Introduction

Join analysts from Moody’s and CCXI as they discuss China’s credit trends and challenges amid the themes of growth and security in the 20th National Congress.

agenda

November 29

Moderator:

  • Han Lv, Vice President, CCXI
  • Ivan Chung, Associate Managing Director, Corporate Finance Group, Moody's
  • 09:00 – 09:15

    Welcome

    • Yan Yan, President and President, CCXI
    • Li Ma, MD - Head of China, Moody's
  • 09:15 – 10:00

    Keynote speech: China economy: recovery and bottoming, evolution of balance sheet

    • Zhenhua Mao, Founder of CCX,Chief Economist of CCXI
  • 10:15 – 10:55

    China's credit and growth outlook post 20th CPC: smooth or bumpy transition?

    •  What is the outlook for global growth, inflation and rates – how high, for how long?

    •  How will China's economy fare in the face of headwinds, including COVID and property sector downturn?

    •  Will short-term transition challenges offset long-term credit gains from China's current policy agenda?

    •  What policy execution risks does China face? 

    Speakers:
    • Lillian Li, Vice President — Senior Credit Officer, Credit Strategy and Standards, Moody's
    • Martin Petch, Vice President — Senior Credit Officer, Moody's Risk Group
  • 10:55 – 11:40

    Panel discussion: Can Chinese banks navigate a more challenging operating environment?

    •  How will the economic slowdown and property market downturn affect the credit availability, asset quality and profitability of Chinese banks?

    •  Are small and medium-size banks facing higher asset quality and liquidity risks?

    •  What are the channels for capital replenishment, especially for small and medium-size banks?

    Moderator:
    • Yulia Wan, Vice President — Senior Analyst, Financial Institutions Group, Moody's
    Speakers:
    • Yuqi Wen, Director, Financial Institution Rating Dep., CCXI
    • Teng Fei, Director, Financial Institution Rating Dep., CCXI
    • Nicholas Zhu, Vice President — Senior Credit Officer, Financial Institutions Group, Moody's
  • 11:40 – 12:40

    Panel discussion: Transformation and development of non-bank financial institutions amid growing pressures

    •  What changes have occurred in the sector one year after the implementation of China’s new asset management regulations?

    •  How have consumer finance companies developed after COVID and have their performance become more differentiated?

    •  What are the prospects for the financial leasing industry amid tightened regulations?

    •  What impact do property sector developments have on distressed asset management companies?

    •  How do capital market fluctuations affect the credit profile of securities companies?

    •  What are the main drivers of the difference in performance between life and P&C insurers?

    Moderator:
    • Han Lv, Vice President of CCXI
    Speakers:
    • Tianyu Xue, Managing Director, Financial Institution Rating Dep., CCXI
    • Hang Meng, Director, Financial Institution Rating Dep., CCXI
    • Yunpeng Zhang, Director, Financial Institution Rating Dep., CCXI
    • Qian Zhu, Vice President — Senior Credit Officer, Financial Institutions Group, Moody's
    • Kelvin Kwok, Associate Vice President — Analyst, Financial Institutions Group, Moody's
    • Sean Hung, Vice President — Senior Credit Officer, Financial Institutions Group, Moody's

Moderator:

  • Han Lv, Vice President, CCXI
  • Ivan Chung, Associate Managing Director, Corporate Finance Group, Moody's
  • 13:30 – 14:15

    Fireside chat: China’s property sector in transition and correction

    •  What is the credit risk of the property sector as it undergoes fundamental change?

    •  Will the sector’s downturn bottom out and stabilize under policy changes?

    •  How will the industry develop over the medium to long term?

    Speakers:
    • Tianxuan Gong, Managing Director, Corporate Rating Dept., CCXI
    • Kelly Chen, Vice President - Senior Analyst, Corporate Finance Group, Moody's
  • 14:15 – 14:45

    Keynote speech: Outlook on Chinese local government financing vehicles (LGFVs) amid government’s evolving approach

    •  How have government-business relationships in China changed amid the financial distress faced by local governments?

    •  How can local governments support their LGFVs as the government’s approach evolves?

    •  Will the transformation of LGFVs affect their credit risks?

    LGFVs: Key trends widening their credit divergence

    •  How will the property downturn affect LGFVs’ credit quality?

    •  For LGFVs from weak regions, will offshore bond refinancing be more challenging than onshore?

    •  Can weak regions use LGFVs' debt resolution plans to revive investors' confidence in their LGFVs?

    Speakers:
    • Jun Wang, Vice President, CCXI
    • Sarah Xu, Assistant Vice President - Analyst, Corporate Finance Group, Moody's
  • 14:45 – 15:45

    Panel discussion: Credit quality in key industries and related companies amid China’s pursuit of high-quality economic development

    •  What is the credit impact of the push for high-quality development on related industries and companies?

    •  Will state-owned entities and privately-owned entities play different or integrated roles?

    •  What is the credit risk for the bond market in 2022 and credit outlook for 2023?

    Moderator:
    • Yafang Wang, Vice President of CCXI
    Speakers:
    • Haixia Yuan, Vice President of CCXI Research Institute
    • Yang Liu, Managing Director, Corporate Rating Dept., CCXI
    • Kai Hu, Senior Vice President, Corporate Finance Group, Moody's
    • Lina Choi, Senior Vice President, Corporate Finance Group, Moody's
    • Qingqing Guo, Assistant Vice President — Analyst, Project and Infrastructure Finance Group, Moody's
  • 16:00 – 17:00

    Roundtable Discussion: How can asset securitization help high-quality economic development?

    •  What are the developments and performance of the asset securitization market in 2022?

    •  What is the impact of COVID-19 and slower economic growth on the quality of underlying assets and the credit quality of asset securitization deals?

    •  How can asset securitization help to stabilize the economy?

    •  What is the outlook for the development and performance of the asset securitization transactions in 2023?

    Moderator:
    • David Deng, Managing Director, Structured Finance Dept., CCXI
    Speakers:
    • Yanhui Ma, Managing Director, Structured Finance Dept., CCXI
    • Wei Yang, Senior Vice President, Structured Finance Dept., CCXI
    • Yinan Zhang, Vice President, Heyi Technology
    • Jerome Cheng, Associate Managing Director, Structured Finance Group, Moody's
    • Gracie Zhou, Vice President — Senior Analyst, Structured Finance Group, Moody's
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