On September 7th, the Third Forum on Contracts and Governance in the Digital Economy hosted by East China University of Science and Technology (ECUST)，organized by the ECUST School of Business and the Oliver Hart Research Center of Contracts and Governance was held in the Lecture Hall of Yifu Building. Prof. Oliver Hart (Nobel Laureate in Economics, Professor of Harvard University, Honorary Professor of ECUST, Director of Oliver Hart Research Center of Contracts and Governance) attended the forum and delivered a keynote speech. Prof. DU Huifang (Chair of the University Council) attended the meeting and delivered a speech. Prof. YAN Haifeng (Vice President of the University) hosted the forum.

The forum also invited entrepreneurs from corporations such as BOCOM Financial Technology Co., Ltd, Shanghai Lingang Economic Development (Group) Co., Ltd and Ant Group, as well as experts and scholars from renowned universities including Fudan University, Shanghai Jiaotong University, Renmin University of China, Tongji University, etc. to carry out discussions on the themes of corporate responsibility in the context of the digital economy, fintech and sustainable development.

Prof. DU Huifang Delivering the Speech

On behalf of the University, Prof. DU Huifang extended her warm welcome and gratitude to Prof. Oliver Hart and other distinguished guests for attending this forum. She pointed out that currently digital economy has become a forceful engine driving global economic development. Against this backdrop, China is promoting intelligent industrial innovation, and deepening the reform of digital industry. She hoped that through this forum, the participating guests would deeply explore heated topics like digital economy empowering high-quality development, so as to jointly promote the development of digital economy and industrial transformation.

Prof. Oliver Hart Delivering the Keynote Speech

Prof. Oliver Hart delivered a keynote speech on the theme of "The Voice of the Shareholder", pointing out that overturned the traditional economic perception of the company. Unlike neoliberal economists since Friedman, who set up the behavior of maximizing the value of shareholders in a company, Prof. Hart claimed that the purpose of a company should be to promote the maximization of shareholders' welfare. It should be noted that shareholder welfare includes not only the market value of the stocks they hold, but also the overall interests of society, such as the ecological environment and the sustainable development of human beings, which are affected by the company's behavior. Prof. Hart's presentation provides a perspective for conference participants to understand corporate governance issues from the standpoints of human sustainable development and overall social benefits. The policy implications of his theory also contribute to further improving corporate governance systems. This speech is part of the "Distinguished Guest Lectures and Forums on theOccasion of 40th Anniversary Celebration of the ECUST School of Business", marking its third event.

Vice President Prof. YAN Hosting the Forum

After the keynote speech, Prof. HOU Limin, Chair of the School Council, presented Prof. Hart with a commemorative certificate and a commemorative cup for the “Distinguished Guest Lectures and Forums on the Occasion of 40th Anniversary Celebration of the ECUST School of Business”.

Guests Delivering Speeches

In the guest speech session, Mr. FENG Xiaoming, Vice President of BOCOM Financial Technology Co., Ltd, presented on the topic of “Financial Technology and Sustainable Development.” He focused on how companies actively practice ESG social responsibility. Mr. FENG introduced the efforts and achievements made by BOCOM Financial Technology Co., Ltd in three areas: green finance, paperless construction, and improvement of social welfare. Following this, Mr. SUN Meng, Vice President of Shanghai Lingang Economic Development (Group) Co., Ltd, shared insights on “Digital Innovation: Constructing a New Ecosystem for the Digital Industry,” detailing Lingang Group’s practices and experiences in digital transformation. The guest speech session was moderated by Prof. WU Yuming, Executive Director of the Oliver Hart Research Center of Contracts and Governance.

Financial Technology Roundtable Forum

The Financial Technology Roundtable session was attended by Prof. Oliver Hart, Vice President FENG Xiaoming, Associate Prof. MA Xiaofeng (Director of the Shanghai Blockchain Technology Research Center), Prof. XU Duoqi from Fudan University Law School, and Mr. CAI Nianyu, General Manager of Ant Group’s Compliance Department. The roundtable forum was moderated by Associate Prof. JIANG Shicheng, Deputy Director of the Oliver Hart Research Center of Contracts and Governance.

Academic Sub-forum

In the afternoon, Prof. NIE Huihua from Renmin University of China, Prof. WANG Yongqin from Fudan University, Prof. LIU Qingfu from Fudan University, and Prof. LI Youping from the ECUST School of Business participated in the academic sub-forum and shared their research findings. Prof. Oliver Hart also attended the afternoon academic sub-forum and engaged in in-depth discussions with the scholars.

Group Photo