Introduction: Sponsored by Green Legal Global Alliance (GLGA) and professionally supported by Beijing DOCVIT Law Firm, the “3rd Forum on China’s Economic Development and Legal Regulation and Release Ceremony of GLGA Blue Book of China’s Non-performing Assets 2018” was held in Beijing on Aug. 3, 2019. This forum is the third GLGA annual forum following the GLGA 1st Forum on Financial & Capital Market Development and Legal Regulation and 2nd Forum on New Driving Forces for China’s Economic Development and Legal Regulation. 

More than 80 representatives from central enterprises, state-owned enterprises, financial institutions and institutional investors attended the meeting, including the National Council for Social Security Fund, Finance Research Institute of Development Research Center of the State Council, Peking University, Tsinghua University, Orient Asset, Great Wall Asset, CINDA Asset, Beijing AMC, Tianjin AMC, Hebei AMC, China Everbright Bank, Postal Savings Bank of China, HuaXia Bank, Industrial Bank, Bank of Beijing, Bank of Jiangsu, China Beijing Equity Exchange, Australian Securities Exchange (ASX), etc. 

More than 80 representatives from central enterprises, state-owned enterprises, financial institutions and institutional investors attended the meeting, including the National Council for Social Security Fund, Finance Research Institute of Development Research Center of the State Council, Peking University, Tsinghua University, Orient Asset, Great Wall Asset, CINDA Asset, Beijing AMC, Tianjin AMC, Hebei AMC, China Everbright Bank, Postal Savings Bank of China, HuaXia Bank, Industrial Bank, Bank of Beijing, Bank of Jiangsu, China Beijing Equity Exchange, Australian Securities Exchange (ASX), etc. 

China’s non-performing asset industry chain takes on a new development trend, the functions and roles of non-performing asset market in defusing financial risks need to be re-examined ASAP and, under the financial regulation’s innovation trend, the non-performing asset’s legal system needs to be improved synchronously.

China’s non-performing asset industry chain takes on a new development trend, the functions and roles of non-performing asset market in defusing financial risks need to be re-examined ASAP and, under the financial regulation’s innovation trend, the non-performing asset’s legal system needs to be improved synchronously.

Against this background, Green Legal Global Alliance (GLGA) has formally established the GLGA Bankruptcy & Non-Performing Assets Research Center. CHEN Jianming, former managing partner of Deloitte China (Northern China Region) and leader of Deloitte China Clients and Market Strategy, with rich experience and outstanding achievements in financial accounting, auditing, investment, law and other fields, was formally engaged as Director of GLGA Bankruptcy & Non-Performing Assets Research Center, in charge of the research center’s management & operation, theoretical research, academic exchange, yielding results, docking with the market, talent cultivation and other work. 

Director CHEN delivered a speech at the forum. He said, GLGA Research Institute was an organization engaged in basic research, innovation research, interdisciplinary research and frontier research, committed to studying and exploring the hot, difficult and frontier issues in the development course of each industry before coming up with pragmatic and effective solutions. With the newly-established Bankruptcy & Non-Performing Assets Research Center, GLGA Research Institute had set up 7 research centers, conducting in-depth research on different industries. 

Director Chen mentioned in his speech, “After graduating from college in 1985, I taught for four years at Central University of Finance and Economics before working for ten years in the Ministry of Finance, and from 1994 to 2000, I served as a member of the Issuance Committee of China Securities Regulatory Commission (CSRC). Later, I'm engaged in professional service work for more than 20 years, mainly at accounting firms. My team served a lot of financial institutions, including the listing of companies like CINDA. The first bank whose listing I helped with was China Minsheng Bank.” Chen said, “Although I have done a lot of things and have some understanding of the industry and the market, I still need to further investigate, study and analyze the non-performing asset industry. My team and I will try our best to do a good job in the research center, living up to the team, the industry and the times." 

Speaking of the positioning of the research center, Chen said, GLGA Bankruptcy & Non-Performing Assets Research Center was born at the right moment when the non-performing asset market was booming and a diversified pattern at the disposal end was gradually formed. It’s the tenet and mission of GLGA Bankruptcy & Non-Performing Assets Research Center to pay attention to the latest development trend of non-performing asset, study the hot issues and difficult problems in the development of non-performing assets market, implement research achievements, build a cooperation platform, and promote the non-performing asset industry’s sound development. “In the future, the legal and regulatory framework of non-performing asset market will be gradually introduced, and the research center will actively participate in it and gradually yield valuable research achievements, making a contribution to building a scientific and orderly non-performing asset market.” said Chen. 

In addition, Chen emphasized the four principles of the research center. 1. Draw on others' successful experience and learn widely from others' strong points. 2. Keep pace with the times, timely gain an insight into the development demand of the market, pay close attention to the hot topics and difficult problems in market development, and do research in a down-to-earth manner. 3. Be objective, independent and truth-seeking, give priority to empirical research, and objectively provide valuable research achievements. 4. Ready to cooperate and share; the research center is an open platform, which is expected to try its best to attract multi-party cooperation. Chen said, “We welcome the cooperation of any part/link of the non-performing asset industry chain, including other relevant colleges, institutions and individuals. At the same time, our research achievements are shared, not for the purpose of making profits, so that the research achievements could create value for all participants, the market and the society."