On July 6,Kunming, the city of spring, hosts 2005 China International Conference in Finance, an annual event sponsored byChinaCenterfor Finance Research (CCFR) ofTsinghuaUniversityand MIT Sloan School of Management. World-renown scholars and finance practitioners from North America,Euro,Australia,Hong Kong,Taiwanand MainlandChinaattended the conference. Through discussing research papers related toChina抯 finance reform, the conference is aimed to provide a high-level open platform for academic discussion and exchange, as well as policy design and implementation.

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The opening ceremony was hosted by Professor Wang Jiang, chairman of the conference and Director for CCFR inTsinghuaUniversity. Mr. Zhao Chunjun, Dean of Tsinghua School of Economics and Management, Mr. Philip Kwok, Special Advisor for MIT Sloan China Program delivered their respective speeches. Professor Martin J. Gruber, Finance Professor inNYUSternBusinessSchooland former Chairman of American Finance Association serves as the keynote speaker for this year抯 conference.

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The conference adopts internationally standard procedures to call for papers and receives a total number of 430 papers from all over the world, covering areas of corporate finance, asset pricing, financial institution and market, money and banking as well as international finance. Among all these 430 papers, 112 conference papers are selected and discussed during the conference.

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CCFR was established in July 2002, following the decision of the Advisory Board of Tsinghua School of Economics and Management, at its 2001 annual meeting. CCFR is developed in close collaboration with Sloan School of Management, MIT and receives generous support from the Goldman Sachs Foundation.