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TRANSFORMING THE FUTURE OF FINANCE MISSION To promote excellence in the finance industry and financial regulation through top-notch education and cutting-edge research. PBC School of Finance

CONTENTS

Deans' Messages 4 About Tsinghua University 5 About Tsinghua PBCSF 6 Overview 6 History 7 The Board 8 The Academic Advisory Committee 9 The Strategic Council 9 Programs 10 Ph.D. in Finance 12 Master of Finance 14 Finance EMBA 16 Dual-Degree Finance MBA 18 Global Finance GFD 19 Executive Education 20 Faculty 24 Research 30 National Institute of Financial Research, Tsinghua University 32 Finance Case Center 34 Tsinghua Financial Review 36 Student life 38 International Programs 38 Campus Life 40 Career Development 41 Social engagement 42 Finance Media Fellowship Program 44 Tsinghua University China Entrepreneur Camp 45 Chinese Fund Leaders of Tomorrow Summer Camp 45 ezijing.com 46 ijiacai.com 47

* The information in this brochure is correct as of December Forums & Events 48 2014, unless otherwise noted. Alumni 50 Deans' Messages

Deans’ Messages

We cultivate high-quality financial professionals.

Xiaochuan Zhou Honorary Dean Tsinghua University PBC School of Finance Vice Chairman The CPPCC* National Committee Governor The People’s

On March 29, 2012, the PBC School of Finance at Tsinghua University (Tsinghua PBCSF) was founded. The School was first established three decades ago as the Graduate School of the People's Bank of China, which had already been an intellectual home to some of Asia’s Xiaoling Wu finest financial minds. Chairwoman and Dean Building on the success of its predecessor, Tsinghua Tsinghua University PBC School of Finance PBCSF has introduced outstanding faculty, partnered Co-head with world leaders in business education, and forged Tsinghua University National Institute strategic partnerships with renowned institutions to break of Financial Research new ground in financial education and research. With its Member National People’s Congress (NPC) unparalleled access to Tsinghua University's substantial Standing Committee academic resources and close connections with the Vice Chairwoman financial industry, the School will continue to act as a NPC Finance and Economic Committee platform for the cultivation of innovative financial talent, as Former Deputy Governor The People’s Bank of China well as the home of a top financial think tank, the Tsinghua University National Institute of Financial Research (NIFR).

* Chinese People's Political Consultative Conference

4 About Tsinghua University Tsinghua University PBC School of Finance

About Tsinghua 19 Schools University 55 Departments

Tsinghua University was established in 1911, originally under the name "Tsinghua Xuetang". The 66 Bachelor’s programs school was renamed "Tsinghua School" in 1912. The university section was founded in 1925. The name "National Tsinghua University" was adopted in 1928. 39 National key disciplines* The faculty greatly valued the interaction between Chinese and Western cultures, the sciences and humanities, the ancient and modern. Tsinghua 54 First-tier graduate degree awarding units* scholars Wang Guowei, Liang Qichao, Chen Yinque and Zhao Yuanren, renowned as the "Four Tutors" in the Institute of Chinese Classics, First-tier master’s degree awarding units* advocated this belief and had a profound impact on 8 Tsinghua's later development. Tsinghua University was forced to move to Kunming and join with and 3291Faculty members to form the Southwest Associated University due to the Resistance War against the Japanese Invasion in 1937. In 1946 The University was moved back to its Members of Chinese Academy of Sciences original location in after the war. 41 After the founding of the People's Republic of China, the University was molded into a polytechnic Members of Chinese Academy of Engineering institute focusing on engineering in the nationwide 34 restructuring of universities and colleges undertaken in 1952. In November 1952, Mr. Jiang Nanxiang became the President of the University. He made 15408 Undergraduates* significant contributions in leading Tsinghua to become the national center for training engineers and scientists with both professional proficiency and personal integrity. 17419 Master’s degree students* Since China opened up to the world in 1978, Tsinghua University has developed at a breathtaking pace into a comprehensive . 10285 Doctoral students* At present, the university has 19 schools and 55 departments with faculties in science, engineering, humanities, law, medicine, history, philosophy, economics, management, education and art. The 1 National laboratory (under development) University has now over 43,112 students, including 15,408 undergraduates* and 27,704 graduate students*. As one of China’s most renowned National key laboratories universities, Tsinghua has become an important 13 institution for fostering talent and scientific research. The educational philosophy of Tsinghua is to "train students with integrity". Among over 120,000 7 National engineering laboratories students who have graduated from Tsinghua since its founding are many outstanding scholars, eminent hectare campus entrepreneurs and great statesmen remembered (not including the affiliated hospitals) and respected by their fellow Chinese citizens. 393.97 With the motto of "Self-Discipline and Social Commitment" and the spirit of "Actions Speak Louder than Words", Tsinghua University is dedicated to the well-being of Chinese society and

to world development. *including the Peking Union Medical College, Tsinghua University Data as of December 2013

5 About Tsinghua PBCSF About Tsinghua PBCSF Thirty Years of Financial Reform Thirty Years of Educational Excellence

Overview The PBC School of Finance, Tsinghua University’s 17th school, was founded on March 29, 2012 as a joint venture between the University and the People's Bank of China (PBC). Capitalizing on Tsinghua’s teaching and research resources and the School’s connections with the financial industry, Tsinghua PBCSF has become a world-class financial education institution and a leading center of financial research. The School offers Ph.D. in Finance, Master of Finance, Dual-Degree Finance MBA, Finance EMBA, Global Finance GFD, and Executive Education programs. Through these programs, it contributes to China’s pool of high-level, innovative and globally competitive financial professionals. Also through the Tsinghua University National Institute of Financial Research, a top think tank in finance, it produces research that is transforming the future of the Chinese financial services industry.

World-class finance faculty

Elite academic Strategic Strong finance and policy degree program Positioning research teams

Top professional and executive programs

6 Tsinghua University PBC School of Finance

History For the last thirty years, the School’s dedication and passion for financial education and The Graduate School research have developed it into an intellectual hub for China’s financial talent, an active 1981 of the People's Bank of participant in China's economic development, and a key facilitator of Chinese financial reforms. China Research Institue As of July 2014, 2030 alumni have graduated here, including ten ministerial level officials. of Finance and Banking The School's accomplished alumni proudly claim many titles in their contributions to the established recent transformation of China's economic and financial landscape. These include: First master’s degree Authors of China Financial Reform Strategy Framework, known as the “Blue Book” of program offered China's financial reform Establishing China’s first joint-stock commercial bank: First four doctoral 1987 students enrolled First general manger of China’s first securities firm: Shenzhen SEZ Securities First president of China’s first listed bank: Shenzhen Development Bank

Renamed the Graduate Founding China’s first mutual fund: Fudao Fund 1994 School of People’s Bank Managing the largest domestic debt restructuring: Yuehai Group Restructuring of China Creating China’s first standardized bank card system: UnionPay

Tsinghua University 2012 PBC School of Finance established

7 About Tsinghua PBCSF The Board At Tsinghua PBCSF, the deans work closely with the Board, which serves as the bridge between academia and industry. Drawing on the experience and expertise of its members, the Board plays a vital role in ensuring the superb quality of the School’s education programs and research efforts.

