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Mobile Webinar II on Connectivity and Market Integration held in AFDI Global Learning Community

Mobile Webinar II on Connectivity and Market Integration held in

AFDI Global Learning Community

From 9:00-10:30(Beijing Time), Mobile webinar II on Connectivity and Market Integration organized by the Asia-Pacific Finance and Development Institute (AFDI) is held in the AFDI Global Learning Community via WeChat App. This is the second webinar of 2017 AFDI-GDLN Global Learning Program-“Financial Globalization: Openness, Connectivity and Innovation”. Dr. JI Rui, senior economist and director of applied economic research center of AFDI, delivered opening remarks on behalf of the organizer of this webinar. KDI School, Chulalongkorn University-Global Development Learning Network (CU-GDLN) , GDLN American Foundation send the introduction video clips in the AFDI Global Learning Community during webinar. The webinar attracted about 272 participants from 24 different countries around the world.

Dr. Jianming Ni from AFDI China firstly reviewed the 3-pillar infrastructure connectivity initiatives proposed by the G20, the 3-pillar connectivity framework endorsed by the APEC economic leaders, as well as other connectivity initiatives put forward by other regional and sub-regional organizations such as ASEAN. Compared with these initiatives that mainly focus on the infrastructure, the “Belt and Road initiative” raised by Chinese president and government specifically sets up the facility connectivity and financial integration among its 5 major goals. And progress have been made in some of the goals.

Then what are the benefits and challenges for the financial connectivity and its integration? The webinar discussed these topics based on the experiences and lessons from EMU. It testified that infrastructure connectivity can provided a solid basis for FDI and technology transfer, and improve the convergences of the fiscal and social divergence, so we can do it first. Financial integration, however, should be a natural and historical process until the convergencesin fiscaland social sectors are generally approached. Especially for such an economically and socially vast diversified region of APEC.

How to establish a well-designed roadmap or development strategy for financial connectivity? And how to measure the degrees of connectivity and integration? Dr. Jianming NI proposed a 3-layer model which consists of policy and regulatory issues on the top, information and communication technology (ICT) foundation on the bottom, and financial application layer in the middle. Based on this model, a comprehensive measurement formulain alignment with the capital account liberalization process was accordingly formulated, sectorial and subsector indexes were also defined. 

Most notably, the distributed internet based connectivity is now getting more and more popular, compared with the mainstream proprietary line linked mainframe processing and storage approach. With the support of ICT/digital connectivity, the applications of Real Time Retail Payment System(RT-RPS) connection and third party payment systems, including Apple pay, Alipay and Wechat pay have been expanding dramatically in China and many other economies. 

With a view to reduce the financial transaction cost and adoption of new technologies such as the Blockchain, the Webinar calls for further discussion on the strategies and responses to the impacts from these innovations. It is also suggested that experience from China could be of some valuable reference for the developing economies. 

Who is AFDI?

The Asia-Pacific Finance and Development Institute (AFDI) is a public institution directly under the supervision of the Ministry of Finance, China.With the support of the Chinese government, Asian Development Bank, World Bank Group and other partners, AFDI aims to promote capacity building in finance and development areas in Asia-Pacific region.

What are we doing?

AFDI targets to launch a Mobile Learning Program via WeChat app on “Financial Globalization: Openness, Connectivity and Innovation” in collaboration with Global Development Learning Network (GDLN).

Financial globalization is the increasing interdependence of national financial systems across the world, a result of rapid increases in cross-border capital flow, market integration,and policy coordination.Instead of rejecting financial globalization because of internal inaccessibility or the contagiousness of external crises, economies need to consolidate their involvements in financial globalization by way of openness, connectivity and innovation.

Activities on WeChat

 Program Highlights

In order to explore an innovative way of knowledge sharing, 2017 AFDI-GDLN Global Learning Program- “Financial Globalization: Openness, Connectivity and Innovation”combining Mobile Learning Community with GDLN Webinarsand Sustainable Knowledge Sharing,to seek hotspots in the field of finance and developmentin China, regional and global, and to build a knowledge sharing ecosystem boundaryless and full of possibilities and potential.

How can you join us?

To join the “AFDI Global learning Community”, please click: http://vote.snai.edu/p/8/

For application this program, please click: http://vote.snai.edu/votep/1425

Welcome!