Invitation Letter | CITIC Securities "Discussing Economics and Strategies" Season 8

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Dear Valued Client, hello!

CITIC Securities will hold the 8th “Macro & Policy Dialogue” Forum in Beijing on April 9. We sincerely invite you to join us and explore the broader picture and the future together with investors around the world.

The Macro & Policy Dialogue Forum was originally established in 2018 by CITIC Securities’ Macro & Policy Research Team. It is intended to gather insightful, evidence-based perspectives on global economics and policy, and to build a high-level exchange platform for professionals in the financial and investment communities. After eight years of deep cultivation, the forum has become a flagship event in the industry with far-reaching influence and a strong reputation. This year’s forum will bring together well-known scholars and authoritative opinion leaders from policy-making departments and top domestic and international think tanks, conducting in-depth discussions and stimulating exchanges around core topics. Past forums have also featured major guest speakers (sorted by the year they delivered remarks):

Zhu Baoliang, Former Chief Economist of the National Information Center; Jia Kang, Researcher at the Chinese Academy of Finance and Economics, and Founder and President of the China Huaxia New Supply-Side Economics Research Institute; Yin Jianfeng, Professor and PhD Supervisor at the University of International Business and Economics, and Chief Economist of Zheshang Bank; Yǐn Jianfeng; Miễn—(Note: original line continues) ; You Miao-jie, Deputy Party Secretary of the Liaoning University Committee, and President of Liaoning University; Zhao Quanhou, Director of the Financial Research Center of the Chinese Academy of Finance and Economics, and Researcher; Sun Yifang, Member of the Academic Division of the Chinese Academy of Social Sciences, and Gao Peiyong, Chairman of the Sun Yifang Economic Science Foundation; Wang Yiming, Vice Chairman of the China Center for International Economic Exchanges, and Former Vice Chairman of the Development Research Center of the State Council; Yin Zhongli, Researcher at the Institute of Finance of the Chinese Academy of Social Sciences; Zhao Hai, Director of the International Politics Research Department of the National Global Strategy Think Tank of the Chinese Academy of Social Sciences; Liu Shangxi, Researcher at the Chinese Academy of Finance and Economics; Qin Hong, Senior Research Fellow at the Institute of National Development and Strategy, Renmin University of China, and Director of the Urban Renewal Research Center; He Baohong, Director of the Institute of Cloud Computing and Big Data Research, China Academy of Information and Communications Technology (CAICT); Sang Baichuan, President of the Institute of International Economics at the University of International Business and Economics, and others.

With the conclusion of the 14th Five-Year Plan and the blueprint for the 15th Five-Year Plan unfolding in 2026, we are standing at a pivotal turning point that connects the past with the future. After the global economic landscape undergoes profound adjustments, a new equilibrium is taking shape. The interweaving of geopolitical evolution and technological revolutions represented by artificial intelligence is profoundly reshaping national competition models and the logic of industrial growth. In this period of systematic reshaping, having a forward-looking understanding of macro trends—especially grasping China’s strategic direction and the pulse of policy in the new development cycle—is critically important for navigating markets and positioning for the future.

Macro & Policy Dialogue—an open conversation of insights and sincerity. CITIC Securities invites you to actively register and participate.

Dear Esteemed Guest,

CITIC Securities is pleased to host the 8th “Macro & Policy Dialogue” Forum in Beijing on April 9, and cordially invites you to join us to exchange insights with global investors on major macro trends and future opportunities.

The Macro & Policy Dialogue Forum was established in 2018 by the Macro & Policy Research Team of CITIC Securities. It aims to bring together leading perspectives on global economic and policy developments while providing a high-level platform for dialogue among professionals in the financial and investment communities. Over the past eight years, the forum has grown into one of the industry’s most influential and well-recognized flagship events. This year’s forum will convene policymakers, renowned scholars , and influential opinion leaders to engage in in-depth discussions and thought-provoking exchanges on key issues shaping the global economic landscape.