We aim to build a top-tier financial education institution through the continued development of the traditions of both the Graduate School of PBC and Tsinghua University, and through Hongru Liu Xiaoling Wu Honorary Chairman Chairwoman Former Deputy Governor Co-head an emphasis on developing our The People's Bank of China Tsinghua University National Founding Chairman Institute of Financial Research students' domestic knowledge and China Securities Regulatory Member Commission National People’s Congress international perspective. (NPC) Standing Committee Vice Chairwoman Hongru Liu NPC Finance and Economic Committee Former Deputy Governor The People’s Bank of China

Members (In alphabetical order)

Jianping Cheng Jinfu Du Gongsheng Pan Jianhua Wan Executive Vice President Commissioner of Discipline Deputy Governor Representative of Tsinghua University Inspection The People’s Bank of China Liu Hongru Financial China Banking Regulatory Education Foundation Commission Chairman of the Board Former Deputy Governor Guotai Junan Securities The People’s Bank of China

Zhaoxing Wang Weihe Xie Zhiping Zhang Yanli Zhou Xinyi Zhuang Vice Chairman Vice President Representative of school Vice Chairman Vice Chairman China Banking Regulatory Tsinghua University alumni China Insurance China Securities Commission Chairman Regulatory Commission Regulatory Commission Oriental Patron Financial Group

8 Tsinghua University PBC School of Finance

The Academic Advisory Committee The Academic Advisory Committee is responsible for advising on teaching, research, and social service at Tsinghua PBCSF. It provides advice pertaining to mid- to long-term disciplinary planning, faculty development, educational Binglin Gu programs, and policy research directions. Chairman Former President Tsinghua University

Members E’sheng Cai Haoming Chen Xiaoxue Li Yongtu Long (In alphabetical order) Former Vice Chairman Former Executive Former Commissioner of Former Chief Negotiator and China Banking Regulatory Associate Dean Discipline Inspection Vice Minister Commission Tsinghua University China Securities Ministry of Foreign Trade and Graduate School Regulatory Commission Economic Cooperation of China

Weihua Ma Shangjin Wei Yingning Wei Qu Zhang Chunjun Zhao Former President and CEO Professor of Finance and Former Vice Chairman Former Vice President Former Dean China Merchants Bank Economics China Insurance Industrial and Commercial Tsinghua University Regulatory Commission Bank of China School of Economics and Management

The Strategic Council Congjiu Zhu Chao Li The Strategic Council consists of department or bureau heads President Vice President from financial regulators, as well as senior executives from major Vice Governor Deputy Administrator Province State Administration of financial institutions. The council provides guidance on strategic Foreign Exchange planning, course design, and research efforts.

Members Boming Cheng Wenzhong Fan Haiqing Huang (In alphabetical order) General Manager Director-General Vice Mayor CITIC Securities International Department, Xi’an Municipal People’s China Banking Regulatory Government Commission

Hongyuan Huang Xuewen Huo Zhihong Ji Bo Jiang Luo Jin President Secretary of Party Committee Director-General Director-General Inspector Stock Exchange Beijing Municipal Bureau of Financial Market Department, International Department, Financial Stability Bureau, Financial Work the People’s Bank of China China Insurance Regulatory the People’s Bank of China Commission

Zhongxia Jin Bo Li Lei Lu Xi Luo Jianmin Miao Director-General Director-General Director-General President President Research Institute of Monetary Policy Department II, Research Bureau,the People’s China Export & Credit China Life Insurance (Group) Finance, the People’s Bank the People’s Bank of China Bank of China Insurance Corporation of China

Bin Qi Liping Song Daochi Tong Lin Wang Yuanqi Xiao Director-General President Assistant Minister Director-General Director-General Department of International Shenzhen Stock Exchange Ministry of Commerce Department of Fund and Banking Supervision Affairs, China Securities Intermediary Supervision, Department I, China Banking Regulatory Commission China Securities Regulatory Regulatory Commission Commission

Zhiguo Xiong Yujin Zeng Chenghui Zhang Jianhua Zhang Shenfeng Zhang Director-General Director-General Director-General President Chairman Policy Research Department, Insurance Fund Management Research Institute of Finance, Hangzhou Central Sub- China Financial Futures China Insurance Regulatory Regulatory Department, Development Research branch, the People's Bank Exchange Commission China Insurance Regulatory Center of the State Council of China Commission

Xiaohui Zhang Xiaoling Zhang Yujun Zhang Daoxu Zhou Yuchen Zhu Director-General Deputy General Manager Assistant Chairman Deputy Secretary General President Monetary Policy Department, China Asset Management Co., China Securities Regulatory Financial Affairs Office, Shanghai the People’s Bank of China Ltd. Commission Provincial Development Bank Government

9 Programs Programs Tsinghua PBCSF offers Ph.D. in Finance, Master of Finance, Dual-Degree Fiance MBA, Finance EMBA, Global Finance GFD, and Executive Education programs. The School attaches great importance to innovation throughout all aspects of the curricula in order to provide students not only with academic knowledge and practical abilities, but also with local insight and a global vision. Tsinghua University PBC School of Finance

We develop leaders who will redefine financial practices and policies. Programs

Ph.D. in Finance

About Here you will meet elite The Ph.D. in Finance program has been developing world-class financial talent since 1987. classmates, learn from The program includes doctoral candidates recruited by Tsinghua University as well as those co-trained by the Research Institute the masters, and start a of Finance and Banking at the People's Bank of China. All doctoral graduates are awarded the degree and diploma of PhD successful career. in Applied Economics conferred by the University. Co-trained Ya Liu - Ph.D. 1995, vice president of the University of doctorates can obtain a diploma from the Research Institute in International Business and Economics addition to the Tsinghua degree and diploma. Students admitted to the Ph.D. program will normally be expected to spend three to four years of full-time or part-time study at the School, but direct-doctoral track students are expected to spend four to five years finishing their doctoral study.

Goals The program endows candidates with a strong and comprehensive theoretical grounding in, and an in-depth understanding of, global financial systems. The doctoral graduates will be able to produce internationally relevant research with both academic and practical value, and utilize their expertise to produce solutions to industry challenges.

12 Tsinghua University PBC School of Finance

It is an honor to become one of the students here at Tsinghua PBCSF’s 30th anniversary. I am delighted and full of hope as I return to study after several years in the workforce. Fenquan Han - current Ph.D. student

Curriculum Advanced Research on Current Financial Issues I, II Practice Monetary Policy and Financial Stability

Advanced Theory of Capital Markets Empirical Corporate Finance Advanced Theory Advanced Corporate Finance Theory Empirical Asset Pricing

Mathematics in Economics Stochastic Processes Financial Tools Advanced Mathematical Statistics Functional Analysis

Advanced Micro-economics I, II Advanced Econometrics I, II Fundamentals Advanced Macro-economics I, II

Highlights International Vision The program focuses on developing doctoral students’ professionals, who are invited to lecture on the most international vision and cross-cultural competency by pressing issues concerning both domestic and global providing a variety of international exchange opportunities. financial markets. Faculty Academics It enjoys a diversified industry faculty consisting of top Students are required to conduct extensive surveys on officials from the and national financial critical financial issues in addition to research on their regulatory agencies, as well as practitioners from the individual dissertation topics. The School offers them frontlines of industry. opportunities to attend academic and industry conferences Practicality at both the national and international level. Its curriculum emphasizes the crafting of innovative Career solutions and practical research, as well as the real-world Graduates are widely employed in domestic and application of academic knowledge. Regulatory officials international government agencies, financial institutions, and industry elite teach almost all upper-level courses. and academic organizations. With core competencies Tsinghua PBCSF presents exclusive opportunities for including academic understanding of industry trends, real- Ph.D. candidates to gain insight into industry trends, and world professional experience, and advanced research forge strong professional ties with leading experts and background, students enjoy phenomenal career prospects.

