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  • Ba Shusong (巴曙松)
    Gender : Male
Scholar
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Occupation

Managing Director, Chief Economist, Hong Kong Exchanges and Clearing Limited (HKEX).

Chief Economist, China Banking Association (CBA).

Executive Director of the HSBC Financial Research Institute at Peking University.

Education

Bachelor of Engineering, Huazhong University of Science and Technology,1991

Master of Economics, Huazhong University of Science and Technology, 1994

PhD in Economics, Central University of Finance and Economics, 1999

Postdoctoral Fellow, China Center for Economic Research, Peking University, 2001

Senior Visiting Scholar, School of Business, Columbia University, 2013

Experience

He is also Vice President of the China Society of Macroeconomics, a member of Ministry of Commerce's Economic and Trade Policy Advisory Committee, a member of China Banking and Insurance Regulatory Commission’s Expert Guidance Committee for the banking industry’s implementation of the new Basel capital accord, a member of China Securities Regulatory Commission’s M&A Specialists Committee, a member of China’s “13th Five-Year Plan” National Development and Planning Specialists Committee, and Director-General of Peikang Chang Research Foundation of Development Economics.

Professor Ba is a fellow of experts who receive the State Council’s special allowance. He was previously Deputy General Manager of the Bank of China Hangzhou Branch, Assistant General Manager of Bank of China (Hong Kong), Director-General of the Strategy and Development Committee of the Securities Association of China, and Deputy Director-General of the Financial Research Institute of the State Council's Development Research Centre. He was engaged in post-doctoral research in the China Center for Economic Research at Peking University and was a senior visiting scholar at Columbia Business School. He also served as the chief expert in the basic research field of "International Economic and Financial Structure" in Development Research Center of the State Council. Professor Ba was awarded by China’s Social Science Assessment in 2017 as the Chinese scholar with the highest citation frequency in Chinese literature on economics from 2006 to 2015.

Professor Ba had participated in a large number of seminars and forums held by policy-makers in the financial fields as a financial specialist, and lectured to members of the Political Bureau of the CPC Central Committee in China as the main speaker. He had held management positions in a wide range of financial institutions including commercial banks, securities companies, public funds and trust companies. As an expert who is familiar with the actual practice of China's financial operations and policy-making process as well as well versed in financial theory research, he possesses rich practical experience and research achievements in the fields of the Basel capital accord and risk management, asset management (has published an annual report on China’s asset management industry development in 11 consecutive years), banking development and bankers survey (has led the conduction and publication of the annual bankers survey reports in Chinese and English for 8 years), etc.

His publications (in Chinese) include "Research on New Basel Capital Accord", "Basel II in Financial Crisis: Challenges and Improvements", “Study on Basel Capital Accord III”, “Basel III and Financial Regulatory Reform”, “Annual report of China Asset Management Industry Development".


Contribution

Research project

2012-2015, basic research field of development research center of the State Council: basic research of international economic and financial structure

2012-2014, China: promoting efficient, inclusive and sustainable urbanization, development research center of the State Council, World Bank

In 2011, the evolution trend of US sovereign debt and its impact on China, NSFC

In 2011, the impact of the US sovereign credit rating downgrade on China, NSFC

In 2011, national balance sheet project, State Administration of foreign exchange

In 2011, research on the framework of China's financial macro Prudential policy, NSFC

In 2010, adjustment of international banking regulatory rules and China's regulatory indicators, Industrial Bank

2009, 2009 global financial derivatives development report, HSBC business school, Peking University, China Financial Futures Exchange

2008-2009, international experience of full coverage bonds and China's realistic choice, China Development Bank

In 2007, the transformation of social capital pattern and the Countermeasures of CDB, China Development Bank

In 2006, China's banking industry security research, Ministry of Commerce

In2005, Information disclosure of listed commercial banks, Shanghai Stock Exchange

In 2003, the mechanism of new share issuance and its reform, Shanghai Stock Exchange

In 2003, research on the supervision of capital restructuring of futures companies, China Futures Association

In 2003, the development and supervision of QFII, Shanghai Stock Exchange

AcademicPrizes

1.In 1997, Research on the innovation of China's foreign exchange reserve management won the "Excellent paper award of the 9th Pacific Basin Countries Financial Conference";

