清华五道口的朋友们，大家好！I’m Andrew Karolyi, the Charles Field Knight Dean of the Cornell SC Johnson College of Business. I am so pleased to be speaking to you today in this part of the opening ceremony of the 2022 PBC School of Finance Global Finance Forum.

My warmest greetings go out to president of Tsinghua University, dean ZHANG Xiaohui, chairwoman WU Xiaoling, honorary dean ZHOU Xiaochuan, executive associate dean LIAO Li, all assembled alumni students and esteemed guests.

What a wonderful opportunity.

I want to begin by wishing a very happy tenth anniversary celebration of Tsinghua's partnership with the PBC School of Finance. You know what a very short period of time, the PBC school has become a global center of pioneering research and teaching program excellence in important areas like fintech and internet finance, entrepreneurial venture capital finance, financial, regulatory policy, financial globalization, and international monetary arrangements, universal education of financial literacy, among many others. The research of the faculty and the high quality of the degree programs are respected worldwide. Those who serve the leadership positions in the school, are to be congratulated for this remarkable success.

One of the qualities I admire most of the PBC School of Finance is the purposefulness of its interactions between the academy and industry. And the truth seeking is always with a global perspective. Indeed, this global forum is one of the many ways in which the school advances understanding of the world economic landscape, and how China's financial reforms have defined ever new opportunities for growth for China.

Of course, I would be remiss if I didn't mention another important way it seeks truth diligently and creatively, namely our Cornell-Tsinghua Dual Degree Finance MBA program which has become in seven short years, one of the most highly sought after MBA degrees.

In addition to serving as dean of our entire Colleges, composed of three schools- the Johnson Graduate School of Management, the Nolan School of Hotel Administration, and Dyson School of Applied Economics and Management, I'm also a faculty member in our Johnson Graduate School of management, where I have taught in the Cornell-Tsinghua Dual Degree Finance MBA program since its inception and up to and including last month.

I can say with firsthand experience that it builds financial talent in its students with a more practical institutional knowledge of financial services with a broader global perspective and always with a sense of greater purpose: the business can serve society for the greater good.

True to the origin story of Cornell University, and its values of “any person, any study”, Cornell embrace students from China as far back as 1910, under then president Jacob Schurman, Cornell third president. Cornell and President Schurman welcome Chao Yuen Ren and Hu Shih, as the first students from China both enrolling in 1910. The first female student from China enrolled for two years of study beginning in 1913.

You can see how our College of Business and the Tsinghua PBC school are a great fit together. And how far we have come since those first three students, 110 years ago. We're very proud of today's vibrant relationship between our universities, and look forward to many more years of important work together.

We know the theme of the 2022 Global Finance Forum - prioritizing stability while pursuing progress with finance boosting high quality development. These align so well with our own mission statement. Let me offer a few thoughts on how I see the role that finance plays in fostering high quality development.

First, I think of high quality as a form of economic development that is aligned with the seventeen united nations’ sustainable development goals, including zero hunger, good health gender equality, clean water, affordable and clean energy, reduced inequalities, decent work, responsible consumption production, livable cities and communities, biodiversity and climate action among others.

Research shows that achieving these higher quality economic development goals will require mobilization of tens of trillions of dollars of investment capital. Research also shows that the mobilization of that investment capital will need to be focused and guided with purpose.

My hope for the Tsinghua PBCSF Global Finance Forum this year is that it will address things like how greater stability of financial systems is achieved by mobilizing capital - here, I mean public, but especially private capital - towards investments that will limit degradation of our biosphere that will help with adaptation towards greener energy systems and that will improve risk mitigation of climate change related risks.

We know that right now in closed door negotiations, including scientists and governments at the United Nations next intergovernmental panel on climate change and their impending report now in its sixth assessment cycle. They're coming down to the wire as I speak to you today. This this agreement aims to cap global warming at one point five degrees centigrade this century. And we're learning that there are many challenges and a number of countries resisting the financial commitments needed to cut emissions can meet those goals. I hope our foreign participants will tackle these questions.

Second, I hope they tackle the question of how, if the covid pandemic has taught us nothing else, how it's important to show that we need to mobilize finance, to help build labor market resilience, to be able to withstand shocks and disruptions. In January this year, I participated in a global panel, announcing the 2022 global labor resilience index scores. What these country by country scores do is evaluate how different economies are able to accelerate and coordinate absorption of global economic shocks to their labor force, how they can establish forward looking adaptation of their worker, and how they can promote transformation of systems toward greener production. This is all about how government policies can mobilize financial capital to invest in a higher quality labor force development.

And thirdly, I hope foreign participants will address how to think about better financial systems that allow for less encumbered capital flows towards emerging markets and the developing economies. It's here that the burdens of these adaptation of mitigation investments are the greatest, because the financial shortfalls are the most acute.

Here I think about China's belt and road initiative, and how it's an ambitious multi-trillion dollars plan to develop infrastructure, fueling stations, ports, bridges, industry throughout Europe, Africa, and Asia, by a series of bilateral arrangements, active lending programs and technical assistance.

What about our commitments? Where should the PBC School of Finance at Tsinghua and Cornell SC Johnson College of Business be aiming? What we must be doing is ensuring that the next generation of global leaders in finance are educated and that they think responsibly about finance for higher quality economic development. Global partnerships through dual degree affiliations like ours will ensure the global perspective for these leaders. Experiential learning in their degree programs to engage immerse of experiences involving partnerships with non-for-profit agencies or even for profit companies that are seeking resilient adaptive and transformative production process solutions. They will ensure that the learning is practical, timely and relevant. And the rigor of our curricula, highly analytical at one level, but always people centered and focus on another will ensure that our leaders are disciplined in principle.

I know we can do this. Honestly, we must do this. And we will do this. Thank you for your friendship, and partnership in this noble pursuit.期待我们能培养更多有才华有远见的金融领袖。

Let me close by offering my warmest congratulations on the tenth anniversary of the partnership of Tsinghua university and the PBC School of Finance. And best wishes for a productive discussion at the 2022 Global Finance Forum.

Thank you. 谢谢大家！