13 Programs

Master of Finance

With its commitment to innovation and practice, Tsinghua PBCSF has already established an impressive history. Building upon both its heritage and its status as Tsinghua University’s most innovative new school, it’s on the way to an even brighter future. Boming Cheng -1987 Alumnus, general manager of CITIC Securities

14 Tsinghua University PBC School of Finance

Curriculum

Financial Practice Thesis

Programs

Internship + Social Financial Tools Economic and Financial Career Theory

Featured Lectures

Economic and Financial Practice Financial Tools Career Financial Theory

Principles of Topics on Practices of Financial Development About Finance Macroeconomic and Financial and Career Planning Financial Management Statistics and The Master of Finance program began Corporate Finance in China Econometrics Leadership and Professional Ethics enrolling students in 2013. With a strong practice-oriented focus, the program builds Investments Topics on Bank Regulation and Financial Data on the previous MS Finance program. Commercial Banking Analysis and Macroeconomics Operation Management Application and Finance The program requires two to three years

Financial of intensive study. A Tsinghua University Fixed-income Topics on Capital Derivatives Securities and Markets degree certificate and diploma will be Interest Rate Topics on Insurance Modeling awarded upon graduation. Market Financial Statement Market Investment Management Analysis Microstructure in Financial Markets

Micro Finance and Financial Inclusion

Topics on Wealth Management Goals Case Study for Corporate Finance The program is designed to equip students

Foreign Business with a wealth of professional expertise, School Courses international vision, industry experience, and Foreign Central academic insight. It provides students with Banking Courses the financial skills sought by government departments, financial institutions, enterprises, and consultancy firms both in China and abroad.

Highlights Elite Faculty insurance markets, the curriculum is ideal With a combination of a dozen full-time faculty and more than for increasing students’ competencies and 100 renowned financial experts and scholars, our students are effectiveness in today’s job market. Courses guaranteed a high-quality education. The program is committed are taught by a combination of school to preparing students to be future leaders in finance and faculty, government policy-makers, financial business. institution executives, and school alumni. Industry Insights Career Prospects Prominent leaders and researchers with years of success in the Students will enjoy internship opportunities industry guide students from the very beginning of the program. with partner institutions. The employment They offer unique insights into Chinese financial markets, rate has been 100% for six consecutive international financial practices, and the latest industry trends. years since 2008, with job offers coming from a wide range of employers, including Practice-oriented Curriculum the central bank, financial regulatory With a focus on the Chinese and international financial systems, authorities, and other prestigious financial banking regulations, commercial banking, capital markets, and institutions. 15 Programs

Finance EMBA

Tsinghua PBCSF represents a leading center of cutting-edge financial knowledge. We benefit from the knowledge and culture of the School, which is of great significance to us in terms of enriching our lives and improving ourselves. Weigong Zhang – Finance EMBA Cohort No.1, chairman of Sunshine Insurance Group

About Facts The Finance EMBA program, first established in 2012, adopts an educational approach that is closely aligned with the demands of China’s Finance-focused Curriculum financial reforms. Building on a wealth of 65% of the curriculum is finance or educational and industrial resources, the program accounting-related. enjoys an unparalleled faculty composed mostly of regulatory officials and industry elite. It is one of the best EMBA programs in the Asia-Pacific region.

Practice-driven Pedagogy 70% of the program faculty is composed of industry leaders.

Diversified Students 50% students are from the finance sector and 50% are from a range of other industries.

Global Faculty 40% of the program faculty are from outside China.

16 Tsinghua University PBC School of Finance

Curriculum *overseas modules

Global Leadership Finance Courses Frontier Finance

Leadership Corporate Finance Chinese Capital Markets Internet Finance

Financial Derivatives and Competitive Strategy Mergers and Acquisitions Chinese Monetary Policies Behavioral Finance

Financial Innovation and Managerial Economics Tax Planning Economic Reform New Issues

Organization and Financial Statement Analysis Private Banking and Wealth Taxation Reform Management and Financing Decision-making Management*

Cross-cultural Fixed Income Securities Financial Reform Communication

Information and Knowledge Investment Theory and Rural Reform Management Practice

Trust Theory and Practice Global Financial Systems

Insurance Reform and Innovation Financial Laws

Fund Theory and Frontier International Financial Practice Regulation and Innovation

Commercial Banking Reform and Innovation

Futures and Options

Venture Capital Investment

Development of Financial Intermediaries

Highlights Class Profile Online Teaching Educational background: In addition to conventional classes, students gain access to a wide variety of audiovisual materials created for laptops and Bachelor’s degree or higher 95% mobile phones, allowing them to study anytime and anywhere. Master’s degree or higher Modularized Teaching 76% Courses are arranged into modules that teach EMBA degree 40% interdisciplinary skills, allowing students to more easily grasp complex multistep processes. Regions represented: Industry Supervisors Provinces and regions Industry supervisors act as a platform allowing students to domestically 28 engage with financial industry leaders and experts of great influence and experience. Through this interaction, students Beijing 37% make full use of the rich industry resources the School has accumulated over its 30-year history. Background: Business decision-makers Tutorials and top executives 100% Tutorials are offered to equip students with the necessary theoretical knowledge for advanced study. These courses give students an overview of core skills to prepare them for high- Companies represented： level study. Listed companies 66

17 Programs

Dual-Degree Finance MBA

Goals The Dual-Degree Finance MBA program targets mid-level managers in financial markets, professionals with a financial background working in other industries, and government employees in related fields. The program strives to provide high potential business leaders with strong financial knowledge and management skills while preparing them for their future roles for leading Chinese businesses in an increasingly globalized world.

About Highlights The Dual-Degree Finance MBA program is China Meets the World PBC School of Finance’s joint venture with the This program adopts a standard core MBA curriculum, but its electives have a S.C. Johnson Graduate School of Management greater focus on practical application in finance. at Cornell University. The program is 21 months in duration, with a total of 19 modules Combining the strengths of both the Tsinghua PBCSF and the Johnson School plus overseas study trips. It adopts a bilingual at Cornell, the program endows talented finance professionals with broad teaching approach, in order to achieve the international vision and an unparalleled understanding of Chinese markets. best pedagogical efficacy. The program will be based at Tsinghua PBCSF in Beijing and Exceptional Faculty will include two intensive study trips to the U.S. The joint efforts of these two schools form a unique pool of multicultural Faculty from both schools share the teaching faculty, which includes many famous experts and scholars from both the responsibility, each with 50% of the course financial industry and academia. Thanks to the wide-ranging specialties of both load. universities, an abundance of electives are available to the students. Upon graduation, students will earn a degree of Finance MBA from the Tsinghua A Rich and Stimulating Academic Experience PBCSF and an MBA in Finance from Cornell The program exposes students to an experience that can be found nowhere University. else. Activities include workshops with residential Cornell MBA students, online interaction with international scholars, inter-continental project collaboration, business negotiation practica, case competition among integrated student groups, and a “Wall Street Trek” immersion course. Two intensive study trips, each lasting about two weeks, will give the students a unique experience in the renowned university. While there, the students will take accelerated courses, connect with professors and residential students, and meet people from around the world.

