On Aug. 20, 2017, co-hosted by Green Legal Global Alliance (GLGA), Beijing DOCVIT Law Firm, CITIC Press Group “CHINA ROAD” Research & Publishing Center, and Chinese Lawyer, GLGA 1st Forum on Financial & Capital Market Development and Legal Regulation and Unveiling Ceremony of GLGA Innovation & Development Center and Financial & Capital Market Research Center was held in Beijing. LIU Guangchao, Secretary-General of Green Legal Global Alliance (GLGA) and Director of Beijing DOCVIT Law Firm presided over the forum. 

WU Xiaoling, member of NPC Standing Committee, Vice Chairman of NPC Financial and Economic Committee, Dean of Tsinghua University PBC School of Finance, and a member of Chinese Economists 50 Forum (CE50) Academic Committee, XU Shanda, former deputy director of State Taxation Administration, Director of SEEC Research Institute and member of CE50 Academic Committee, JI Hong, Deputy Editor-in-Chief of CITIC Press Group and Proprietor of Economic Herald, ZHANG Chenghui, former director of Finance Research Institute of Development Research Center of the State Council, CAO Heping, professor of economics at Peking University, Deputy Director of Digital China Research Institute of Peking University, HE Liping, Director of Institute of International Finance, Beijing Normal University, LI Haiwei, Proprietor of Chinese Lawyer, GUO Li, Vice Dean of Peking University Law School, REN Yangdong, Vice Dean of Renmin University of China Law School and Director of Fin Tech and Internet Security Research Center, as a specially-invited leader and guest from the economic circlesa and the legal circles, attended the forum and delivered a keynote speech. 

CAO Deyun, Executive Vice President and Secretary-General of Insurance Asset Management Association of China (IAMAC), ZHOU Kaibo, Director of NDRC International Cooperation Center PPP-Project Promotion Office, LI Zhuyong, Director of Legal Department of PICC, TANG Jincao, Secretary-General of China FOF Alliance, and other leaders of financial institutions attended the forum. 

Besides, representatives of Green Legal Global Alliance (GLGA)’s initiators and supporters, such as DENG Qingxu, Vice President of Sina.com, GAO Jiaqing, President of Capital Factor Market Association, TANG Xuefeng, General Manager of Beijing E-Town International Investment and Development Co., Ltd., ZHANG Xiaofeng, initiator of CTO100, and ZHANG Wenhai, Director of Winghy TRIZ Innovation Research Institute, as well as some partners of Beijing DOCVIT Law Firm attended the meeting. 

Guided by the Fifth National Financial Work Conference, this forum comprehensively and profoundly interpreted the guiding principles of the conference for the first time. It brought together more than 100 important leaders from China’s economic circles, financial circles, legal circles, as well as a lot of experts, scholars and industry leaders to jointly explore the important direction of financial reform and discuss how to construct a financial legal system in line with China's national conditions, so as to promote the sound, integrated development of China's finance and law. 

At the opening ceremony, Mr XU Shanda and Ms JI Hong delivered a speech respectively. Xu said, with the continuous development of our society, the connection between legal industry and entity industry got increasingly close, but the difficulty in further integrated development was rather great. When it comes to the legislation of tax law, for example, it’s always hard to reach a consensus. So, it's hoped that legal personnel could, in the legislation link, further strengthen research on taxation, and on the tax laws of countries in the world. At the same time, the tax authority staff that participate in legislation, should also study in depth the principles of law, and the two sides should establish a long-term communication mechanism to promote legislation in professional areas. "Promoting cross-industry integration of legal and professional fields is a difficult process, which requires many experts to spend a lot of time and make great efforts, so as to form a relatively complete and systematic research achievement. I fully support the great efforts made by Green Legal Global Alliance (GLGA) for this. With the joint efforts of legal personnel and other professionals, we should work together to do a good job of tax law legislation in light of China's realities." Xu said. 

Ms Ji said in her speech, from the establishment of Green Legal Global Alliance (GLGA) to the launch of Innovation & Development Center, she witnessed the birth and growth of a cross-industry cooperation research platform. It could be felt that GLGA was truly putting into practice the concept of “cross-industry” and promoting professional management and research simultaneously, and thus quickly became a well-established operational organization with great development prospects. This year's National Finance Work Conference sent out some very important policy signals and put forward such a keynote -- preventing risks. China's finance exhibited some change in direction, and the financial industry was entering a major historical transformation period. Therefore, we were all faced with many new topics and tasks, whether in financial regulation, innovation and regulation of financial market, or improvement of the financial legal system. Bringing together a large number of experts and scholars in China, this forum was a high-level, high-quality, and high-standard cross-industry communication event of the financial circles and the legal circles, which was expected to see in-depth exchanges and communication on financial & capital market and legal regulation. 