2.In 1999, the paper Insider control in the transitional economy and China's financial system reform won the "Second national outstanding social science achievement award (the highest award)" sponsored by the Chinese Academy of social sciences;

3.In 2005, Research on the 11th five year plan idea and 2020 Vision goal participated in won “the special prize of 2005 China Development Research Award;

4.In 2005, Research on related party transactions of enterprise annuity (co authored) won the “First prize of the second annuity essay collection” sponsored by China Insurance Regulatory Commission;

5.In 2006, Establishing a risk-based regulatory framework for enterprise annuity (co authored) was awarded by China social security forum;

6.In 2009, he was awarded the "most influential independent director" of the golden round table award of the 5th board of directors of China's listed companies;

Professor Ba received the Global Youth Leader Award from the World Economic Forum in 2009.

7.In 2010, Research on the influence of policy bank commercialization reform on bond market won “the special contribution award for innovation achievements” of China Development Bank;

8.In 2012, Systematic financial risk management under the international financial crisis won “the third Management Science Award (academic category) of China Academy of Management Sciences”;

9.In 2012, the book Financial perspective of real estate large cycle won “the 2012 China influential book · reader recommendation Award”;

10.In 2013, the book Financial perspective of real estate big cycle won “the first prize of excellent best seller award of the third China University Press Book Award”;

11.In 2015, the book Financial perspective of urbanization transformation won “the fifth China excellent publication Award (nomination Award)”;

12.In 2017, he was honored as "the most frequently cited Chinese scholar in the field of Chinese literature economics in 2006-2015";

Notable Works|Publications

Learning papers

1.Research on the operation of China's foreign exchange market, Economic Science Press, 1999

2. Economic globalization and China's financial operation, China financial press, 2000

3. Economic analysis of the effectiveness of China's monetary policy, Economic Science Press, 2000

4.Research on Basel II, China Financial Publishing House, 2003 (one of the earliest works introducing Basel II in China)

5.Jianghu of finance, Shanghai University of Finance and Economics Press, 2003 (Economic Review)

6.Facing the sophistication and innocence of financial industry, Guangdong Economic Publishing House, 2004 (economic review collection)

7.The struggle between bad money and good money, Tsinghua University Press, 2004 (economic review collection)

8.Devil and angel of financial market, Zhejiang People's publishing house, 2004 (economic review collection)

9.Great changes in China's financial market, Peking University Press, 2006

10.The scene in the financial industry, Peking University Press, 2007 (economic review collection)

11.Research on the development path of China's financial market, Shanghai University of Finance and Economics Press, 2008

12.Research on the development of offshore financial market: international trends and China's path, Peking University Press, 2008

13.China fund and asset management industry development report 2008, CITIC press, 2008

14.People and things in the financial tsunami, Hunan people's publishing house, 2009 (also publishing traditional Chinese version in Taiwan)

15.Hong Kong stock market perspective, CITIC press, 2009

16.China Asset Management Industry Development Report 2009, CITIC press, 2009

17.China bankers Survey 2009, China financial press, 2009

18.China's financial future, Chinese press, 2010

19.Research on the influence of policy bank commercialization reform on bond market, Economic Science Press, 2010

20.International experience of full coverage bonds and China's realistic choice, Economic Science Press, 2010

21.Analysis of the change of social capital pattern in China's financial transformation, Economic Science Press, 2010

22.Research on the impact of property tax reform on the real estate market, Capital University of economics and trade press, 2010

23.2010 global financial derivatives market development report, Peking University Press, 2010

24.New Basel Capital Accord in the financial crisis: challenges and improvements, China financial press, 2010 (one of the earliest monographs systematically introducing Basel ii.5 in China)

25.2010 China asset management industry development report: witness the rapid growth of asset management industry, CITIC press, 2010

26.China bankers survey 2010, China financial press, 2010

27. Report on the development of China's asset management industry in 2011: China's asset management industry has entered the era of "spring and autumn and Warring States", China Renmin University Press, 2011

28.China bankers survey 2011, China financial press, 2011

29.Research on Basel III, China financial press, 2011 (one of the earliest monographs systematically introducing Basel III in China)