18 Tsinghua University PBC School of Finance

Global Finance GFD

A Great Leap Forward in Global Financial Practices and Financial Innovation

About us Program Features The program has an intensive focus on Lead financial practitioners and entrepreneurs toward an academic framework domestic practice in China from global for critical thinking. perspectives. It is designed to further support Utilize case studies and action learning in a much more significant way to identify, economic entities with solid and innovative analyze and finally solve real-life problems. financial practices; it is also an opportunity to join an elite forum for financial innovation Equip participants with strategic mindset and global insights from a financial and industry and finance combination, an perspective, and establish financial awareness in industries and elevate to the opportunity to become global leaders with next level. academic insights, and an opportunity for in- depth capacity building for senior executives of Incorporate systematic research methodologies and skills with globally integrated large financial institutions and corporations. resources and financial practice in key industries. Emphasize on both academic training and real-world practice in a collaborative team environment.

19 Programs

Executive Education

About The Executive Education programs utilize the School’s faculty resources and Tsinghua University’s vast collection of research to offer custom, open-enrollment and certification programs.

Goals Programs The Executive Education programs develop leaders who will Custom Programs direct the growth of the finance industry. These world-class Custom programs are targeted at mid- to programs are grounded in the latest industry trends and rely senior-level executives and veteran financial on both global and domestic resources to address current professionals, with curricula specifically and future challenges. designed to encourage new development strategy and innovative industry practices. In order to meet the demands of the clients, each program has a faculty director to lead the design and delivery of the program. Highlights Open-enrollment Programs The Executive Education programs are known for their close Open-enrollment programs meet the integration of theory and practice. The program faculty is requirements of both non-financial executives composed of world-renowned scholars and executives from and financial professionals, addressing a wide range of domestic and overseas entities. By including developments in international affairs, industry studies in finance, economics and management, and in the innovation, and market trends. The programs latest technological development and social phenomena, the can be long or short term. Executive Education programs offer courses for professionals and institutions in the financial industry. Certification Programs The certification programs are devoted to improving the professional skills for both financial and non-financial professionals, and promoting the standard setting of the domestic financial industry.

20 Tsinghua University PBC School of Finance

The 2013 Global Family Business Program in Switzerland

Representative Programs Family Business Program (for families in business) Dialogues between Capital and Technology Tsinghua PBCSF joined hands with the Harvard Business In this program, participants learn to analyze new School, IMD, University, and other world-famous technological developments and modern financial concepts business schools, as well as prestigious long lasting family as they relate to the creation of successful new businesses. enterprises including Hermès and Ermenegildo Zegna, to Market Value Management create a “Global Family Business Program" for families in China has entered a new era in wealth management, with business in China. We explore how Chinese families can market value management becoming more important than better lead and pass their businesses to the next generation ever to investors. This program will explore the concept of in the age of globalization by explaining family governance, market value management and how it is relevant to investors, family succession and successor cultivation, as well as the consumers, and overall economic development. governance and legal structures available to protect family wealth. Advanced Program for Commercial Banks Family Wealth Management Program This program consists of seven modules from liberalization (for financial institutions) of interest rates and securitization of credit assets, to micro The Family Wealth Management program helps family finance, wealth management, family business succession, businesses and wealth management institutions (private internet finance, and capital management. It allows banking banks, trust companies, family offices and private equity, professionals to understand the underlying trends of China’s etc.) to protect their wealth for future generations by financial reform. discussing family wealth planning and financial tools such as family trusts, family offices, and family foundations. Corporate Finance Consultant Certificate Program The Corporate Finance Consultant Certificate (CFC) Internet Finance program targets professionals working in financial In the Internet Finance program, industry leaders and senior institutions, such as commercial banks, securities researchers from academia and finance regulators explain companies, insurance companies, trust companies, third- how internet finance has developed over time, and discuss party financial planning agencies, and consultants who offer predictions for its future growth. investment and financing related services to enterprises.

21 Faculty Faculty A core tradition of the School is the distinctive makeup of its faculty, which consists primarily of industry lecturers and supervisors. The School is also dedicated to building a world-class full-time faculty team. Tsinghua University PBC School of Finance

Our world-class faculty are here to cultivate innovative talents. Dazhong Wang - member of the Chinese Academy of Sciences, former president of Tsinghua University Faculty

Full-time Faculty In alphabetical order (as of October 2014)

Research Interests: Research Interests:

Financial derivative pricing, mutual funds, Empirical asset pricing, financial market hedge funds, credit risk management, frictions, financial econometrics and market micro-structure, IPO lockups and quantitative portfolio management stock market liquidity

Charles Cao Zhuo Chen Unigroup Chair Assistant Professor 1993 PhD 2014 PhD Professor Northwestern University Associate Dean Tsinghua University PBC 1988 MSc 2009 MA School of Finance university of Kentucky Duke University

1984 BSc 2007 BE/BA Peking University Peking University

Research Interests: Research Interests:

Empirical and theoretical corporate finance, Corporate finance including private equity, capital structure, rollover risk and credit venture capital and angel investing, risk, financial reporting quality, emergency merger and acquisition, China's split funding facility and systemic risk share structure reform; consumer finance including household finance, behavioral finance, and financial operations and products based on internet Bo Li Li Liao Assistant Professor Professor 2013 PhD 1995 PhD Queen’s University Executive Associate Dean Tsinghua University Tsinghua University PBC 2006 MA School of Finance 1999 MBA university of British Columbia Deputy Head MIT Sloan School of Management Tsinghua University 2005 BA 1989 BSc National Institute of Tsinghua University University of Western Ontario Financial Research

Research Interests: Research Interests: Information asymmetry, agency issues, IPO International financial markets, investor and Chinese capital markets trading behavior and financial market frictions

Bibo Liu Yue Liu Assistant Professor 2010 PhD Assistant Professor 2013 PhD Tsinghua University the Hong Kong University of 2005 BA Science & Technology Tsinghua University 2006 BA the

24 Tsinghua University PBC School of Finance

Research Interests: Research Interests:

Corporate finance, entrepreneurial finance, Corporate finance, capital structure and and financial intermediation. Current consumer/household finance research focuses on venture capital, private equity, corporate innovation, mergers and acquisitions, IPOs, and payout policy

Xuan Tian Zhengwei Wang JD Capital Chair Assistant Professor 2008 PhD 2009 PhD Professor Boston College tsinghua University

2003 MA 2004 BA tsinghua University

2001 BA Peking University

Research Interests: Research Interests:

Mutual funds/Institutional Investors, the Macroeconomics, economic fluctuations, real impact of short selling on corporate unemployment theory, monetary policy, behavior, institutions, asset pricing and term structure of interest rates, financial international finance frictions, and fiscal policy

Hong Zhang Ji Zhang JD Capital Chair 2013 PhD 2004 PhD Assistant Professor , San Diego Associate Professor 2008 MA 1999 MSc of Finance New York University and Economics

1997 BSc 2006 BA Fudan University

Visiting Faculty

Research Interests: Research Interests:

Consumption-based asset pricing models Asset pricing in RBC models, behavioral with stochastic volatility, structural credit risk asset pricing, asset pricing with frictions models and credit derivatives market, financial and international markets market volatility and return predictability, term structure model with consumption and inflation uncertainty, realized jumps on financial market and asset pricing puzzles, international risk premium dynamics and global economic Hao Zhou uncertainty, systemic risk and macro- Jianfeng Yu Unigroup Chair prudential regulation of financial institutions, Visiting Professor 2008 PhD Professor China financial market-reform and policy Associate Professor of university of Pennsylvania Deputy Head 2000 PhD Finance Tsinghua University Duke University University of Minnesota 2001 MA National Institute of yale University Financial Research 1993 MA Peking University 2000 BSc university of Science and 1989 BA technology of China Peking University