At the “keynote speeches” session, Ms WU Xiaoling, Vice Chairman of NPC Financial and Economic Committee, and Professor CAO Heping, Deputy Director of Digital China Research Institute of Peking University made four wonderful keynote speeches: “Interpretation of National Finance Work Conference: Preventing Risk, Intensifying Regulation, Emphasize Entity, De-Leveraging, and Utilizing Market”, “Financial Reform and Legal Regulation: The Effect of Establishing Financial Stability & Development Committee on the Regulatory System”, “Green Finance: Tech Support and Legal Guarantee in Green Financial Development” and “Financial & Capital Market Regulation: Selection of Financial Regulation Direction in the Pan-asset management Era”. 

Ms WU Xiaoling, Vice Chairman of NPC Financial and Economic Committee made a speech Financial Legislation and Financial Regulation. Wu interpreted the guiding principles of the 5th National Finance Work Conference, and suggested that improving financial legislation and strengthening and coordinating financial regulation is the key to fulfilling the three tasks of serving the real economy, preventing financial risk, and deepening financial reform. Wu explained the nature of finance and the legal relation of financial products, and analyzed the improvement of financial legislation from the perspective of asset management market. Besides, Wu said, this form, timely held after the National Finance Work Conference, was of important guiding significance to further integrated development of China's financial & capital market and law.

CAO Heping made a keynote speech Some Regulation Problems Facing Central Top-level Account Financial Management. In his speech, CAO Heping expounded the relationship between law and economy, and suggested that economy was the optimal configuration of scarce resources in accordance with the cost-benefit rule. The law was a system of rules created through a community, which made the transfer and distribution of property among people fair and equitable. “Without economy, there will be no vitality, and without law, economy may wildly grow and finally collapse. So, law and economy must unite and develop together. Today's forum has significant contributions to the growth and improvement of our country's entire system.” said Cao. At the same time, Cao explained in detail the central top-level account system and argued that, in the process of explosive growth of economy, where the original regulation could not involve, it’s exactly where legal innovation could gain explosive benefits. 

At the opening ceremony of Green Legal Global Alliance (GLGA) Innovation & Development Center, ZHANG Wenhai, a representative of initiators of Green Legal Global Alliance (GLGA) introduced the center. Zhang said, Innovation & Development Center, as a permanent base of the alliance for discussion, exploration and industry exchange would, with ”promoting the industry's innovation and development, and implement the industry's research achievements” as its tenet, through cross-industry integration and intercommunication, fully meet the activity needs of the alliance’s member units, support units and cooperative units, organize large and medium-sized conferences, summit forums, theme salons, product launches, etc., set up a talent incubation center(s), build an intelligent platform that is open, inclusive, co-built and shared by all, and construct a green, three-dimensional legal ecosphere. 

LI Haiwei, Proprietor of Chinese Lawyer delivered a speech at the opening ceremony. He suggested, this forum delves into the deep relationship between financial & capital market development and legal regulation, which embodies the organizers’ consciousness of general situation and sense of responsibility in their actively implementing the guiding principles of the National Finance Work Conference, offering suggestions on and solutions to the party and the state’s finance work, and also shows the enterprising spirit and sense of responsibility of Chinese lawyers as legal professionals in their actively contributing to China's legal system construction. “We hope that our colleagues in the economic circles and the legal circles can work together to develop the forum into the most forward-looking, innovative, authoritative and instructive law/finance cross-industry dialogue platform in China, contributing to the sound, integrated development of economy and law." said LI Haiwei. 

Secretary-General Liu said in his speech that establishing the Green Legal Global Alliance (GLGA) Innovation & Development Center was a major strategic measure taken by the alliance. As a cross-industry alliance that takes law as its core element, GLGA shall not only delve into the internal relation between law and each industry via academic research, but also put research achievements into practice. “This is not only a center for conference, communication and exhibition, but also a common career home and spiritual station for all GLGA members. GLGA is a platform for discussion, co-construction and sharing. We will build the alliance into a legally cross-industry innovative organization, making contributions to the innovation of social organizations; we shall become a platform for the lawyer industry to deeply docks with other industries, setting an example for opening up a “blue ocean” of the lawyer industry. We hope that the research achievements of our alliance can influence, stimulate and even trigger some change and innovation of a certain industry, thereby promoting the construction of a “rule-by-law China” and making contributions to China’s social and economic progress.” LIU Guangchao emphasized. 

At the launching ceremony, distinguished guests ZHANG Chenghui, CAO Heping, HE Liping, JI Hong, GUO Li, LI Haiwei, ZHAO Bingdi and LIU Guangchao jointly pressed their fingerprints, marking the official launch of Green Legal Global Alliance (GLGA) Innovation & Development Center.

Afterwards, ZHANG Chenghui, former director of Finance Research Institute of Development Research Center of the State Council and HE Liping, Director of Institute of International Finance, Beijing Normal University, delivered a keynote speech respectively. 

