Video address by the Governor of the Magyar Nemzeti Bank at the Global Finance Forum

20 May 2023

György Matolcsy was invited by the PBC School of Finance (PBCSF) of Tsinghua University, China to deliver a keynote speech at the opening ceremony of the 2023 Tsinghua PBCSF Global Finance Forum. The Forum focused on the improvement of international market confidence, the digital development of finance and the economy, and China’s efforts to promote modernisation and high-quality development. In his video message, the Governor of the Magyar Nemzeti Bank discussed the megatrends of the 21st century, digital transformation, sustainable transition and the increasing international significance of Asia.

Following his personal attendance in 2018, this time György Matolcsy accepted the invitation of the PBC School of Finance (PBCSF) of Tsinghua University, China to give a speech in a video message. The Tsinghua PBCSF Global Finance Forum focused on new trends, new practices and the new dynamics of financial reforms in China. The organisers arranged the presentations and discussions of the 2023 Forum around the themes of ‘China and the World’, ‘Reform and Policies’ and ‘Academics and Practices’. In addition to the Governor of the Magyar Nemzeti Bank, the event also featured internationally renowned experts, including Wang Yiming, Vice Charman of the China Center for International Economic Exchanges (CCIEE), Burkhard Balz, Board Member of the Bank for International Settlements (BIS), Andrew Michael Spence, Nobel Prize-winning economist, Ray Dalio, founder of Bridgewater Associates, and Zhu Min, Chairman of the National Institute of Financial Research at Tsinghua University, who all shared their thoughts with the hundreds of viewers present at the Forum and with those following the event online.

In his speech at the opening ceremony, György Matolcsy highlighted that we are entering a new era that combines the megatrends of the 21st century, i.e. digital transformation, sustainable transition, the money of the future and the rise of new geopolitical actors at the global scene. He pointed out that history is sending us a message that these trends are new but not unique in the sense that they follow long-term cyclical patterns in history and the economy. In these patterns, the same logic is repeated in each 50 and 80-year cycle but in a different fashion. In the Governor's view, we are experiencing an intellectual renaissance of thinking, with sustainability at the forefront. The Eurasian continent, with China leading the way, is well on the path to long-term sustainability, the circular economy and clean energy.