25 Faculty

Industry Faculty

In alphabetical order

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Qingsong An Shusong Ba Weiqun Bai ShengLin Ben E’sheng Cai Vice President & Deputy Director-General Vice President CEO Former Vice Chairman Secretary General Research Institute of China Central Depository J.P. Morgan Chase Bank China Banking Regulatory China Association for Public Finance, Development & Clearing (China) Commission Companies Research Center of the State Council

Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Industry Supervisor Haoyi Cai Yaoxian Chen Yuan Chen Boming Cheng Genyou Dai Chairman of the Board of Former Vice Chairman Vice Chairman General Manager Independent Director Supervisors China Securities Regulatory The CPPCC National CITIC Securities Zhangjiang Innopark Shareholder Representative Commission Committee Development Supervisor Former Chairman

Adjunct Professor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Xianglong Dai Weiping Di Shuming Du Wenzhong Fan Yifei Fan Former Chairman Consultant Vice General Manager Director-General Executive Vice President National Council for Social China Development Bank Strategy Research International Department, China Investment Security Fund Department, China Galaxy China Banking Regulatory Corporation Securities Commission Chairman Bank of Shanghai

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Yonghong Fan Hongxing Gao Jian Gao Huayong Ge Weiguo Gu Former Vice Chairman Chairman of the Board of Chairman of the Board of Director-General Vice Chairman, Executive China Asset Management Directors Directors Personnel Department, the Director and President Company Hong Kong TV China Development Bank People’s Bank of China China Galaxy Securities Concurrent Vice Chairman International Media Group Securities Asset Management Association of China

Adjunct Professor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Shuqing Guo Wuping Guo Zhenghua Hong Shaoze Hou Weidong Hou Governor Deputy Director-General Director-General Vice President Vice President & Chief Province Banking Supervision Information Technology China Development Bank Information Officer Department I, China Department, China Securities Banking Regulatory Development Bank Commission

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Dinghe Hu Jizhi Hu Guobo Huang Haiqing Huang Hongyuan Huang President CEO Chief Economist & Vice Mayor President Blue Ocean Financing Guosen Securities Director-General of the Reserve Xi’an Municipal People’s Guarantee Management Department Government State Administration of Foreign Exchange

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Jinlao Huang Xuewen Huo Zhihong Ji Bo Jiang Jinpu Jiao Vice President Deputy Director-General Director-General Director-General Director-General Hua Bank Beijing Municipal Bureau Financial Market International Department, Financial Consumer of Financial Work Department, the People’s China Insurance Protection Bureau, the Bank of China Regulatory Commission People’s Bank of China

26 Tsinghua University PBC School of Finance

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Luo Jin Qi Jin Weihong Jin Zhongxia Jin Bin Li Inspector Assistant Governor President Director-General Assistant President & Financial Stability Bureau, The People’s Bank of China Huazhang Investment Research Institute of Finance, President of the Financial the People’s Bank of China the People’s Bank of China Markets SBU

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Bo Li Chao Li Dongrong Li Fu’an Li Jiange Li Director-General Deputy Administrator Deputy Governor Director-General Board Chairman Monetary Policy Department State Administration of The People’s Bank of China Office, China Shenyin Wanguo Securities II, the People's Bank of China Foreign Exchange Banking Regulatory Co-head Commission Tsinghua University National Institute of Financial Research

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Jun Li Wen Li Wenhong Li Yue Li Zhaojun Li Chairman of the Board Vice President Deputy Director-General Investment Director Deputy Director-General of Supervisors Private Banking Department, Research Bureau, China Everbright Financial Holding Office, China Bank of China China Minsheng Bank Banking Regulatory Asset Management Banking Regulatory Commission Commission

Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Adjunct Professor Min Liao Yixiang Lin Hongru Liu Mingzhi Liu Shiyu Liu Director-General Chairman & CEO Hon. Chairman of the Vice President Chairman Shanghai Office, China TX Investment Consulting Board Hefei Central Sub-branch, Agricultural Bank of China Banking Regulatory Company Tsinghua University PBC the People’s Bank of China Commission School of Finance

Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Industry Supervisor Zhiqiang Liu Xiangdong Long Xin Lu Xi Luo Jiajin Lv President General Manager Vice Minister President President CITIC Asset Management Quantitative Investment, Ministry of Education China Export & Credit Postal Savings Bank of Corporation Bank of Communications Insurance Corporation China Schroders Fund Management

Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Jianwei Ma Long Meng Jianmin Miao Huaipeng Mu Qingping Nie Managing Director Director-General President Director-General CEO Credit Suisse Founder Insurance Intermediaries China Life Insurance Legal Affairs Department, China Securities Finance Securities Limited Supervision Department, (Group) the People’s Bank of China Corp. China Insurance Regulatory Commission

Adjunct Professor Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Gongsheng Pan Weidong Pan Wensheng Peng Bin Qi Xiao’an Qian Deputy Governor Chairman Chief Economist Director-General General Manager The People’s Bank of China Shanghai Trust China International Capital Department of International Investment Research Corp. Affairs Center, China Life Asset China Securities Regulatory Management Company Commission

27 Faculty

Industry Faculty

In alphabetical order (as of April 2014)

Adjunct Professor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Xiao Qin Bingxi Shen Guojun Shen Liantao Shen Junzhi Shi Former Chairman of the Non-executive Director Chairman of the Board Chief Consultant President Board Agricultural Bank of China China Yintai Holdings China Banking Regulatory National Trust China Merchants Group Commission

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Wenchao Shi Shuangning Tang Sining Tang Guangshao Tu Andong Wang President Chairman of the Board Independent Director Executive Vice Mayor President China Unionpay China Everbright Group Shanghai Municipal People's Sino Century International Government Investment Management (Beijing)

Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Chunying Wang Dongming Wang Guoping Wang Jun Wang Jun Wang Deputy Director-General Chairman Director-General Administrator Chief Financial Expert Balance of Payments CITIC Securities Research Institute, China State Administration of East Asia and Pacific Department, State Galaxy Securities Taxation Bureau of Financial Administration of Foreign Development, the World Exchange Bank Group

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Lin Wang Xian Wang Xiaoya Wang Yu Wang Zhaoxing Wang Director-General Deputy Director-General Non-executive Director Deputy Director-General Vice Chairman Department of Fund and Department of Market Industrial and Commercial Research Bureau, the China Banking Regulatory Intermediary Supervision, Supervision, China Bank of China (designated People’s Bank of China Commission China Securities Regulatory Securities Regulatory by Central Huijin Investment) Commission Commission

Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Zhongmin Wang Gejun Wei Fulin Wu Nianlu Wu Jiesi Wu Deputy Chairman President Chief Economist & Former Director-General Chairman of the Board National Council for Social China Financial Publishing General Manager of International Financial Shenzhen Fuhaiyintao Security Fund House Strategic Planning Research Institute, Bank of Asset Management China Everbright Group China

