Fudan University launched China's first cross-border financial institute on Sunday to provide a strong research base for its financial industry.

Fudan's Institute for Financial Studies is nationally distinguished in both education and research.

Backed by the People's Bank of China, the nation's central bank, the institute will set up a new cooperation mechanism between the research community and government departments.

Dai Xianglong, governor of the central bank and honorary director of the new institute, said it was time for China to establish its own financial theoretical system and speed up the reform process to fend off fierce foreign competition now that China has joined the World Trade Organization.

Shanghai's Executive Vice-Mayor Jiang Yiren echoed Dai when he said Shanghai needs a larger talent pool of financial professionals and a think tank where they can work.

Major courses

Researchers at the institute will study international finance, mathematical finance, financial markets, money and banking, financial engineering and insurance, while cooperating closely with the government on personnel training, policy consulting, research projects and international exchanges.

"Such a strategic alliance will help build the government's policy on a solid academic base, allowing the academic community to be able to take a more practical approach," Dai said.

(People's Daily April 08, 2002)