30.Financial perspective of real estate large cycle, Xiamen University Press, 2012

31.Report on the development of China's asset management industry in 2012: reconstruction of asset management pattern in a short-term battle, China Renmin University Press, 2012

32.China bankers survey 2012, China financial press, 2012

33.China Internet payment security white paper, China Development Press, 2013

34.International economic and financial structure and China's financial policy in the post crisis period, Shanghai University of Finance and Economics Press, 2013

35.Financial perspective of urbanization transformation, Xiamen University Press, 2013

36.Report on the development of China's asset management industry in 2013: the coming of the era of big asset management, China Renmin University Press, 2013

37.China bankers survey 2013, China financial press, 2013

38.Report on the development of China's asset management industry in 2014: big asset management transformation under the new normal, China Renmin University Press, 2014

39.Implementation of Basel III: from the perspective of financial structure, China Renmin University Press, 2014 (one of the earliest monographs systematically introducing global implementation of Basel III in China)

40.China bankers survey 2014, China financial press, 2014

41.New urbanization financing and financial reform, China workers press, 2014

42.Basel III and the great changes in financial supervision, Renmin University of China Press, 2015 (the earliest monograph of Basel III based on a complete framework in China)

43.Report on the development of China's asset management industry in 2015: baptism in the great market fluctuation, China Renmin University Press, 2015

44.China practice of Inclusive Finance: technology driven change, Chinese and English edition, 2016

45.China bankers survey report 2015, China financial press, 2016

46.The rise of new intermediary and the reconstruction of real estate value chain, Xiamen University Press, 2017

47.China bankers survey 2016, China financial press, 2017

48.What is the future of China's financial reform? Zhejiang University Press, 2017

49.2017 China asset management industry development report - industry readjustment in the context of regulatory innovation, Zhejiang People's publishing house, 2017

50.China bankers survey 2017, China financial press, 2017

51.New cycle and new finance, Xiamen University Press, 2018

Translated works

1.M & A: logic and trend, Peking University Press, 2009

2.History of American currency, Peking University Press, 2009

3.Big but not down, Renmin University Press, 2010

4.King of finance, Renmin University of China Press, 2011

5.King of capital, Renmin University Press, 2011

6.Common sense of mutual fund, Renmin University Press, 2011

7.Basel II and SME financing, China finance press, 2012

8.Securities analysis, Renmin University Press, 2013

9.The essence of finance, CITIC press, 2014

10.Amazing decade, Law Press, 2014

11.Capital in the 21st century, CITIC press, 2014

12.Alchemist: how central bank governors save the world in crisis, Renmin University Press, 2015

Main Opnions

With the entry of overseas payment institutions, China's payment industry should adapt to the new pattern of comprehensive opening up, steadily and orderly promote the two-way opening of the payment industry, adhere to the principle of paying equal attention to both going out and importing, make overall use of the two markets and two resources at home and abroad, enrich the supply of payment services, and comprehensively upgrade the two-way cross-border payment.

First, the market competition was more fierce. International bank card clearing institutions and Payment institutions would have a certain impact on the pricing and marketing mode of domestic bank card market by virtue of their global network and technical advantages, and would further promote the deep integration and development of domestic and foreign bank card market. American Express, MasterCard, visa, JCB and other card organizations were willing to engage in RMB bank card clearing business.

The second was that the opening of bank card clearing market and payment industry would promote the marketization process of bank card and payment industry. With the opening of the market and the increase of participating institutions, the regulatory role of the market itself would be played and the marketization of China's payment industry would be gradually promoted to maturity.

Third, cooperation at home and abroad was conducive to promoting innovation in the payment industry. In order to solve the problem of cross-border remittance, the domestic cooperative application of the distributed ledger in blockchain technology eliminated the reconciliation link, completed the transaction and payment at the same time, improving the transaction speed and effectively reducing the transaction cost. At the same time, because the intermediary agencies were omitted, the "frozen" funds could be activated, thus greatly improving the liquidity of funds.

With the rapid pace of opening up, the competition in China's payment market would be more and more fierce. Only by actively using financial technology and improving their innovation ability and core competitiveness, can payment industry participants win more opportunities in the competition and provide better services for customers.

 

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