On March 23, 2014, “Financial System - Improve Efficiency of Resource Allocation” symposium was organized by the Department of Finance. Tsinghua SEM Dean QIAN Yingyi and Department of Finance Chair Michael R. Powers first gave welcoming remarks. The first roundtable discussion was hosted by the Freeman Professor of Tsinghua SEM and Director of Center for China in World Economy, Professor LI Daokui, the discussion was with the world famous economist, Professor Jeffrey Sachs from Columbia University, JP Morgan Chase International Chairman Dr. Jacob A. Frenkel, on the subject of sustainable development and education reform in China. Then it was followed by two academic lectures: Director of Foreign Exchange Business Center of the State Administration of Foreign Exchange gave a talk on China’s debt sustainability issues; Tsinghua SEM Department of Finance, Professor SONG Fengming shared his unique insights and research results on the reform of China's banking sector and the demand for talent. The last part is the roundtable discussions around the domestic macroeconomic situation and how to improve the economic efficiency of resource allocations. The discussion was led by Tsinghua SEM Department of Finance Professor HE Ping and panelists included senior economist of Federal Reserve Mr. LI Canlin, managing director of Hillhouse Capital and professors from Tsinghua SEM Department of Finance.