On August 24, the 14th " China Youth Economists Forum " was held at School  of  Economics ,  Peking University . This forum was hosted by the editorial department of “economic research”, school of economics of Peking University , Guanghua School of management of Peking University , advanced research center of Wuhan University . Experts of economics and related fields and nearly 300 youth economic scholars from all over the country jointly attended this forum.

      The forum in the morning was co-chaired by Zhang Zheng, the party secretary of school of economics of Peking University and Wang Cheng, the magazine president of “economic research”. Liu Wei, the executive vice president of Peking University, Wang Bo, the minister of division of Social Sciences of Peking University, Sun Qixiang, the dean of school of economics of Peking University, and Pei Changhong, the director of economic institute of Chinese Academy of Social Sciences attended the forum and delivered a speech.

      Zheng Hongliang, the secretary-general of the forum and the executive deputy editor of "economic research" made the work report of the forum and announced the academic council member list of China Youth Economists Forum. This forum presented the 4th “China Youth Economists Forum Best Paper Award” for two previous selected excellent papers.

      Li Yang, vice president of Chinese Academy of Social Sciences, Liu Wei, the executive vice president of Peking University, Pei Changhong, the director of economic institute of Chinese Academy of Social Sciences, Miao Jianjun, the professor of Boston university and Song Min, the professor of school of economics of Peking University made keynote speeches on the forum.

      During the stage of keynote speech, Li Yang, vice president of Chinese   Academy  of Social Sciences, first showed the highlighting debt problem of Chinese local government through a series of data in his speech titled " China `s debt problem". Li Yang pointed out that currently there were mainly two problems existing in local government debt: first, under China`s current social and economic system, the base of current government debt in China is very large, with obvious debt regional difference and other differences; second, the maturity mismatch problem is prominent in current local debt, the term mismatch between debt repayment period and construction period, debt and corresponding asset is relatively common; under the background of decline in economic growth, strategic transformation of urbanization and adjustment of real estate market, the debt repayment pressure of local government is increasing. For local debt problem, Li Yang put forward six suggestions of source control, debt restructuring, building the suitable financing mechanism, the reasonable division of central and local powers and purse strings, establishing the market system of local government investment and risk pricing, establishing the mechanism of risk management and crisis management. Li Yang stressed that the massive debt of china’s local government has a lot to do with the system. Although we have not reached the critical point of risk control, we must seriously solve it now. Otherwise it will become a fuse of Chinese financial crisis.

      Liu Wei, the executive vice president of Peking University, put forward in his speech titled “new imbalance of China’s economy and new change of macroeconomic regulation” that a outstanding characteristic of the so-called new economic imbalance is the double risks of inflation and economic downturn. This kind of new imbalance requires the macroeconomic regulation gradually start to give consideration to both requirement management and supply management from only requirement management, gradually turn to focus on macroscopic planning and management of medium and long-term supply from emphasizing on short-term demand policy. Liu Wei stressed that supply management acts on the producers, will help improve the reward of investment and find more investment opportunities on the one hand; on the other hand can reduce the enterprise cost and the cost push inflation, so in this way it can simultaneously deal with the double risks of new economic imbalance. Liu Wei thinks that our future macroeconomic policy should further optimize and adjust the fiscal and monetary elastic matching policy and other aspects; the pertinence of the policy, the functionary emphasis and amplitude should be more subtle. This is also a new request put forward by current economic situation to macroeconomic policy.

      Pei Changhong, the director of economic institute of Chinese Academy of Social Sciences and chief editor of “economic research”, first reviewed the establishment of a new system of open economy in the third plenary session of the 18th conference of communist party of China“decision to comprehensively deepen reform”in his speech titled "the open economy: new system and new trend". Pei Changhong thought that the establishment of a new system of open economy mainly includes four aspects: first is the establishment of new system and new mechanism matched with the expanding and opening of service industry; second is the establishment of new system and new mechanism matched with new rules of international trade ;  third is the establishment of strategic depth supporting new system and optimized spatial layout; forth is gradual cultivation of new system and new mechanism matched with marine strategic significance. Pei Changhong put forward that we should maintain a reasonable growth of goods trade and a reasonable surplus of current-account before RMB become a key currency in the international market, at the same time promote the development of Chinese enterprises’ overseas investment, driving the trade by investment. In addition we should also focus on developing service trade, expand the benign interaction of foreign trade, establish international production network, so as to make RMB go out authentically and become a key international currency, and to take the dividend of the second round reform.

      Miao Jianjun, the professor of Boston University put forward the theory of credit market inducing the stock price bubble in his speech titled “credit constraint and company bubble”. After reviewed the nearly 30 years of economic bubble in Japan, United States and other countries, Miao Jianjun presented three features of economic bubble associated with credit market: one is that the bubble is associated with credit expansion; second is that the asset can be reinvested; third is that the bubble may occur in a certain department or a certain industry of a country. Miao Jianjun thinks that, under certain assumptions, the economic bubble has a lot to do with market sentimen, overly optimistic sentiment would create a bubble, while pessimistic sentiment can lead to a bubble burst and the economy into depression. Miao Jianjun, the professor pointed out that the key to control economic bubble is to control of the credit market friction and solve the problem of some enterprises’ liquidity shortage.

      Song Min, professor of school of economics, Peking University introduced his latest research results in the speech titled "deceitful financial cost of enterprises": one is that after the enterprise’s fraud, the bank which has business connections with it will adopt tightening policy, shorten the length of maturity and ask for more mortgage and pledge products; second is that compared with the company with a good internal control structure, deceitful costs are more significant in the company with poor structure; third is that for the tighten caused by external financing and price adjustment, the enterprise’s demand for cash will increase; forth is that compared with its share value, the cash value will rise.

      In the afternoon, the young economists participated in sub-forum discussions of twelve themes respectively about the research fields of macroeconomic theory and policy analysis, microeconomic theory and policy analysis, economic history, financial theory and practice, insurance and social security, population and labor force, international economic theory and global economic problem, public economic theory and policy research, political economics and economic development theory with Chinese characteristics and policy research, and so on.

      This forum received a total of 352 submitted papers worldwide, and 157 papers were finally passing through the review and presenting at the forum. Young scholars from 49 universities and academic institutions such as Chinese academy of social sciences, Peking University , Tsinghua University , state university of New York and so on presented their papers in the forum. To attract the participation of abroad scholars, this forum also set with special session for discussion of English papers.

      Since 2001, there have been 13 successful sessions of China Youth Economists Forum. This forum is intended to promote youth economic scholars actively research on China`s economic problems, to strengthen communications between young economists, to cultivate reserve forces for domestic economic research and strive to serve China`s economic development and reform practice.