With a population of 1.4 billion people in the midst of industrialization and urbanization, the role of China in tackling climate change will be critical to the success of human species in facing up to the world's greatest existential challenge. Based on the newly published book -- Climate Mitigation and Adaptation in China: Policy, Technology and Market, FU Jun will discuss the parameters, policies and prospects of China's role in meeting the global crisis. In particular, in light of the country's regional heterogeneity and aided by simulation modeling, he will discern the philosophical nuances between particular justice and general justice in Chinese strategic thinking toward equitable, inclusive and sustainable growth, and focus on how different sets of technologies -- low carbon, zero carbon, negative carbon, as well as institutional technology -- will likely configure in an adaptive and dynamic fashion in China's pathways toward carbon peak prior to 2030 and carbon neutrality by 2060, and with implications for green financing and international cooperation.

FU Jun is Professor of Political Economy and Public Policy at Peking University. He has authored, co-authored, and edited five books, including Institutions and Investments (Studies in International Economics, The University of Michigan Press), Pathways to Prosperity: A China Narrative in Metaheuristic Growth Theory (in Chinese, Peking University Press), and Climate Mitigation and Adaptation in China: Policy, Technology, and Market (Springer Nature). Graduated with Ph.D. from Harvard University, he is the first Chinese national to have been elected as Foreign Academician in 2020, together with Anthony Giddens and Jurgen Harbermas, by the Bologna Academy of Sciences in its time-honored history.  Inter alia, he has been an invited reviewer for PNAS, served on the 11-Member Visiting Committee for Area Studies and International Programs across Harvard University, and on the Advisory Board of Economia Politica. Outside academia, he has served as Member of the Listing Committee of Shenzhen Stock Exchange, Executive Board Member of SOS Village (China), Vice Chair with A. Michael Spence as Chair of the World Economic Forum’s Global Agenda Council on New Growth Models, Board Member of Peking University Educational Foundation, and Advisor to the Chairman of the Executive Council of UNESCO.

This event is co-sponsored by Stanford Center at Peking University

This is a virtual event. Please click here to register and generate a link to the talk. 
The link will be unique to you; please save it and do not share with others.

 

The fundamental reason for the extreme leverage today in China’s banks, enterprises and the state itself is found in the decentralized fiscal arrangements of highly self-reliant local governments. This problem has been compounded by the excessive stimulus lending over the past decade. As a result Beijing has promoted the creation of an extensive shadow banking system designed to protect the stability of the major state banks. Stepping back this has led to the state’s growing leverage. This presentation focuses on the impact of the shadow banking system on the state’s finances and compares the costs of China’s response to the global financial crisis with the US response.

Carl Walter joins the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) as visiting scholar with the China Program for the 2021-2022 academic year. Prior to coming to APARC, he served as independent, non-executive Director at the China Construction Bank. He was also previously a visiting scholar with APARC during the winter and spring terms of the 2012–13 academic year after a career in banking spent largely in China. 

His research interests focus on China's financial system and its impact on financial and political organizations. During his time at Shorenstein APARC Walter will continue his book project on how fiscal reforms in China have impacted the banking system, the overall economy and the prospect for financial reform going forward. Walter has contributed articles to publications including Caijing, the Wall Street Journal and the China Quarterly. He is also the co-author of Red Capitalism: The Fragile Financial Foundations of China's Extraordinary Rise (2012) and Privatizing China: Inside China's Stock Markets (2005).

Walter lived and worked in Beijing from 1991 to 2011, first as an investment banker involved in the earliest SOE restructurings and overseas public listings, then as chief operation officer of China's first joint venture investment bank, China International Capital Corporation. Over the last ten years he was JPMorgan's China chief operating officer as well as chief executive officer of its China banking subsidiary.

Walter holds a PhD in political science from Stanford University, a certificate of advanced study from Peking University and a BA in Russian Studies from Princeton University.

 

---

This event is part of the 2022 Winter webinar series, The Future of China's Economy, sponsored by the APARC China Program.

 

This is a virtual event. Please click here to register and generate a link to the talk. 
The link will be unique to you; please save it and do not share with others.

 

In China, market institutions are still being developed and private owned enterprises need help to overcome obstacles arising from the imperfection of market institutions. Such help can come from various levels of the government or state-owned enterprises. It is believed that such help is more likely if a major shareholder of the private enterprise has formed a joint venture with a state shareholder, either directly or indirectly. In this talk, Bai Chong-en will discuss ownership connections among state and private investors (ultimate shareholders) and their changes overtime. He will also examine the relationship between the degree of such connection and some important characteristics of the investors. His model suggests that such connections have played an important role in the growth of the private sector. 

BAI Chong-En is the Mansfield Freeman Chair Professor and dean of the School of Economics and Management of Tsinghua University. He is also the director of both the National Institute for Fiscal Studies of Tsinghua University and the Institute for State-Owned Enterprises of Tsinghua University. He earned his PhD degree in economics from Harvard University. His research areas include institutional economics, economic growth and development, public economics, finance, corporate governance, and Chinese economy.

BAI is a member of the National Committee of the Chinese People’s Political Consultative Conference, the “14th Five-Year Plan” National Development Planning Expert Committee, the Chinese Economists 50 Forum, the China Finance 40 Forum, and Chinainfo 100. He was a member of the monetary policy committee of the People’s Bank of China from 2015 to 2018. He served as Adjunct Vice-President of Beijing State-Owned Assets Management Co., Ltd. from August 2011 to December 2012. He was a non-resident senior fellow of the Brookings Institution from 2006 to 2007.

 

---

This event is part of the 2022 Winter webinar series, The Future of China's Economy, sponsored by the APARC China Program.

 

This is a virtual event. Please click here to register and generate a link to the talk. 
The link will be unique to you; please save it and do not share with others.

 

At the end of 2021 China Evergrande Group—one of China’s biggest property developers—finally defaulted on its bonds. The default didn’t spark a Lehman Moment—as widely prophesied—or any significant market upheaval, but it’s increasingly clear that Evergrande’s problems mark the start of a momentous shift in how China’s economy grows. Over the past 18 months, Beijing has induced a slowdown of the property sector with the goal of better ensuring financial sector stability and the sustainability of property sector growth. However, it has resulted in defaults, restructuring, and consolidation among China’s largest developers, and has implication for local government finance and the pace of economic growth. This talk will discuss the challenges posed by Evergrande’s decline and imminent restructuring, what Beijing is trying to achieve by reining in the property sector, and what risks are involved.

 

Dinny McMahon is the author of “China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle,” a ground up look at the mechanics of China’s political economy, which he wrote while a fellow at the Woodrow Wilson Center for International Scholars. He later moved to MacroPolo, the Paulson Institute’s think tank in Chicago, where he researched China’s efforts to clean up its financial system. Dinny started his career as a financial journalist in China, spending six years in Beijing with The Wall Street Journal, and four years with Dow Jones Newswires in Shanghai, where he also contributed to the Far Eastern Economic Review. Dinny is currently working on a project for the Wilson Center on China’s efforts to reduce its reliance on the US dollar. He also provides independent research on China’s financial system for financial services firms.

 

---

This event is part of the 2022 Winter webinar series, The Future of China's Economy, sponsored by the APARC China Program.