Dr. Zhou Yuanfan, RO of ARHK, Invited to Deliver a Keynote Lecture at Renmin University of China
At the invitation of Renmin University of China, Dr. Zhou Yuanfan, Director/RO of AnRong (Hong Kong) Credit Ratings Co., Ltd. (“ARHK”), delivered a keynote lecture titled “The Governmental Attributes of Chinese Urban Investment Companies” on December 13, 2024.
Professor Yi Zhihong, Former Vice President of Renmin University of China (second from left, first row), and Dr. Zhou Yuanfan, Director/RO of ARHK (third from left, first row), at the lecture.
Dr. Zhou Yuanfan began by providing an overview of the scale and development trajectory of urban investment debts. Since 2014, the size of urban investment debts has increased significantly, and the government has continued to strengthen regulation and consolidate urban investment platforms. After that, Dr. Zhou Yuanfan introduced the nature and distribution of local government’s “secondary finance” urban investment company contributors. He also discussed the urban investment company’s asset injection methods, the allocation of raised funds, and the overall progress in debt resolution. He argued that the fundamental solution to China’s local government debt issue (Chinese-style “black hole”) lies in “controlling the inflow” – centralizing the management of urban investment company bond financing under a single department; and “shutting off the outflow” – decisively halting the “transformation of urban investment industry” and avoiding “using urban investment financing funds for salary payments”. The lecture was engaging and insightful, with a blend of humor and expertise, providing a deep understanding of urban investment companies. Many students posed thoughtful questions, and Dr. Zhou Yuanfan responded patiently and thoroughly to each one. The room frequently echoed with enthusiastic applause in recognition of Dr. Zhou’s excellent speech.
Following the lecture, Professor Yi Zhihong provided a detailed commentary on Dr. Zhou Yuanfan’s presentation. Professor Yi noted that Dr. Zhou delivered a clear and comprehensive explanation of the origins and evolution of urban investment debts, provided an in-depth analysis and interpretation of urban investment debts in light of the recent economic situation, and analyzed the future development trend of urban investment companies and the urban investment debt market.