The Hong Kong Business School (HBS) – Josai International University Doctor of Business Administration Program · Global Capital Markets Module was held in Beijing from September 6 to 7. This session brought together a distinguished lineup of scholars and experts with years of experience in the financial industry. Topics ranged from current hot-button issues such as China-U.S. economic and trade relations and stablecoins to specific business areas like accounting practices and risk management. The rich diversity of topics, timely relevance, and distinctive teaching styles provided students with invaluable insights, enabling a more systematic, in-depth, and broader understanding of the financial industries in mainland China, Hong Kong, and internationally.

Professor Zhong Wei, Doctoral Supervisor at Hong Kong Business School, Professor at Beijing Normal University, and Director of the Financial Research Center at Beijing Normal University, delivered a lecture titled "Monetary Evolution, Stablecoins, and the Reshaping of Digital Finance." He provided a deep analysis of the vulnerabilities exposed by Western-centric systems (such as low savings rates, expanding fiscal deficits, and rising debt burdens, alongside China’s significantly higher electricity generation reflecting a shift in economic gravity), the underlying drivers of Trumpism (manufacturing reshoring and trade protection policies stemming from changes in U.S. social structure), structural transformations in asset allocation (the rise of digital assets and AI driving capital prosperity, while real estate declines due to demographic and debt issues), and how the four key elements of digital finance—stablecoins, wallets, public chains, and exchanges—are promoting the decentralization of financial services and reshaping the global financial landscape.

*Zhong Wei is a Professor and Doctoral Supervisor in the Department of Finance at the School of Economics and Business Administration, Beijing Normal University, and served as Deputy Editor-in-Chief of the State Administration of Foreign Exchange’s magazine "China Foreign Exchange" (2006–2022). He earned his postdoctoral degree in Management Science from Tongji University in 2004 and his Ph.D. in Economics from Beijing Normal University in 1999 (graduating early). In 2001, he was selected for the Beijing New Century Social Sciences Talent Program, and in 2005, he was selected for the Ministry of Education’s New Century Excellent Talents Program. His main research areas include macroeconomic statistics, financial risk management, and real estate finance. Over the past two decades, he has published over 200 papers in core journals such as "Economic Research," "Financial Research," and "Management World," and has led more than 20 research projects for international institutions including the World Bank and the Asian Development Bank.*

Professor Li Zhengqiang, Doctoral Supervisor at Hong Kong Business School and Doctoral Supervisor at the University of International Business and Economics, delivered a lecture on "Financial Risk Management." Professor Li provided an in-depth analysis of risk management challenges in global capital markets, emphasizing that risk is "measurable uncertainty." He examined how enterprises utilize derivatives markets to address price volatility risks, explaining in detail the functions and mechanisms of the four fundamental instruments—forwards, futures, options, and swaps. Using examples such as crude oil futures and stock index futures, he illustrated their value in price discovery and risk management. The course also highlighted the importance of scientifically applying derivatives for enterprise stability and national economic security through domestic and international case studies (e.g., Mexico’s oil price hedging options and commodity swaps by Chinese enterprises).

Li Zhengqiang holds a Ph.D. in Economics and served as a delegate to the 19th National Congress of the Communist Party of China (financial sector delegation). He has held positions as Deputy Division Chief and Division Chief of the Institutional Supervision Department at the China Securities Regulatory Commission (CSRC), participating in the establishment of the Fund Supervision Department and the design of regulatory and operational frameworks for the fund industry. He has also served as Party Committee Secretary of China Galaxy Securities, Deputy Party Committee Secretary of the China Financial Futures Exchange, and Party Committee Secretary and Chairman of the Dalian Commodity Exchange. Mr. Li has delivered speeches at international forums such as the Summer Davos Forum (WEF), the World Federation of Exchanges (WFE), and the World Exchange Congress (WEC).

Mr. Wu Weijun, Doctoral Supervisor at Hong Kong Business School and Vice Chairman of Deloitte China, delivered a lecture titled "What Will Happen to Accounting Tomorrow?" Mr. Wu provided an in-depth analysis of the future transformation of balance sheets, pointing out that in the shift from an industrial economy to an information economy, accounts receivable, inventory, and fixed assets will be restructured as financial instruments, with accounting shifting toward fair value models. He revisited fundamental issues such as monetary units, fiscal years, and accrual basis accounting, emphasizing the need for accounting to align with business cycles and enhance financial transparency. From a leadership perspective, he analyzed how entrepreneurs can overcome the instinctual "lizard brain" and activate the "leader’s brain" through rational decision-making, integrating governance with personality. Finally, he envisioned accounting evolving from recording the past to predicting the future, becoming an engine for enterprise value creation, with accountants needing to combine financial thinking and strategic vision.

*Wu Weijun is the first individual from mainland China to become an ACCA member. He currently serves as Vice Chairman of Deloitte China and Managing Partner of the Financial Services Industry, while also holding advisory and adjunct professor positions at Nanjing University, The Chinese University of Hong Kong, Xiamen National Accounting Institute, and Beijing Jiaotong University. With over 30 years of experience in audit and advisory services, he has served as the signing accountant for major Chinese banks, including Industrial and Commercial Bank of China and Bank of China (assisting with their listings in Hong Kong and Shanghai), and China Postal Savings Bank (assisting with its Hong Kong listing). From 2002 to 2003, he led the design of China’s "Banking Reform Roadmap," driving the reform of the four major state-owned commercial banks. From 2008 to 2009, he was seconded to the UK Financial Services Authority to participate in financial crisis research. In 2018, he conducted research on banking reform at the Tsinghua University National Institute of Financial Research.*

Professor Sun Liping, Doctoral Supervisor at Hong Kong Business School, Professor of Sociology at Tsinghua University, and Doctoral Supervisor in Sociology and Economics, presented a lecture titled "Economic Contraction Period: An Interpretation of the Current Perplexing Economic Trends." He explored the reasons behind economic contraction and analyzed the direction of economic development trends within the context of U.S.-China competition on the global stage.

*Sun Liping’s research in the 1980s focused primarily on social modernization. He has published works such as "Social Modernization," "The Road to Modernization," and "Reflections and Explorations on Development," along with numerous academic papers. He proposed theories such as the sequential model of modernization and late-development exogenous modernization, with the latter gaining widespread influence in academic circles. Since the 1990s, his research interests have shifted toward changes in China’s social structure, introducing key concepts and theories such as "totalistic society," "totalistic capital," "free-flowing resources," and "free activity space." His theory of a "fractured society" has been widely cited in domestic and international media. He has also advocated for transcending stability-oriented thinking and provided new interpretations of China’s economic trajectory amid the U.S. financial crisis. His current research focuses mainly on the sociology of transition. He leads a large-scale research project titled "Oral History Collection and Research on Rural Social Changes in China in the Second Half of the 20th Century," which examines the operational logic of communism as a civilization in everyday practice.*