The 15th annual conference presented by the Chinese Finance Association (TCFA) was held in New York on November 14, focusing on the aftermath of the global financial crisis. The conference was attended by hundreds of TCFA members from around the world, in addition to more than 50 government, industry and academic representatives as speakers.

Reflecting the dramatic financial crisis and emphasizing the bright future of relations between China and the United States, former U.S. Treasury Secretary Robert E. Rubin delivered the keynote speech.

"The two countries have differences time to time, but it seems to me that the key is that contact makes for a strong working relationship," he said. "We can work together on many issues of mutual concern, and we can address them together."

Addressing the causes and lessons of the financial crisis, high-level speakers from leading financial companies and universities called for strong, effective regulation.

"The crisis revealed that the financial institutions, including investment banks, SIVs [structured investment vehicles] and hedge funds, are fragile because they are not officially protected by any government programs," said Xiong Wei, a finance professor at Princeton University.

Speakers agreed that China's transition to a consumption-driven economy will promote continued economic growth, which in turn will increase the Chinese economy's influence on the world economy.

"The share of baby boomers' children (people ages 20-29) will rise from 2005 to 2015. As such, 2005-2015 will be a decade for marriage and family formation, which will boost consumption growth," said Huang Haizhou, global head of equity sales and trading at CICC, China's first joint venture investment bank.

"The sequential growth in auto and real estate sales shows signs of China's strong internal consumption potential," added Liu Wendong, CIO of China Asset Management.

Experts also indicated the direction that China's economic growth should follow. "A gradual, moderate appreciation of the yuan, combined with measures to increase public spending on social services, reduce income inequality, and reform the financial system, will lead to lower external surplus and higher domestic consumption," said Hong Pingfan, chief of global economic monitoring at the United Nations, who commented on China's economic future from a global perspective.

Positive predictions for the Chinese economy won frequent applause from audience members, many of whom were Chinese professionals in the finance industry. Dong Xiaojun, Acting Consul General of the Chinese Consulate in New York, who discussed the economic situation along with the measures taken by the Chinese Government to deal with the financial crisis, encouraged financial professionals to work in China.

"Economic growth in China brings more career opportunities, and the sense of belonging that you gain from working in your homeland is definitely incomparable. I believe it is a good choice to go back to China," said Kevin Zhang, who has worked in New York for more than three years.

(Reporting from New York)