Adjunct Professor Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Xiaoling Wu Yanming Xiao Yuanqi Xiao Ping Xie Zhichun Xie Chairwoman and Dean Managing Director Director-General Executive Vice President Executive Director & Tsinghua University PBC United Bank of Switzerland Banking Supervision China Investment Deputy General Manager School of Finance (Hong Kong) Department I, China Corporation China Everbright Group Co-head Banking Regulatory Tsinghua University National Commission Institute of Financial Research

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Jun Xing Zhiguo Xiong Gang Xu Junhua Xu Nuojin Xu Deputy Director-General Director-General Managing Director CEO Deputy Director-General Customer Service Center, Policy Research Department, CITIC Securities National Modern Financial Statistics and Analysis China Development Bank China Insurance Regulatory Holdings Department, the People’s Commission Bank of China

28 Tsinghua University PBC School of Finance

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Changneng Xuan Huisheng Yang Jun Yang Yujin Zeng Xiangyang Zhan Director-General Senior Partner Vice General Manager Director-General Financial Research Director Financial Stability Bureau, Tiantu Capital Risk Management Insurance Fund Management Industrial and Commercial the People’s Bank of China Department, China Regulatory Department, Bank of China Insurance Regulatory Commission

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Chenghui Zhang Chunting Zhang Guangping Zhang Hongli Zhang Jianhua Zhang Director-General Board Director & Deputy Director-General Senior Executive Vice President Research Institute of Finance, Vice President Shanghai Office, China President Hangzhou Central Sub- Development Research Yongheng Development Banking Regulatory Industrial and Commercial branch, the People's Bank Center of the State Council Group Commission Bank of China of China

Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Industry Supervisor Jinsheng Zhang Xiaohui Zhang Xiaoling Zhang Xiaopu Zhang Xin Zhang Inspector Director-General Deputy Director-General Deputy Director-General Vice President Department of Futures Monetary Policy Department, Banking Supervision Research Bureau, China Shanghai Head Office, the Supervision I, China the People's Bank of China Department III, China Banking Regulatory People's Bank of China Securities Regulatory Banking Regulatory Commission Commission Commission

Adjunct Professor Adjunct Professor Industry Supervisor Industry Supervisor Industry Supervisor Haikuan Zhao Haiying Zhao Lixin Zhao Xiaofan Zhao Yue Zhao Former Director-General Executive Vice President Inspector & Deputy Director- CEO Chief Economist Financial Research Institute, Central Huijin Investment General of the Department of Xincheng Life Insurance Chief Securities Hong Kong the People’s Bank of China Listed Company Supervision China Securities Regulatory Commission

Industry Supervisor Industry Supervisor Industry Supervisor Adjunct Professor Industry Supervisor Yongsheng Zheng Daoxu Zhou Wei Zhou Xiaochuan Zhou Congjiu Zhu Assistant General Manager Director-General Chief Internal Auditor Vice Chairman, the Vice Governor Financial Management Financial Affairs Office, Bank of China 12th CPPCC National Zhejiang Province Department, Bank of China Guizhou Provincial Government Committee Governor, the People’s Bank of China

Industry Supervisor Industry Supervisor Xianzhong Zhu Xinyi Zhuang President Vice Chairman Huarong Securities China Securities Regulatory Commission

29 Research Tsinghua University PBC School of Finance Research The PBC School of Finance at Tsinghua University dedicates itself to building a top think tank in finance, drawing on its cutting-edge research capacity. It will serve industry with research on financial reform and development, and provide policy analysis and advice for financial policy-makers and regulators.

Our research areas include, but are not limited to: Global economic and financial patterns and development trends Development and evolution of international monetary systems Governance of international finance Development of international financial institutions and China’s involvement Internationalization of RMB Causes and precautions of international financial crises China’s fiscal and monetary policy Connection between financial system and the real economy Establishment of multi-faceted capital market and venture capital system Integrated operation and regulation of China's financial sector Strategy and system construction for universal education of financial literacy in China Entrepreneurial finance and sustainable economic growth Consumer finance and the transformation of economic growth patterns Internet finance

The School undertakes key national projects funded by the National Natural Science Foundation of China and National Social Science Foundation of China. It also carries out independent and joint projects for the State Council Policy Research Office, Ministry of Science and Technology, the People’s Bank of China, National Development and Reform Commission, Ministry of Finance, Ministry of Labor and Social Security, the World Bank, Asian Development Bank, and other organizations. Our faculty and students have published a significant number of academic papers and finance works. Topics range from banking operations and banking regulation, to cutting-edge financial projects and foreign financial systems.

30 Tsinghua University PBC School of Finance

A Top Think Tank in Finance Research

National Institute of Financial Research, Tsinghua University Through the joint effort of the central bank, national financial regulators and Tsinghua PBCSF, Tsinghua University National Monetary Policy and Financial Stability Institute of Financial Research (NIFR) was established. The NIFR aims to build up Research Center a top think tank in finance, dedicated to The Monetary Policy and Financial Stability Research Center (MPFSRC) producing high-quality policy research on provides policy advice for the government regarding central banking, deepening the reform of China’s financial financial markets, and macroeconomic analysis. MPFSRC also undertakes structure, perfecting modern financial mid- to long-term research projects sponsored by the central bank, financial infrastructure, improving financial industry regulators, and other government agencies. regulation, promoting financial product innovation, and maintaining the stability of the financial system. Minsheng Wealth Management NIFR-affiliated research entities include the Monetary Policy and Financial Stability Research Center Research Center, the Minsheng Wealth Minsheng Wealth Management Research Center is funded by China Management Research Center, the Minsheng Bank. The primary objective of the Center is to build a bridge Finance@Internet Lab, the Entrepreneurial between the academic world and the financial industry with a combination of Finance and Economic Growth Research theory and practice through quantitative methodologies. With this approach, Center and the Sunshine Research it analyzes financial products, such as stocks, bonds, mutual funds, hedge Center for Financial Innovation. funds, private equity funds, and financial derivatives. The Center also focuses on current issues such as internet finance and interest rate liberalization. It studies not only the operating mechanism behind the wealth management industry based on related policies and statistics, but also strives to acquire accurate forecasting results by studying market data from China’s financial markets. The Center is also devoted to educating professionals from financial institutions, thus raising the quality of China’s wealth management industry.

