtable 1 – Securitisation in China within a Global Context
 What are the drivers behind increasing China securitisation market activity?
 Can REITs, BRI, GBA and trade play a part in the China securitisation market and are these areas forgrowth?
 What are the current options for transactions under the China securitisation legal framework?
 Has China's securitisation market drawn from experience in other jurisdictions? How is thesecuritisation market in China different?
 In what ways are international investors becoming more involved in the China securitisation market?

James Pedley

Foreign Legal Consultant
Clifford Chance

Relevant sectionof the China
Capital Markets
Paper

Liu Borong

Chairman of Executive Committee,
China Securitization Forum;
Head of Financial Department,
Zhong Lun Law Firm

Roundtable 2 – China’s Cybersecurity Law
 Why is it important for governments to set cyber security standards, and what is China specificallyseeking to achieve with its Cybersecurity Law?
 Which cybersecurity regulations apply in China and which agencies have jurisdiction over
Cybersecurity in relation to financial institutions?
 How does the Cybersecurity Law impact foreign firms? Domestic firms?
 What approaches can be adopted to protect the security of data, systems and networks whilst
enabling the cross-border data flow needed to facilitate investment in and out of China.
 What has the impact of the Cybersecurity Law in China had on other markets in this region? Whatother approaches have been taken by regulators elsewhere?
 How could creating standards and a data hub change the game for processing China-related data inHong Kong?

Relevant sectionof the China
Capital Markets
PaperGrace Yu

Allen Yeung

Antonio Douglas

Partner
Fangda Partners

Founding Chairman
Institute of Big Data GovernanceManager, Business Advisory Services
US-China Business Council

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Afternoon Concurrent Roundtables* (For all registrants, CLOSED TO THE MEDIA) (Cont’d)#ASIFMAchinaconf
Roundtable 3 – Infrastructure and the Belt and Road Initiative What defines success for this ambitious initiative, and how has this evolved since 2013? What will it achieve interms of China’s standing in the world?
 What is the necessary mix necessary between government and private capital to fund Belt and Road
infrastructure projects long term?
 What opportunities will greater market-led financing open for global international financial institutions andinvestors?
 What transparency and other reforms are necessary within participating countries to ensure funding is always
directed to its best use?
 What can be done to ensure participating countries avoid debt stress?

Maochun Richard Li

Enoch FungAssistant CEO
CNIC Corporation Limited

Head of Market Development Division,
Hong Kong Monetary Authority;
General Manager,
HKMA Infrastructure Financing
Facilitation OfficeRicky Ng
Head of Structured Finance
Department - Hong Kong
MUFG Bank, Ltd.

Roundtable 4 – Asset Management Landscape in China

What are the differences between the various asset management entities in China (e.g. FMCs,PFMs, bank wealth management subsidiaries, pension management companies)? Does one havean advantage over another?
What do foreign asset managers have to consider when operating in China?
What will be the relationship between foreign-owned asset management entities and the local
players (e.g. bank and securities distributors, online platforms, brokers)?

Haiyan Cao

Sandra Lu

Executive Director
Goldman Sachs

PartnerLlinks Law Offices

ForeignInstitutional
Investment inChina: An AssetManagement
Perspective

16:45-16:50 Closing Remarks
Mark AustenCEOASIFMA

16:50 End of Conference

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