Introduction
The Moody’s & CCXI China Credit Outlook Conference is jointly organized by China Cheng Xin International Credit Rating Company Limited (“CCXI”) and Moody’s Investors Service (“Moody’s”). It will be held on Tuesday 23 May 2023 and Thursday 25 May 2023 at Beijing China World Hotel and Shanghai Pudong Shangri-la Hotel, respectively. The conference will be broadcast live on an online financial platform.
In 2023, China’s economy has started on the path to recovery. Both the supply and demand sides of the economy have rebounded. And contributions from the tertiary industry and private consumption in China’s economic growth have increased markedly. In addition, this year Moody’s expects to see a marginal improvement in small enterprises, reflecting the strong vitality and resilience of the world’s second-largest economy.
However, China’s economic recovery remains uneven. Structural differentiation and challenges remain. And the road to recovery has not been easy.
In the face of opportunities and challenges, questions abound. What are the prospects for China’s economic recovery and implications for the credit market? How will credit risks in major industries evolve? As LGFVs are set to undergo a long-term transformation, what are the latest developments in credit risks? And as China’s property industry endures its painful adjustment, will the industry bounce back from adversity? For the asset securitization market, what are the opportunities and challenges ahead?
This conference will offer unparalleled insight into the above topics. Hear and find out from our analysts. We would like to invite you to the conference and look forward to seeing you there!
agenda
Moderator：
- Dongyang Xue, Vice President of CCXI
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09:20 – 09:30
Welcome Remarks
- Yan Yan, Chairman and President of CCXI
- Li Ma, Managing Director – Head of China, Moody’s
-
09:30 – 10:10
Keynote Address
Recovery and Differentiation: China Economic Outlook 2023Speaker：- Yan Yan, Chairman and President of CCXI
-
10:10 – 10:40
Credit implications of modest policy measures supporting China’s growth rebound
• What is our China’s growth outlook for the year?
• What are the key risks to economic recovery?
• How would policy measures support China’s growth rebound and rebalance the economy over the longer term?
Speakers：- Lillian Li, Vice President — Senior Credit Officer, Credit Strategy and Standards, Moody's
- Martin Petch, Vice President — Senior Credit Officer, Sovereign Risk Group, Moody's
-
10:40 – 11:35
Banking system outlook amid economic recovery
Discussion points:• How would the new regulation on capital management be implemented?
• What are the implications of the new regulation on the risk classification of banks’ financial assets?
• What lessons can we learn from the latest incidents in the global banking sector?
Moderator：- Yan Bai, Managing Director of CCXI Financial Institution Rating Department
Speakers：- Yuqi Wen, Director of CCXI Financial Institution Rating Department
- Teng Fei, Director of CCXI Financial Institution Rating Department
- Nicholas Zhu, Vice President — Senior Credit Officer, Financial Institutions Group, Moody's
- Yan Li, Assistant Vice President – Analyst, Moody's Investors Service
-
11:35 – 12:30
Credit trends of NBFI sector amid mandate to support real economy
• What are Chinese insurers’ asset risks related to their property exposure?
• How can the consumer finance sector support the economic recovery?
• What are asset management companies’ credit risks related to their property exposure?
• What are financial leasing companies’ risk exposure to LGFVs?
Moderator：- Tianyu Xue, Managing Director of CCXI Financial Institution Rating Department
Speakers：- Yunpeng Zhang, Director of CCXI Financial Institution Rating Department
- Qian Zhu, Vice President — Senior Credit Officer, Financial Institutions Group, Moody's
- Sean Hung, Vice President – Senior Credit Officer, Financial Institutions Group, Moody's
-
12:30 – 13:30
Lunch
Moderator：
- Han Lv, Vice President, CCXI
-
13:40 – 14:20
State and development of China’s local government financing vehicles (LGFVs) amid economic recovery
• What are the difficulties faced by LGFVs and how will they evolve?
• Will LGFVs remain immune to defaults?
• Can debt resolution processes restore the ability of distressed LGFVs to refinance their debt in the loan and bond markets?
• Will the central government step in to help LGFVs resolve their debts?
Speakers：- Yuping Li, Vice President of CCXI
- Cindy Yang, Vice President – Senior Analyst, Corporate Finance Group, Moody's
-
14:20 – 15:20
Credit Outlook for Key Industries: Recovery and Reset
• What are the credit trends in bond markets amid the economic recovery?
• What is the impact of reforms on the credit quality of SOEs?
• How will ESG developments affect the credit risks of key industries?
• What are the market trends for offshore high-yield bonds and offshore free trade zone (FTZ) RMB bonds?
Moderator：- Yafang Wang, Vice President of CCXI
Speakers：- Man Shi, Senior Director of CCXI Corporate Rating Department
- Haixia Yuan, Vice President of CCXI Research Institute
- Zhanyu Li, Vice General Manager of CCXGF ESG Business Department
- Qingqing Guo, Assistant Vice President — Analyst, Project and Infrastructure Finance Group, Moody's
- Mike Zhu, Vice President and Senior Analyst, Corporate Finance Group, Moody’s
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15:20 – 15:30
Tea break
-
15:30 – 16:10
Property sector in transformation and transition
Discussion Points:• Is the real estate sector on track for a full recovery under the recent policy change?
• What is the growth outlook of the real estate industry over the longer term?
• How will the credit profiles of rated developers evolve?
Speakers：- Tianxuan Gong, Managing Director of CCXI Corporate Rating Department
- Kelly Chen, Vice President- Senior Analyst, Corporate Finance Group, Moody’s
-
16:10 – 17:10
ABS asset performance and outlook amid economic rebound
Discussion Points:• What is the performance and outlook for the ABS sector post-Covid?
