Respected President Xu Yangsheng, esteemed faculty, dear graduates, parents, and alumni，
Today marks a significant moment at The Chinese University of Hong Kong, Shenzhen (CUHK-Shenzhen). With great pride and excitement, I extend my warmest congratulations to you. Overthe past few years, you have dedicated yourselves to intellectual growth with diligence and wisdom in this renowned university. Today, as you step out of the campus, you unlock a fresh identity and embark on a new journey in life.
As the first cohort of graduates after the pandemic, you face unique challenges. In this post-pandemic era, we see persistent economic pressures, increasingly competitive job market, superpower contests, regional conflicts, and the world appears more complex and disorderly, filled with randomness, unexpectedness, and even surrealism. In times of unpredictability, it is understandable that you may be grappling with emotions like confusion and anxiety. The questions loom large: Is the dividend of globalization drifting away from us? Do young people still have opportunities for upward social mobility? Which industries remain unaffected amid economic downturns? Will artificial intelligence or the so-called "35-year-old crisis" be the harbinger of professional change?
Confronting such uncertainties, do we possess the power to navigate through its cycles? I would like to share two personal stories, perhaps providing you with some inspiration.
The first story.
In the 1960s, when I barely came of age, I left my hometown and was settled down in the countryside. Life was extremely hard. Day in and day out, I tilled the land with farmers, sweating through a lot of work. Despite this, the scarcity of food often made me starve. Each day was exhausting, this challenging way of life persisted for a good ten years. Interestingly enough, I happened to find a farmer in the town selling peanuts. The peanuts were wrapped in the paper torn from some old books he collected from garbage houses. Then these second-hand books became my spiritual solace during that period. Reading and thinking hard became part of my messy life since, especially during the long winter evenings. Later in life, I had a diverse career journey as a banker, government official, banking regulator, or a professor standing here before you, each time I reflect, those long winter nights of intense self-study by a kerosene lamp, seem like shining pearls in the river of time.
I am not dwelling on the past, nor am I romanticizing hardship. Each generation faces its unique challenges and must chart its own course in the circumstances of its time. Our lives, like the changing seasons, have their ebbs and flows. Whether in times of prosperity or adversity, it is all part of our lives. As Tolstoy wisely noted, while many aspire to change the world, few consider changing themselves. In the words of Confucius: we need to "Look inward to find solutions." During tough times, it may be difficult to change the environment or others. Instead of getting lost in confusion and anxiety, embrace change, cope up with whatever the life throws at you. I believe this is the one thing we can really control amid the ever-changing times and the unpredictabilities and finally you'll find good fortune is gradually turning in your favor.
The second story.
In the 1980s, I returned to China from working in the UK, having just completed my MBA. At that time, a flour mill in Jiangsu Province sought to offer high-quality white flour to the public. Their plan involved importing a complete set of equipment from the UK, utilizing a £5 million loan with a five-year term and favorable ECGD export credit rates. I led a team to orchestrate this forward currency swap transaction. I approached it from the client's perspective, and made careful research on the dynamics of the international financial markets. By analyzing the trends in economy, trade, and monetary policies, I thought it was very likely to see the weakening of the US dollar against the British pound in the following years. At the time, to pay off any foreign credit, the borrowers would have to exchange Chinese yuan for US dollars at a domestic designated fixed rate, and then convert these dollars into British pounds at floating rates which was subject to potential market risks from fluctuations. Without appropriate risk management measures in place, the mill might have to pay a substantial extra amount of Chinese yuan for the pound debt repayments in the due time. In order to protect our client, I designed forward swap10 hedging strategies, and explained to them in detail the market trend and relative hedging recommendations. Ultimately, with the client’s deliberation and consent, they agreed and issued us a letter of engagement. Just as expected, this business encountered the exchange rate risks in the first three years in repayment. However, due to the execution of the forward exchange swap, the flour mill avoided the loss of several millions of yuan in exchange rate fluctuations. For a provincial bank branch in the 1980s, such proactive attitude and professional service not only brought tangible value to the client but also marked a breakthrough. Moreover this level of professional service was provided in China only about 5 years away from the Big Bang when London started to offer global innovation the same kind. It is absolutely crucial to emphasize that wholeheartedly serving your clients is key. However, staying cool-headed throughout the whole process is equally important. After all, our recommendations are just based on market predictions, and we are not the one to bear the risk and responsibility eventually. That's why, at that time, I insisted on fully respecting client's choices in decision-making and risk-taking as long as we kept them well informed. So, if you wish to navigate through the tough cycles, or gain an advantage in competitions, you must bear in mind the rule No.1 of service: "warm hearts, cool heads." And the two make a tango.
So these are the two insights I'd like to share with you: strive for self-improvement, perceive challenges as opportunities, and serve the mankind with warm hearts and cool heads. I hope these can be your response to the uncertainties of the times. I also understand that many young people may seem to slack off, but in reality they work very hard. In one moment, they may say, "Let the world perish!" and in the next moment, they bounce back with renewed vitality. History has shown that young people are always blessed with lofty ideals, strong sense of social responsibility, and immense creativity. The Chinese University of Hong Kong, Shenzhen (CUHK-Shenzhen) will always have faith in you and will forever back you up.
Congratulations on your graduation!
