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style='mso-yfti-irow:3'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Hanming</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Fang and Shang-<span class=SpellE>Jin</span> Wei, Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'>November 18-19, 2016 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'>NBER<br> <span style='mso-fareast-font-family:"MS Mincho";mso-fareast-language:JA'>2<sup>nd</sup> Floor Conference Room<br> 1050 Massachusetts Avenue<br> Cambridge, MA</span><span style='mso-fareast-font-family:"Times New Roman"'><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> </confloc> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'><b><u><span style='mso-fareast-font-family:"Times New Roman"'>Program</span></u></b><span style='mso-fareast-font-family:"Times New Roman"'> <o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> <a href="part.pdf">Participant List</a><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family:"Times New Roman"'><!-- </div> -->Friday, November 18<o:p></o:p></span></b></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>7:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal>Shuttle Bus leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER</p> </td> </tr> <tr style='mso-yfti-irow:3'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><o:p>&nbsp;</o:p></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal>Continental Breakfast<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:30 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Welcome<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:40 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Yongheng</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Deng, National University of Singapore<br> Shang-<span class=SpellE>Jin</span> Wei, Columbia University and NBER<br> Jing Wu, Tsinghua University<br> <i style='mso-bidi-font-style:normal'><a href="Deng_Wei_Wu.pdf">Estimating the Unofficial Income of Officials: The Case of China</a></i><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Discussant: <span class=SpellE>Hanming</span> Fang, University of Pennsylvania and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:40 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Yu-Hsiang Lei, Yale-NUS College<br> <i><a href="Lei.pdf">Can Governments Harvest Connections with Firms? Evidence from China</a></i><br> <br> Discussant: <span class=SpellE>Shuang</span> Zhang, University of Colorado Boulder<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:40 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Ruixue</span></span><span style='mso-fareast-font-family:"Times New Roman"'> <span class=SpellE>Jia</span>, University of California at San Diego<br> <span class=SpellE>Hongbin</span> Li, Tsinghua University<br> <i><a href="Jia_Li.pdf">Access to Elite Education, Wage Premium, and Social Mobility: The Truth and Illusion of China s College Entrance Exam</a></i><br> <br> Discussant: Wei Huang, Harvard University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>12:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Innovation</span></b><span style='mso-fareast-font-family:"Times New Roman"'> (Two Papers)<br> <br> Lily Fang, INSEAD<br> Josh Lerner, Harvard University and NBER<br> <span class=SpellE>Chaopeng</span> Wu, Xia Men University<br> <i><a href="Fang_Lerner_Wu.pdf">Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China</a></i><br> <br> Discussant: <span class=SpellE>Ufuk</span> <span class=SpellE>Akcigit</span>, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'></td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Jing Fang, <span class=SpellE>Huazhong</span> University of Science and Technology<br> Hui He, International Monetary Fund<br> Nan Li, International Monetary Fund<br> <i><a href="Fang_He_Li.pdf">China's Rising IQ (Innovation Quotient) and Growth: Firm-Level Evidence</a></i><br> <br> Discussant: Ann Harrison, University of Pennsylvania and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:10 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Panle</span></span><span style='mso-fareast-font-family:"Times New Roman"'> <span class=SpellE>Jia</span> Barwick, Cornell University and NBER<br> <span class=SpellE>Shengmao</span> Cao, Stanford University<br> <span class=SpellE>Shanjun</span> Li, Cornell University<br> <i><a href="Barwick_Cao_Li.pdf">Local Protectionism, Market Structure, and Social Welfare: China's Automobile Market</a></i><br> <br> Discussant: Ying Fan, University of Michigan<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>4:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Sebastian <span class=SpellE>Heise</span>, </span>Federal Reserve Bank of New York<span style='mso-fareast-font-family:"Times New Roman"'><br> Justin Pierce, Federal Reserve Board<br> Georg <span class=SpellE>Schaur</span>, University of Tennessee<br> Peter Schott, Yale University and NBER<br> <i><a href="Heise_Pierce_Schaur_Schott.pdf">Trade Policy and the Structure of Supply Chains</a></i><br> <br> Discussant: Teresa Fort, Dartmouth College and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:35 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal>Shuttle Bus leaves NBER for Royal <span class=SpellE>Sonesta</span> Hotel<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>7:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Dinner at </span>Dante Restaurant (Royal <span class=SpellE>Sonesta</span> Hotel)<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family:"Times New Roman"'>Saturday, November 19<o:p></o:p></span></b></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle Bus leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER</p> </td> </tr> <tr style='mso-yfti-irow:25'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:15 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Continental Breakfast<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:26'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Russell Cooper, Pennsylvania State University and NBER<br> <span class=SpellE>Guozhong</span> Zhu, University of Alberta<br> <i><a href="Cooper_Zhu.pdf">Household Finance in China</a></i><br> <br> Discussant: <span class=SpellE>Mi</span> Luo, New York University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:27'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:28'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Markus <span class=SpellE>Brunnermeier</span>, Princeton University and NBER<br> Michael <span class=SpellE>Sockin</span>, University of Texas at Austin<br> Wei <span class=SpellE>Xiong</span>, Princeton University and NBER<br> <i><a href="Brunnermeier_Sockin_Xiong.pdf">China's Model of Managing the Financial System</a></i><br> <br> Discussant: <span class=SpellE>Haoxiang</span> Zhu, Massachusetts Institute of Technology and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:29;height:35.4pt'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt; height:35.4pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt;height:35.4pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:30'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:20 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Shadow Banking</span></b><span style='mso-fareast-font-family:"Times New Roman"'> (Two Papers)<br> <br> Viral Acharya, New York University and NBER<br> Jun Qian, Shanghai Advanced Institute of Finance<br> <span class=SpellE>Zhishu</span> Yang, Tsinghua University<br> <i><a href="Acharya_Qian_Yang.pdf">In the Shadow of Banks: Wealth Management Products and Issuing Banks Risk in China</a></i><br> <br> Discussant: <span class=SpellE>Kinda</span> <span class=SpellE>Hachem</span>, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:31'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'></td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Hao</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Wang, Tsinghua University<br> <span class=SpellE>Honglin</span> Wang, Hong Kong Institute for Monetary Research<br> <span class=SpellE>Lisheng</span> Wang, Chinese University of Hong Kong<br> <span class=SpellE>Hao</span> Zhou, Tsinghua University<br> <i><a href="Wang_Wang_Wang_Zhou.pdf">Shadow Banking: China's Dual-Track Interest Rate Liberalization</a></i><br> <br> Discussant: Hui Chen, Massachusetts Institute of Technology and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:32;mso-yfti-lastrow:yes'> <td width=164 valign=top style='width:123.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Light Lunch and Adjourn<o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-font-family:??;mso-fareast-language:ZH-CN'>**********<br> <br> <b>Instructions to the presenters and discussants:</b></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-layout-grid-align:none;text-autospace:none'><span style='mso-fareast-font-family: ??;mso-fareast-language:ZH-CN'>25 minutes per paper presentation.</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-layout-grid-align:none;text-autospace:none'><span style='mso-fareast-font-family: ??;mso-fareast-language:ZH-CN'>15 minutes of discussion (the discussant could skip a summary of the paper if it is not a new way of looking at the issue).</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-layout-grid-align:none;text-autospace:none'><span style='mso-fareast-font-family: ??;mso-fareast-language:ZH-CN'>Balance of the time: general discussion.</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>