Zhang made a wonderful speech on “Accelerating the construction of financial legal system”. She pointed out that the development of the capital market could not go without a rather sound financial legal system, and that whether the legal system was correct or not had a great impact on the capital market’s sound development. Improving the legal system of the capital market included legislation, law enforcement, administration of justice, and abidance by law; the current weak links are legislation and law enforcement, and a financial legal system conducive to the capital market’s sound development should first pay attention to solving the problem of CONCEPT. In addition, Zhang said, to establish a financial legal system conducive to the capital market’s sound development, we should consider the following four aspects: fill the blanks in law and revise the inappropriate legal provisions as soon as possible, properly grasp the principles of legislation and law revision, strengthen protection of medium and small investors, and improve the professionalism of legislation and law revision.

Director HE Liping made a speech on the way of combination of financial & capital market development and legal regulation construction. He said, China’s financial & capital market was now in an unprecedentedly active and developing period, which posed new challenges to the financial & capital market’s legal regulation. The nature of finance is securitized assets or cross-temporal and spatial transaction of property rights and income. One of the basic conditions of such transactions is that the boundaries of property rights and income should be clearly defined by law. In view of the problem of information asymmetry ubiquitous in financial transactions, HE Liping said that it had a lot to do with the fact that the current financial regulation was not in place and the legal system was not well-established, as the legal circles shall play a bigger role, so as to strengthen financial regulation and improve the financial legal system. In addition, HE Liping put forward constructive suggestions on legal regulation in the financial field from two aspects: changing the legislative concept, and judicial practice. 

At the opening ceremony of Green Legal Global Alliance (GLGA) Research Institute Financial & Capital Market Research Center, ZHANG Xiaofeng, a representative of initiators of Green Legal Global Alliance (GLGA), introduced the research center. Zhang said, GLGA Research Institute was to carry out research and exploration to promote cross-industry integration, and to deliver research achievements. As the Research Institute’s first research center, the Financial & Capital Market Research Center effectively combines law, finance and capital, and meanwhile integrates with Internet+, sharing economy and other fields that are open for cross-industry integration to build a green, benign ecosphere, striving to become the most valuable think tank of law in the industry. 

Professor GUO Li said in his speech that the founding of the Financial & Capital Market Research Center was exciting, and was of great pioneering significance to the development of this field. The research center had its own unique advantages, as it really crossed theory and practice, and combined law and finance, and made a research platform with great development prospects. And it’s believed the center was bound to deliver more meaningful, valuable research achievements. 

President GAO Jiaqing said in his speech that this forum itself and the founding of the GLGA Innovation & Development Center and the Financial & Capital Market Research Center were a big event with a significant effect on China's financial market. The financial & capital market has promoted the rapid development of China's economy, and meanwhile makes legal regulation and supervision of the market more severe. Therefore, the establishment of the research center is a positive and beneficial exploration of the re-examination of the financial & capital market’s legal top-level system and regulatory framework. It's believed that the research center can perceive the Internet prospectively, and contribute to a good financial capital management market order and a booming real economy in the future. 

Afterwards, distinguished guests including CAO Deyun, ZHOU Kaibo, GAO Jiaqing, YANG Dong, LI Zhuyong, TANG Xuefeng, TANG Jincao, and LIU Xinyu unveiled the nameplate of Green Legal Global Alliance (GLGA) Research Institute Financial & Capital Market Research Center. 

At the keynote speeches session, CAO Deyun, Executive Vice President and Secretary-General of Insurance Asset Management Association of China (IAMAC), ZHOU Kaibo, Director of NDRC International Cooperation Center PPP-Project Promotion Office, YANG Dong, Vice Dean of Renmin University of China Law School, LI Zhuyong, Director of Legal Department of PICC, and TANG Jincao, Secretary-General of China FOF Alliance give wonderful speeches on seven topics “Would ‘grey rhino’ come?: China’s financial risk prevention and international vision”, “Financial regulation in the new situation: from institutional regulation to functional and industry regulation”, “Shifting from virtual to real: how can the financial industry better serve the real economy in the new normal?”, “Latest interpretation: the direction and pace of RMB internationalization”, “Path and legal boundary of integration of Fin Tech and financial regulation”, “Review and improvement of financial & capital market reform and legal regulation system” and “Inclusive finance: development of small and medium-sized financial institutions and regulation of Internet finance”, sharing the latest research achievements and cutting-edge viewpoints, offering suggestions on and identifying the direction of integrated development of China’s financial & capital market and legal regulation. 

At the closing ceremony, DENG Qingxu, Vice President of Sina.com delivered a closing speech. In his speech, Deng said, this forum had yielded fruitful results, as the leaders and guests at the meeting comprehensively interpreted the National Finance Work Conference and conducted in-depth discussions on the relationship between financial reform and legal regulation, presenting a high-level, high-standard cross-industry meeting. We could see that Green Legal Global Alliance (GLGA) had made beneficial attempts and practices in green innovation, cross-industry integration, etc., and created the first innovative, practical, leading finance/law cross-industry exchange platform in the industry. This forum was a milestone event of great significance for China's financial and legal industries, and it's hoped that the alliance would continue to work with colleagues from all walks of life to together play a greater role in the sound development of China's economy and legal society. 

Sina Finance gave news coverage to the forum.