As the 14th Five-Year Plan approached its conclusion and the blueprint for the 15th Five-Year Plan begins to unfold in 2026, we stand at a pivotal moment linking past achievements with the next phase of development. Following a period of profound adjustment, the global economic landscape is gradually moving toward a new equilibrium. At the same time, evolving geopolitical dynamics and technological breakthroughs, particularly in AI, are reshaping the paradigms of national competition and the drivers of industrial growth. In this period of systemic transformation, developing a forward-looking understanding of macroeconomic trends, especially gaining insight into China’s strategic direction and policy priorities in the next development cycle, will be crucial for navigating markets and positioning for the future.

CITIC Securities warmly invites you to register and participate in the forum. We look forward to welcoming you in Beijing.

Forum Schedule

Morning · Main Forum

Main Forum

丨Host丨

Maschikova, Chief Macro Joint Analyst, CITIC Securities

09:00-09:45

Outlook for the “15th Five-Year Plan” Macroeconomy and Policies

The 15th Five-Year Plan Period: Macroeconomy and Policy Outlook

Zhang Xiaojing, Director of National Institution for Finance & Development, Director of National Balance Sheet Research Center

09:45-10:30

Great-Power Game Under the Restructuring of the Global Geopolitical Landscape

Power Game Under the Reconstruction of the Global Geopolitical Pattern

Wu Xinbo, Dean of Institute of International Studies, Director of Center for American Studies, Fudan University, and Distinguished Professor at Fudan University

Wu Xinbo, Dean of Institute of International Studies, Director of Center for American Studies, Fudan University

10:30-11:15

Deepening Path and Policy Orientation of Fiscal and Tax Reform

Deepening Path and Policy Orientation of Fiscal and Tax Reform

Li Xuhong, Vice President & Professor, Beijing National Accounting Institute, Expert in the First Batch of Tax Policy Management Talent Pool, Ministry of Finance

Li Xuhong, Vice President & Professor, Beijing National Accounting Institute, Expert in the First Batch of Tax Policy Management Talent Pool, Ministry of Finance

11:15-12:00

Improving the Competition Policy System and Its Impact on the Capital Market

The Improvement of the Competition Policy System and Its Impact on the Capital Market

Huang Yong, Professor of the School of Law, Director of Competition Law Center, University of International Business and Economics, Member of Standing Committee of Beijing Municipal People’s Congress

Huang Yong, Professor of the School of Law, Director of Competition Law Center, University of International Business and Economics, Member of Standing Committee of Beijing Municipal People’s Congress

Afternoon · Parallel Forums & Closed-Door Session

Afternoon · Parallel Forums & Closed-Door Session

Parallel Forum 1: Global Geopolitical Changes & China’s Policy Options

Parallel Forum 1 : Global Geopolitical Changes & China’s Policy Options

丨Host丨

Yao Yuan, Chief Analyst for Overseas Policy, CITIC Securities

13:30-14:20

The War Between the US, Israel, and Iran and Its Spillover Effects

The US-Israel-Iran Conflict and Its Spillover Effects

Tian Wenlin, Director of Middle East Institute at the School of Global and Area Studies, Renmin University of China (RUC), Distinguished Professor of Wu Yuzhang, and Standing Director of the China Middle East Studies Association

Tian Wenlin, Director of Middle East Institute at the School of Global and Area Studies, RUC

14:20-15:10

Major Global Changes Amid the Russia-Ukraine War

Major Global Changes Amid the Russia-Ukraine War

Feng Yujun, Professor, Peking University

Feng Yujun, Professor, Peking University

15:10-16:00

A New Order and New Landscape in the Commodities Market

Finding the Price Anchor Amid Geopolitical Shifts and Policy Cycles

Zhu Ziyue, Head of Commodities Research, CITIC Futures Research Institute

Zhu Ziyue, Head of Commodities Research, CITIC Futures Research Institute

16:00-17:00

Round-table Forum: Macro Policy Assessment and Strategic Asset Allocation

Round-table Forum: Macroeconomic Policy Judgment and Strategic Asset Allocation

Host:

Yang Fan, Chief Macro & Policy Analyst, CITICS

Host:

Yang Fan, Chief Macro & Policy Analyst, CITICS

Guests:

Song Gelong, Vice President, Academy of Macroeconomic Research, NDRC; and Former Deputy Director of the EC Reform Division

Song Gelong, Vice President, Academy of Macroeconomic Research, NDRC

Ming Ming, Chief Economist & FICC Analyst, CITICS

Ming Ming, Chief Economist & FICC Analyst, CITICS

Wu Shuangcheng, Assistant General Manager of ChinaAMC, Head of Asset Allocation Department

Wu Shuangcheng, Assistant General Manager of ChinaAMC, Head of Asset Allocation Department

Invitation (TBC) Insurance Asset Management Investment Director

Investment Director, Insurance Asset Management (TBC)

Parallel Forum 2: Scientific and Technological Innovation & Development of New Quality Productive Forces

Parallel Forum 2 : Scientific and Technological Innovation & Development of New Quality Productive Forces

丨Host丨

Yu Xiang, Chief Analyst for Policy Research, CITIC Securities

13:30-14:20

Accelerating the Digital-Intelligent Transformation of Manufacturing—New Opportunities for AI Integration

Accelerating Digital-Intelligent Transformation of Manufacturing: New Opportunities for AI Integration

Zhang Yi, Director, Policy Research Institute, China Academy of Industrial Internet

Zhang Yi, Director, Policy Research Institute, China Academy of Industrial Internet

14:20-15:10

What’s the Outlook for China’s Future Industries?

Outlook for the Development of Future Industries in China

Hu Yongjun, Secretary-General of Future Industry and Platform Economy Research Center, State Information Center

Hu Yongjun, Secretary-General of Future Industry and Platform Economy Research Center, State Information Center

15:10-16:00

Scientific and Technological Innovation Empowering High-Quality Industrial Development

Scientific and Technological Innovation Empowering High-Quality Industrial Development

Chen Jin, Professor of School of Economics and Management, Director of Research Center for Technological Innovation, Tsinghua University

Chen Jin, Professor of School of Economics and Management, Director of Research Center for Technological Innovation, Tsinghua University

16:00-17:00

The Logic, Outlook, and Institutional Innovation for China’s Green and Low-Carbon Economic Transition

Logic, Outlook and Institutional Innovation of China’s Green and Low-Carbon Economic Transition

Zhang Xiliang, Director of Institute of Energy, Environment and Economy, Professor of Institute of Nuclear and New Energy Technology, Tsinghua University

Zhang Xiliang, Director of Institute of Energy, Environment and Economy, Professor of Institute of Nuclear and New Energy Technology, Tsinghua University

Closed-Door Session

Closed-Door Session

丨Host丨

Tian Liang, Chief Analyst for Financial Industry, CITIC Securities

13:30-14:20

Key Areas and Prospects of Bank Credit Support for the Economy

Key Areas and Prospects of Bank Credit Support for the Economy

Expert from the Credit Department of a Commercial Bank

某银行信贷部门专家

14:20-15:10

Insurance Asset Allocation

Insurance Asset Allocation

Ms. Wang, Former Research Specialist at China Center for Insurance and Pension Research, Tsinghua University

Ms. Wang, Former Research Specialist at China Center for Insurance and Pension Research, Tsinghua University

15:10-16:00

Outlook on Equity Investment by Insurance Funds

Outlook on Equity Investment by Insurance Funds

Mr. Zhai, Investment Director, PICC Capital Insurance Asset Management Co., Ltd.

翟先生，人保资本保险资产管理有限公司投资总监

16:00-17:00

Stock Market Activity from the Perspective of Securities Capital

Stock Market Activity from the Perspective of Securities Capital

Zhang Jinqi, Deputy General Manager, Shanghai Kailides Information Technology Co., Ltd.

张金其，上海岗底斯信息技术有限公司副总经理

How to Register and Attend

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