Page 4 - CCFA Journal - Second Issue

加中金融

编辑寄语 Editor’s Message

第二波疫情伴随着加拿大漫长的冬天一起到来了，虽然不断传来疫苗的进展让我们看到了抗疫成功和经济迅速复苏的曙光，但是太阳
还没有升起，我们还是在疫情中继续“日常”生活和工作。

在《疫情当下的业务加速器的三原则》 一文中，加拿大帝国商业银行资本市场部副总裁 Victoria Nguyen，建议成功应对疫情的关键
在于掌握三个原则:“确定优先权”，“关键点的规划”和“以人为本”。Victoria 从个人和企业的角度探讨了这些原则的应用。疫
情之下的投资者往往会有一种焦虑感，皇家银行证券投资组合经理和财富顾问 Jim Sheridan 分享了他对在市场波动时期的财富管理、
未来增长机会以及新年前景的看法。《学术和商业的融合之道》介绍了多伦多大学教授、西格玛分析与管理联合创始人兼首席执行官
Luis Seco 教授的故事。在接受加中金融採访时，Luis 分享了他在过去 20 年追求创业成功和学术卓越之间平衡的心路历程。随着中美
关系恶化至历史低谷，投资者开始减持中国概念股。一些公司也在考虑从美国退市并在港沪两地重新上市。拜登政府上台后的美国是
否仍是中国企业理想的上市目的地？银河证券研究总经济师刘峰在《中国概念股的来世》一文中做了分析。

交易对手信用风险（CCR）是 2009 年金融危机后的主要监管框架之一。加中金融风险论坛邀请了加拿大丰业银行银行模型验证和审批
部总监王谨博士和道明银行对手信用风险模型开发部高级经理马勋博士就巴塞尔框架中对手信用风险及信用估值调整等话题进行了交
流，见《巴赛尔协议 III 中交易对手风险的信用估值调整》一文。快快一带一路控股有限公司和上海亚厚资产管理有限公司董事长吴
雅楠博士在《双循环新格局在区域自贸区合作的新机遇与挑战》一文中分享了自己的观点。人工智能、机器学习和数据科学等颠覆性
技术导致多个包括风险管理行业发生了重大变化，北京国子金融租赁有限公司副总裁、风险管理专家王文峰博士分享了他对数字经济
时代风险管理的看法。最后，华夏新供给经济研究所所长贾康在《关于城镇化的几点相关认识》一文中从城镇化的维度探讨了其与内
循环及中国经济可持续增长之间的关系。
在疫情笼罩的 2020 年行将结束之际，祝大家有一个安全的假期，愿新年给大家带来好运！

顾大局

The second wave of COVID-19 has certainly dampened the hope for a quick return to normality. Although we have all learned how to cope
with the pandemic in both our personal and professional lives, the recent news of effective vaccines gave us a peek at the light near the end
of the tunnel and hopefully the beginning of a strong economic recovery in 2021.

Victoria Nguyen - a seasoned business executive who currently serves as Vice President at CIBC Capital Markets - suggested that successful
navigation of the pandemic requires giving priority to what matters most, planning for pivots often, and focusing on the people in her article
'The COVID-19 Business Accelerator: The three Ps'. She explores these principles from both a personal and professional perspective. Investing
during a global pandemic brings a sense of anxiety. Jim Sheridan, Director, Portfolio Manager & Wealth Advisor at RBC Dominion Securities,
shared his view on future growth opportunities and outlook for the new year in ‘Wealth Management in Times of Prolonged Uncertainty and
Volatility’. The article 'Balanced Mix of Academic and Business Life' features the story of Dr. Luis Seco, professor at the University of Toronto
and co-founder/CEO of Sigma Analysis and Management. In his interview with CCFA, Luis shared his experience in pursuing a well-balanced
life between entrepreneurial success and academic excellence for the past over two decades. With the Sino-U.S. relationship deteriorating to
a historical low, some investors have begun to short China Concept Stocks. Many Chinese companies are considering delisting from the U.S.
stock exchanges and re-listing in Hong Kong or Shanghai. Can the U.S. remain an ideal listing destination for Chinese companies under a
Biden Administration? Feng Liu, Chief Economist at China Galaxy Security Research, gives his take in 'In the afterlife of China Concepts Stocks'.

Counterparty Credit Risk (CCR) is one of the key regulatory frameworks set after the 2009 financial crisis. In July 2020, CCFA Risk Forum invited
two experts, Dr. Jin Wang (Scotia Bank) and Dr. Xun Ma (TD Securities) to discuss CCR and CVA in the Basel framework. The article
'Counterparty Credit Risk CVA in Basel III' was compiled based on the materials presented at that forum. What significance does the recently
signed RECP have for the Asian region and China’s “double circulation” development paradigm? Dr. Yanan Wu, the Chairman of Kuai Kuai
Belt and Road Holdings Pte & Shanghai Yahou Asset Management Inc., offers his view in “The Opportunities and Challenges in the Double-
Circulation Paradigm for Cooperation in Regional Free Trade Zones”. Disruptive technologies such as artificial intelligence and machine
learning have disrupted several industries, including the ways they manage risk. Dr. Wang Wenfeng, Vice President of Beijing Guozi Financial
Leasing Co., Ltd, shared his thinking in ‘Thoughts on Risk Management in the era of the Digital Economy’. Finally, can the world’s second
largest economy achieve sustainable growth? In the article ‘Thoughts on Urbanization’ Jia Kang, the president of the Huaxia New Supply
Economics Research Institute, examines the relationship between urbanization and the domestic economic cycle. With the pandemic-turned
2020 quickly ending, we wish you all a safe holiday season. May 2021 be a prosperous new year!

Daju Gu

CCFA JOURNAL OF FINANCE DECEMBER 2020
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