On 15 March 2023, the Faculty of Finance of the City University of Macau held the Finance Seminar Series [19] at the Cultural Centre. Professor Xiaohua Qiu, Director of Institute of Economic Research of City University of Macau, was invited to deliver a speech titled “China’s Economy at a New Turning Point”. Guests attending this seminar include Dean Adrian Cheung, Associate Dean Eva Khong, Associate Professor Yinggui Wang, Assistant Professor Lu Liu, Assistant Professor Lifei Xue and Assistant Professor Di Li of Faculty of Finance, City University of Macau.

The Faculty warmly welcomes Professor Qiu who has traveled from Beijing to give the seminar at the Faculty of Finance. Professor Qiu first shared the four dimensions that China's economy needs to grasp, which are world, history, system and emotion. As the world's second-largest economy and largest trading entity, China's influence is rapidly increasing, which brings friction and conflict between Chinese and Western civilizations, including economic model, economic interests, global governance and ideology. The current changes in Sino-Western relations have become the most important aspect of the world's changes. China's economic volume is expanding rapidly. Due to the changes in development stage, development pattern, population structure, consumption structure and industrial structure, China's economic and social development at present and in the future also faces huge challenges. Due to the Covid-19 epidemic, the negative population growth era has entered ahead of time, leading to increased financial and social security pressure. The solution is reform and opening up, shifting economic growth from factor driven to innovation-driven, increasing the proportion of income distribution, and shifting the focus of fiscal expenditure to ensuring people's livelihood. At the same time, the capital market should be developed, residents' financial assets should be accumulated, and tax reform should be combined.

The Central Economic Work Conference held in 2022 put forward five major policies and six overall plans, emphasizing the importance of high-quality development and private-sector economy, further sounding the clarion call for economic development. The five policies cover finance, monetary, industry, science and technology, and society, while the six plans are concerned with epidemic prevention and control, economic and social development, quality and quantity of economy, supply side, economic policy, mainland and international circulation, and current and long-term work. Professor Qiu noted that former Vice Premier He Liu had made it clear that real estate is a pillar industry of the national economy. The status and role of real estate have been correctly clarified again. The government has introduced some policies to promote the steady development of the real estate industry, and a new model of healthy development of real estate should be established in an orderly manner. Professor Qiu concluded that in the face of increasing external uncertainties, the key is to focus on our own affairs. He suggested paying more attention to the future development opportunities of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, investment opportunities brought by the valuation system with Chinese characteristics, investment opportunities brought by the construction of digital China and other orientation issues.

Faculty of Finance expresses gratitude to Professor Xiaohua Qiu for his sharing. The Seminar enables students to pay more attention to the development of the domestic economy and the international market, and to gain an in-depth understanding of the future development opportunities and prospects of the Greater Bay Area and the rest of the world through the financial seminar series. The students also look forward to participating in more financial seminars held by the Faculty in the future.