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加中金融




                                   会长致辞 President’s Message



                                            加中金融协会的官方出版物《加中金融》今天和大家见面了！

                                            加中金融协会成立于 2001 年，是一个独立和非营利的组织。《加中金融》作为加中金融
                                            协会平台的组成部分，旨在促进中、加金融业的双边交流，促进行业研究和业界最佳实
                                            践。

                                            《加中金融》是中英文双语季刊，以电子和印刷出版物形式出版。内容涵盖风险、投资、
                                            财富等领域，分享金融科技的行业趋势、协会的活动和会员新闻。读者包括 3000 余名从
                                            业者、企业家和学术界成员。在本期文章中，几位资深业界专家以不同的视角为大家分
                                            析和分享了金融监管、投资、宏观经济和风险管理等方面详实的内容。

                                              加密货币作为金融市场的新资产类别，监管导向和政策一直受到业界的密切关注。
                                            资本市场法律专家、前监管者兰迪·帕瓦洛（Randee  Pavalow）就最近加拿大审查的三
                                            起加密案件做了颇有见地的评述。
                                              面对全球疫情流行的不确定性，中国政府首次没有设定 GDP 增长目标，  长江证券首
                                           席经济学家伍戈在其专稿《经济寻锚》一文中分享了自己的观点。
                                              在地缘政治日益紧张、疫情引发经济持续不确定的情况下，中国股市经历了连续 11
         周的上涨。是什么推动了这波缓慢的牛市？牛市会持续吗？上海亚厚资产管理有限公司董事长吴雅楠博士在《拥抱资本市场新
         周期》一文中对股市从基本面、流动性和风险偏好等角度进行了分析。
         虽然疫情引发的衰退与 2008 年的金融危机不同，但风险管理的最佳实践依旧适用。  华尔街资深人士，上海交通大学上海高级
         金融学院中国金融研究院副院长李祥林博士在《金融危机后大型金融机构总体框架分析》中重温了风险管理的基本框架。
         中国基金和财富管理行业正在中国监管机构的推动下进行转型，其影响是什么？眼下的发展阶段与七十年代末的美国同期如何
         相比？国内的基金经理竞争得过他们的外国同行吗？李华轮先生和他的朱雀基金在《中国基金管理行业的机遇与挑战》中概述
         了中国基金行业的现状与发展趋势。
         第十一届、十二届全国政协委员，现任华夏新供给经济学研究院院长贾康先生的专稿《在疫情冲击下的中国目标、态势、挑战
         与机遇》对疫情下的中国经济做了系统的梳理。

       希望您喜欢阅读本期内容，祝大家夏天愉快。

                                                                                                                   顾大局

                                                                                                         加中金融协会会长

                                                                                                           二零二零年八月
       A Message from the CCFA President

       I am proud to present to you the inaugural issue of the CCFA Journal of Finance (The Journal). A key vision of the Canadian Chinese Finance Association
       (CCFA), an independent and not-for-profit organization established in 2001, is to be a platform that facilitates bi-lateral exchanges in the financial industry while
       promoting collaborative research and best practices. The Journal is an integral part of this vision.
       This bi-lingual Journal will be published quarterly and will cover the latest trends in financial markets including risk management, investing, wealth management,
       and financial technology. With 3000+ readers spanning business professionals, entrepreneurs, and members of academia, it was imperative that we made The
       Journal available both in print and online. In this inaugural issue, we present views on a variety of topics including regulatory developments, China’s economy,
       capital markets under pandemic-induced uncertainty, and risk management.

         With cryptocurrency being increasingly accepted as an asset class, the industry naturally looked for regulatory guidance and policies. Randee Pavalow, a legal
           expert in capital markets and an ex-regulator, offers some observations on recent regulatory activity regarding cryptocurrency.
         In the face of global economic uncertainty stemming from the pandemic, the Chinese government has – for the first time in its history – not set a GDP growth
           target.  In  “In  Search  for The  Economical  Anchor  Point”,  Ge  Wu,  Chief  Economist  of  Changjiang  Securities,  discusses  how  this  would  affect  the  future
           development of the world’s second largest economy.
         Despite growing tensions in geopolitics and ongoing economic uncertainty triggered by the pandemic, Chinese stock markets experienced 11 consecutive weeks
           of increase. What drives the slow bull market?  Will the bullish trend be sustainable? Dr. Yanan Wu, Chairman of Shanghai Yahou Asset Management Inc.,
           examines the stock markets from fundamentals, liquidity, and risk appetite perspective in "Embrace the New Cycle of the Capital Market".
         While the pandemic-induced recession differs from the 2008 financial crisis, risk management best practices remain relevant.  This is covered in detail in “An
           Analysis of the Overall Framework of Large Financial Institutions after the Financial Crisis” by Dr. David X. Li, a Wall Street veteran, faculty co-director of
           Master of Finance (MF) program at Shanghai Advanced Institute of Finance (SAIF), and an associate director of the Chinese Academy of Financial Research
           (CAFR) at Shanghai Jiaotong University.
         Facilitated by regulators, the Chinese wealth management industry is undergoing a major transformation. In “Opportunities and Challenges for the Chinese Fund
           Management Industry”, Mr. Li Hualun, CEO of Rosefinch Fund, provides an in-depth look at the industry’s current state and trend, including historical similarities
           to that of the US in the 70s and local asset managers’ readiness to compete with foreign entrants.
         In “China’s Goals, Trends, Challenges and Opportunities In the Epidemic” by Jia Kang, the president of the Huaxia New Supply Economics Research Institute,
           offered a comprehensive view on China’s economy under pandemic.
       Stay well and we certainly hope you enjoy reading this issue.
       Daju Gu,

        President of CCFA



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