32 Tsinghua University PBC School of Finance

Finance@Internet Lab The Finance@Internet Lab, founded by Tsinghua University’s PBC School of Finance in April 2012, is the first research entity in China focusing on the area of internet finance. Utilizing the resources of Tsinghua University, it is an ideal platform for transforming ideas into innovative products and real-world business assets. The Lab is dedicated to leading industry best practice, promoting interdisciplinary innovation, encouraging entrepreneurship, and driving the growth of online and mobile financial services. Entrepreneurship Education The Lab now consists of four departments, supporting A national public entrepreneurial education platform with basic research, quantitative research, R&D projects, and the biggest attendee size, most experienced faculty, and entrepreneurship education respectively. It now has a full-time the largest presence nationwide. research team of almost 50 members, with core members The Lab benefits business startups in China and around the including Tsinghua University alumni who have years of world by hosting the China Entrepreneur Camps, creating experience in the financial services industry. and updating the FIN 100 Accelerator, and launching an entrepreneur Q&A APP. Basic Research Industry analysis, business mode research and other Entrepreneurial Finance and featured in-depth research on internet finance Researchers working with the Lab have completed over Economic Growth Research Center 50 case studies and surveyed over 100 internet finance The Entrepreneurial Finance and Economic Growth Research businesses world-wide, covering eleven sub-areas Center (EFEGRC) at Tsinghua University National Institute of of internet finance. The Lab also edits and publishes Financial Research is a leading destination for entrepreneurial Finance@Internet Watch, a magazine devoted to this area. finance and economic growth research and training. The primary objective of the Center is to build a bridge between Quantitative Research the academic world and the financial industry and to promote Finance quantitative research based on big data China’s economic growth through rigorous and quantitative research on the finance and growth of entrepreneurial firms. Focusing on big data, the quantitative research team The EFEGRC provides research and training programs that conducts in-depth research on risk assessment focus on entrepreneurial finance (Angle Investors, Venture techniques. As of April 2014, it has developed and Capital, and Private Equity), corporate innovation, and implemented independent research on Classic Credit economic growth. The Center also undertakes research Risk Assessment Model for Individuals and Small & Micro projects sponsored by the central bank, financial regulators, Businesses, Credit Assessment Model Based on Big government agencies, and companies. Data, Regulation, Operation and Technical Support for Global Credit Reporting Systems, and many more. The Lab is also collaborating with multiple domestic institutions on a research project named Risk Control on Online Sunshine Research Center for Lending in China. Financial Innovation R&D Projects Established in September of 2014, the Sunshine Research Center for Financial Innovation at the PBC School of Finance Design and incubate internet finance businesses of Tsinghua University was sponsored by the Sunshine Insurance Group, Inc. Our mission is to foster research The Lab creates incubation platforms for innovative internet in internet finance, suggest new improvements to existing finance venture companies. The projects established or under financial regulations, and to develop and disseminate innovative review include weiyangx.com, an internet finance gateway ideas for financial instruments. The Center was founded to website, ijiacai.com, a website for family finance management satisfy the growing demand from both academe and industry education, PBCSF Finance Review, and Bull’s Eye executives for a place of formal academic concentration in Investing Directory. internet finance. By promoting dialogues between scholars In addition, our WeChat account “iefinance” attracts a large and industry leaders, the Center enhances communication and number of followers and was nominated for a place in the top collaboration between the academe and industry. It aims to ten most influential finance WeChat accounts in China. become a leading think tank in internet financial innovation.

33 Research

China Finance Case Center

About Positioning The China Finance Case Center at Tsinghua Supporting Case Teaching PBCSF is a research and teaching institution The Center and the Case Collection aim to train students to analyze dedicated to finance-focused case research finance issues through a "participant-centered" teaching approach, and development. encouraging them to apply theories in real-world situations. The mission of the Center is to establish the most influential financial case collection in Improving Financial Practices China. The Case Collection will be designed The Case Center supports academic research at Tsinghua PBCSF using into a full-structure, multi-level and all-inclusive first-hand industrial data. By working with the Case Collection, financial system. It will address the specific needs institutions and industrial enterprises will be able to set industrial standards, of different case users such as financial and improve their research capacity, enhancing their global influence. institutions, industrial enterprises, research entities and business schools.

34 Tsinghua University PBC School of Finance

Highlights Partners Crowd-sourcing Our partners include the Harvard Business In addition to the traditional approach of faculty developing School, Ivey Business School, Galaxy cases independently, the Center will work closely with Securities, UBS, , AT Kearney, investment banks, commercial banks, private banks, mutual and Shanghai Trust. funds, consulting firms, law firms and other institutions, engaging their researchers in case-writing through a crowd- sourcing mechanism. Finance-focused The Case Collection focuses on corporate finance, banking, securities, funds, insurance, trusts, private equity, venture capital, and internet finance. It also covers other disciplines, including macroeconomics, wealth management, entrepreneurship, business strategy, project management, accounting, marketing, family business, and legal practices.

35 Research

TSINGHUA Financial Review

Economic Interpretation, Policy Analysis, and Best Industry Practice

The Tsinghua Financial Review is a magazine sponsored by Tsinghua University, presented by Tsinghua PBCSF, and published by Tsinghua University Press. The Review is distributed nationwide on a monthly basis. A host of experts and scholars from China’s financial regulators such as the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and State Administration of Foreign Exchange, and from major financial institutions sit on the Review’s editorial and academic committee.

36 Tsinghua University PBC School of Finance

About The Tsinghua Financial Review analyzes and studies the economic and financial status quo, interprets and comments on policies, and offers profound, thought-provoking, forward-looking, and practical advice on real- world practices.

Goals Guidelines The Review analyzes and interprets major economic and financial policies The Review is guided by the in an in-depth and objective manner, and serves as a think tank for following values: economic and financial policymakers. It has built an exchange platform for Adhering to an international academics with the objective of promoting financial reform and leading vision future financial practices. Remaining grounded in real- world Chinese practices Leading the standardization of Chinese academic research Interpreting policies and providing solutions

37 Student Life STUDENT LIFE

International Programs

Tsinghua PBCSF strives to cultivate global vision and cross-cultural communication skills in students. Supported by Tsinghua University, the School is committed to working with global partners to prepare the students to meet the new challenges of a globalized economy.

38 Tsinghua University PBC School of Finance

Attending the Tsinghua PBCSF Summer Program was one of the best decisions I have ever made in my life. Edward Wang (2013 attendee), Booth School of Business, University of Chicago

Co-supervision Program Tsinghua PBCSF Summer Ph.D. candidates may join research programs jointly Program offered by overseas partner schools while being co- supervised by professors at home and abroad. The two-week Summer Program is designed to help attendees get to know China’s financial markets. Attendees will gain a comprehensive Exchange Programs understanding of China’s financial markets, Master's degree students may apply to study abroad including banking, securities, insurance, funds, for up to a semester. Credits earned during the and other sectors. Unique and in-depth lectures exchange will be recognized by the School. will be given by a combination of Tsinghua faculty, policymakers from the government, and Short-term Programs industry elite with extensive experience at top financial entities. Students may apply for overseas short-term projects Study trips to financial institutions will be or summer programs hosted by international partners arranged to offer first-hand information detailing or organized by the School. how Chinese markets function and how China's unique business environment has influenced the Overseas Internships financial industry. Students may also apply to work at overseas In addition, the Program offers an opportunity to financial organizations as interns to better become immersed in China’s wealth of history understand how business works in foreign markets. and culture. Attendees will explore Beijing, the nation’s capital city with over three thousand years of history and increasing importance as a financial center. The first Summer Program attracted almost 50 attendees from leading universities or colleges, representing 17 countries.

39 Student Life

Campus Life At Tsinghua PBCSF, students are deeply involved with the community. To foster students’ self-development, the School organizes a myriad of campus activities, including academic workshops, social work, sports, and cultural events.

40 Tsinghua University PBC School of Finance

Career Development

In addition to the services provided by the Tsinghua University e danc C Career Center, the School makes full use of its network ui are r G er of alumni and industry partners through its unique career e T re ra development service system. a in C in g It also offers summer internship programs and social programs

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Gulang, Province Haiyan, Province China Investment China National Investment & China Securities Finance Corporation Guaranty Corporation Limited Kuche, Uygur Autonomous Nanjian, Province CITIC Securities Housing Fund Management Sunshine Insurance Region Pinghu, Zhejiang Province Center of Beijing Municipality Beijing Securities Shanghai Trust Wushan, City Liangjiang New District, Regulatory Bureau Ping An Bank Chongqing City Chang’an Trust Zhaoqing, Province Postal Savings Bank Shanghai Bank Ningde, Province SDIC Trust Huzhou, Zhejiang Province ICBC Beijing Branch Beijing Rural Commercial Sinochem Group Foreign Baise, Zhuang Bank Xiangyang, Province Sumitomo Mitsui Trade Trust Autonomous Region Bank (China) Taian City Commercial Bank Baiyin, Gansu Province Beijing Financial Assets Guizhou Rural Credit China Securities Guotai Junan Securities Exchange Wangkui, Province Cooperative China Life Asset Guosen Securities Dagong Group Management China Development Bank Securities

41 Social Engagement

Social engagement Tsinghua University PBC School of Finance

We are making contributions to both industry and society. Social Engagement

Finance Media Fellowship Program

The Tsinghua PBCSF Finance Media Fellowship Program is one of the pioneers in providing high-class media management training for China’s media executives. This program aims at improving professional competency of media practitioners and promoting the development of China's financial media.

