Enhanced competition in the FMI sector can deliver lower costs and more efficiency for end users and the real economy. It is sometimes argued that excessive competition among CCPs can have short-term destabilising effects by undermining their ability to build up resilience and risk management capacity.
Given his outstanding contribution and position in financial research, he was a deputy to the eighth National People’s Congress (NPC), a member of the NPC’s Financial and Economic Committee and the President of the Renmin University. He was also appointed a member of the first Monetary Policy Committee of the People’s Bank of China and the Head of China Financial Institute.