• What are the key trends for Green issuance and ESG in ABS?
• What are the new opportunities and challenges in the structured finance sector amid the economic recovery?
Moderator：- David Deng, Vice President of CCXI
Speakers：- Li Wang, Managing Director of CCXI Structured Finance Department
- Yanhui Ma, Managing Director of CCXI Structured Finance Department
- Yinan Zhang, Vice President of CCX Heyi Fintech
- Jerome Cheng, Associate Managing Director, Structured Finance Group, Moody's
- Gracie Zhou, Vice President — Senior Analyst, Structured Finance Group, Moody's
-
17:10
Closing
Moderator：
- Jinhong Shao, Executive Vice President of CCXI, CEO of CCXAP
-
09:20 – 09:30
Welcome Remarks
- Yan Yan, Chairman and President of CCXI
- Li Ma, Managing Director – Head of China, Moody’s
-
09:30 – 10:10
Keynote Address
Recovery and Differentiation: China Economic Outlook 2023Speaker：- Zhenhua Mao, Founder of CCX, Chief Economist of CCXI
-
10:10 – 10:40
Credit implications of modest policy measures supporting China’s growth rebound
• What is our China’s growth outlook for the year?
• What are the key risks to economic recovery?
• How would policy measures support China’s growth rebound and rebalance the economy over the longer term?
Speakers：- Lillian Li, Vice President — Senior Credit Officer, Credit Strategy and Standards, Moody's
- Martin Petch, Vice President — Senior Credit Officer, Sovereign Risk Group, Moody's
-
10:40 – 11:35
Banking system outlook amid economic recovery
Discussion points:• How would the new regulation on capital management be implemented?
• What are the implications of the new regulation on the risk classification of banks’ financial assets?
• What lessons can we learn from the latest incidents in the global banking sector?
Moderator：- Yuqi Wen, Director of CCXI Financial Institution Rating Department
Speakers：- Teng Fei, Director of CCXI Financial Institution Rating Department
- Yulia Wan, Vice President — Senior Analyst, Financial Institutions Group, Moody's
-
11:35 – 12:30
Credit trends of NBFI sector amid mandate to support real economy
• What are Chinese insurers’ asset risks related to their property exposure?
• How can the consumer finance sector support the economic recovery?
• What are asset management companies’ credit risks related to their property exposure?
• What are financial leasing companies’ risk exposure to LGFVs?
Moderator：- Tianyu Xue, Managing Director of CCXI Financial Institution Rating Department
Speakers：- Hang Meng, Director of CCXI Financial Institution Rating Department
- Qian Zhu, Vice President — Senior Credit Officer, Financial Institutions Group, Moody's
- Yulia Wan, Vice President — Senior Analyst, Financial Institutions Group, Moody's
-
12:30 – 13:40
Lunch
Moderator：
- Yuan Qin，Executive Vice President of CCXI
-
13:30 – 13:40
Launch of CCX Indices bond valuation
Speaker：- Yuqiong Pan, Vice President of CCX Indices
-
13:40 – 14:20
State and development of China’s local government financing vehicles (LGFVs) amid economic recovery
• What are the difficulties faced by LGFVs and how will they evolve?
• Will LGFVs remain immune to defaults?
• Can debt resolution processes restore the ability of distressed LGFVs to refinance their debt in the loan and bond markets?
• Will the central government step in to help LGFVs resolve their debts?
Speakers：- Jun Wang, Vice President of CCXI
- Sarah Xu, Vice President - Senior Analyst, Corporate Finance Group, Moody's
-
14:20 – 15:20
Credit Outlook for Key Industries: Recovery and Reset
• What are the credit trends in bond markets amid the economic recovery?
• What is the impact of reforms on the credit quality of SOEs?
• How will ESG developments affect the credit risks of key industries?
Moderator：- Kai Hu, Senior Vice President, Corporate Finance Group, Moody's
Speakers：- Yang Liu, Senior Director of CCXI Corporate Rating Department
- Haixia Yuan, Vice President of CCXI Research Institute
- Zhanyu Li, Vice General Manager of CCXGF ESG Business Department
- Jin Wu, Vice President – Senior Credit Officer, Corporate Finance Group, Moody's
- Qingqing Guo, Assistant Vice President — Analyst, Project and Infrastructure Finance Group, Moody's
-
15:20 – 15:30
Tea break
-
15:30 – 16:10
Property sector in transformation and transition
Discussion Points:• Is the real estate sector on track for a full recovery under recent policy change?
• What is the growth outlook of the real estate industry over the longer term?
• How will the credit profiles of rated developers evolve?
Speakers：- Tianxuan Gong, Managing Director of CCXI Corporate Rating Department
- Kelly Chen, Vice President- Senior Analyst, Corporate Finance Group, Moody’s
-
16:10 – 17:10
ABS asset performance and outlook amid economic rebound
Discussion Points:• What is the performance and outlook for the ABS sector post-Covid?
• What are the key trends for Green issuance and ESG in ABS?
• What are the new opportunities and challenges in the structured finance sector amid the economic recovery?
Moderator：- David Deng, Vice President of CCXI
Speakers：- Yun Wei, Managing Director of CCXI Structured Finance Department
- Tianwei Wang, Senior Deputy Director of CCXI Structured Finance Department
- Yinan Zhang, Vice President of CCX Heyi Fintech
- Jerome Cheng, Associate Managing Director, Structured Finance Group, Moody's
- Gracie Zhou, Vice President — Senior Analyst, Structured Finance Group, Moody's
-
17:10
Closing