Capitalizing on Tsinghua PBCSF's rich The program dissects economic and financial situations through theoretical educational resources, the program has and practical explanation, case analysis and team presentations. It sets to experts from financial regulators and cultivate strong analytical skills in financial media executives, and promote institutions, who analyze economic and cooperation and exchanges between them. financial situations and interpret relevant The first enrollment started in May 2013 with approximately 70 trainees. After policies at home and abroad. two semesters of part-time study, the trainees will obtain a certificate issued by Tsinghua University PBC School of Finance.

44 Tsinghua University PBC School of Finance

The Tsinghua Dream, the Entrepreneurial Dream, the Chinese Dream

Tsinghua University Chinese Fund Leaders of Chinese Entrepreneur Camp Tomorrow Summer Camp The Tsinghua University Chinese Entrepreneur Camp, supported To enhance college students' understanding of the by Tsinghua PBCSF, is a unique and unprecedented public fund industry and train future asset management entrepreneurial training program. With the mission to develop talent, under the auspices of the Asset Management outstanding entrepreneurs, the Camp aims to further improve Association of China (AMAC) and funds companies, China's venture investment and financing climate, arouse Tsinghua PBCSF hosted the first Chinese Fund the nation's awareness of entrepreneurship, and enhance its Leaders of Tomorrow Summer Camp in July of 2013. entrepreneurial capacity. At the Camp, industry leaders impart insider There have been 10 programs in total since its launch in knowledge, deliver relevant lectures, and elaborate March 2010. Founders of over 4,000 venture enterprises on trends and developments in the fund industry. The attended the programs. Through intensive courses, alumni program enables trainees to better understand the events, featured lectures and an online educational platform, industry’s history and current situation, and to learn the Camp has offered entrepreneurs nationwide opportunities from the experts and their investment philosophy. to learn entrepreneurship skills for free and built a bridge of communication and exchange between entrepreneurs and investors. It has now become a national public entrepreneurial education platform with the biggest attendee size, most seasoned faculty and largest presence nationwide.

45 Social Engagement

ezijing.com

Founded in July 2013, Tsinghua PBCSF’s Online Education Center employs a practice-oriented Goals educational approach. It follows the technological Ezijing.com is committed to training self-motivated development of internet and multimedia, and entrepreneurs and helping entrepreneurs build successful recruits distinguished business professionals as businesses. With domestic first-line experts as a main tutors. Through ezjing.com, the Center offers source of faculty, the program creates a systematic platform entrepreneurs and managers a platform for efficient of multi-dimensional experience sharing to allow users to and practical online learning, as well as offline master the content in the shortest possible time, develop opportunities for exchanges related to business, acute business awareness and management skills, instill management, and personal development, helping a sense of social responsibility, and achieve business individuals to seize business opportunities. success.

Highlights Instructors Front-line practitioners and experts with years of experience in the industry teach all online courses. Courses Well-designed curriculum with a focus on real-world application Pooling resources from different industries, different angles, and different people A dedicated Advisory Committee to guarantee quality Flexibility Study in your own time and on your schedule A mix of videos, graphics, and personal interaction Video labeling and subtitles allow targeted study Connectivity Join the online and offline communities. We will recommend optimal study methods based on your previous learning experiences.

46 Tsinghua University PBC School of Finance ijiacai.com

Ijiacai.com, an online education platform that specializes in financial management education, was founded by the Tsinghua University PBC School Open Courses of Finance and China Finance Online Group (NASDAQ: JRJC). We dedicate Open courses from ijiacai.com are ourselves to spreading knowledge on investment and financial planning to benefiting the public in financial planning millions of middle class Chinese. We also aim to help our audience improve by discussing hot topics and solving financial quotient and skills, and survive in capital games via all kinds of financial planning questions. methods, such as information dissemination, open courses, and video recording. Composed of Tsinghua PBCSF’s dedicated research teams on personal Curriculum investment and financing, supported by the School’s strong financial research background, and consolidated with over 30 years of financial educational The curriculum of ijiacai.com targets both resources, ijiacai.com is determined to be the top financial management online the general public and financial planning education brand in China. professionals, striving for authority, professionalism, practicality, and cost- effective training solutions for financial personnel.

Instructors The faculty of ijiacai.com consists of economists, financial experts, and insiders, responsible for addressing doubts in fields related to financial-planning such as macroeconomics, investment, consumption, laws and property, and financial quotient.

The Team Experts with strong backgrounds in investment, finance media, and online education constitute the core competitiveness of ijiacai.com.

47 Forums and Events Forums and Events

Tsinghua PBCSF Tsinghua PBCSF Financiers Forum Global Academic Leaders Forum Tsinghua PBCSF Financiers Forum serves as a platform Tsinghua PBCSF Global Academic Leaders Forum is for promoting communication between acclaimed financiers a public non-profit academic forum. The world’s most and the general public. We bring together industry elite and renowned speakers, including Nobel laureates, noted academic stars to share with the audience their expertise professors, and senior executives from foreign central and perspectives on domestic and international financial banks and other financial regulators are invited to share trends. their insights.

48 Tsinghua University PBC School of Finance

Tsinghua PBCSF Global Finance Forum The Tsinghua PBCSF Global Finance Forum focuses on the new thinking, new trends, new practices, and the new dynamics of China’s financial reforms, and seeks to address pressing issues from the perspectives of “China and the World”, “Reform and Polices”, and “Academics and Practices”. Global finance leaders and academics are invited to this forum for in-depth interpretation of the world economic landscape and China’s financial reform, and to find new opportunities for growth in China and the rest of the world.

49 Alumni Alumni

Tsinghua PBCSF has established a powerful Regions Industry alumni network that shares knowledge, experience, resources, and networking represented represented opportunities. Our alumni enjoy privileged access to the many alumni services that the School has to offer. We retain close links to our alumni through alumni events, social media, Beijing Regulatory alumni websites, and magazines, as well as 64% 20% opportunities to give back to the community. Agencies

Fast Facts 9% Shanghai 29% Banking

Master's degree program (1981-present) 9% Shenzhen 25% Securities 1837 Master's alumni

Ph.D. programs (1987-present) 18% Others 4% Insurance 203 Ph.D. alumni

83 Master's-Ph.D. alumni 22% Others

2030 alumni in total

As of July 2014

50 Tsinghua University PBC School of Finance

Securities

51

Tsinghua University PBC School of Finance No.43, Chengfu Road, Haidian District, Beijing 100083, P.R.China Tel: +86-10-62798255 Fax: +86-10-62798655 Email: [email protected] Website: eng.pbcsf.tsinghua.edu.cn