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
Moderator：
- Han Lv, Vice President, CCXI
- Ivan Chung, Associate Managing Director, Corporate Finance Group, Moody's
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09:00 – 09:15
Welcome
- Yan Yan, Chairman & President of CCXI
- Li Ma, MD - Head of China, Moody's
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09:15 – 10:00
Keynote speech: China economy: recovery and bottoming, evolution of balance sheet
- Zhenhua Mao, Founder of CCX，Chief Economist of CCXI
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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
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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
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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, Assistant 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
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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
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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
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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
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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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