In the next 20 years, the middle class in Asia is projected to swell from 600 million to 3.2 billion.  If managed successfully, this could not merely be the single largest reduction in poverty in human history, but it could also substantially improve the fortunes of many non-Asian nations, especially the U.S.   Ambassador Bleich’s remarks will discuss the planning of America’s economic, diplomatic, and security rebalance to Asia, its progress to date, and the challenges that will ultimately determine whether Asia rises peacefully and successfully or whether it fails to meet its promise or worse.  Ambassador Bleich will address in particular the choice of Australia as the focal point for the rebalance, and how the U.S. alliance with Australia and leveraging of that relationship with other allies and partners in Southeast Asia are critical elements of ensuring a successful Indo-Pacific century.

Ambassador Jeffrey Bleich served as United States Ambassador to Australia from 2009-2013. His tenure in Australia was marked by a commitment to expanding Australia and the United States’ broad alliance by promoting security, advancing free trade, promoting human rights and expanding collaboration in education, space, energy and technology. He recently received the State Department's highest award for a non-career ambassador, the Sue Cobb Prize for Exemplary Diplomatic Service. Immediately prior to his nomination for ambassador in 2009, Ambassador Bleich served as Special Counsel to President Obama in the White House.

Ambassador Bleich recently rejoined Munger Tolles & Olson as a partner resident in the San Francisco office and will focus on international and domestic litigation and counseling, with a particular focus on privacy and data security, investigations, trade and cross-border disputes.

Ambassador Bleich received his law degree in 1989 from the University of California at Berkeley, Boalt Hall School of Law, where he was editor-in-chief of the California Law Review and Order of the Coif. He graduated from Amherst College magna cum laude with a B.A. in political science and holds a masters degree from Harvard University’s School of Government. He has also been awarded honorary doctorates from both U.S. and Australian universities.

As in the United States, over the decades Korean domestic politics developed in dynamic ways that helped to shape the country’s foreign policy. In particular, Korea-U.S. relations have been influenced by changing political environments in both countries. Seoul and Washington have come to learn through hard experience that the domestic dimensions of foreign policy cannot be ignored if the alliance is to be managed well and unnecessary conflicts avoided. On the divided Korean Peninsula, North Korea continues to pose the primary challenge to the alliance, and in the eyes of South Koreans the achievement of Korean unification may be the ultimate test of the Korea-U.S. alliance. Few people are as qualified to address these complex issues as Dr. Jin Park, a former three-term member of the National Assembly, where he served as Chairman of the Foreign Affairs, Trade and National Unification Committee.

Dr. Jin Park is currently Chair Professor at the Graduate School of International and Area Studies, Hankuk University of Foreign Studies. He is also working as the Executive President of Asia Future Institute, an independent policy think-tank. The purpose of the institute is to research on the future development of Asia and to promote Korea’s role in the region. Dr. Park served in the 16th, 17th, and 18th Sessions of the National Assembly, representing the Grand National Party (renamed to Saenuri Party) in the central Jongno District in Seoul. While in politics, he served as the Chairman of Foreign Affairs, Trade and National Unification Committee of the National Assembly between 2008-2010. He graduated from the College of Law, Seoul National University, Kennedy School of Government at Harvard University, New York University Law School and received a doctorate degree in politics from St. Antony’s College, Oxford University. He is the Vice President of Korea-America Association, a member of the New York State Bar, and is a regular member of the Seoul Forum for International Affairs. Dr. Park received Honorary Commander of the Most Excellent Order of the British Empire (CBE) from Queen Elizabeth II. He speaks Korean, English, Japanese, and conversational Chinese.

SCID and SCP present a special seminar with Professor Xiaonian Xu

The Chinese economy has grown so fast and for so long. But the “miracle” has started fading in recent years.  Why?  Prof. Xu argues that the reform era can be divided into two fundamentally different phases.  Phase I, from 1978 to the mid-1990s, is characterized by market-oriented reforms, whereas Phase II, from the mid-1990s onward, is dominated by government-led investment and interventions. Though China’s growth performance looks identical in numbers over the two phases, the source of growth has changed from efficiency gains to increased use of resources. Phase II growth is thus unsustainable, and worse, it has brought about structural distortions that severely undermine the economy’s growth potential. To maintain growth even at a moderate level, China needs to go beyond what the leadership has promised and planned.

Dr. Xiaonian Xu is Professor of Economics and Finance at CEIBS. He worked for China International Capital Corporation Limited (CICC) since 1999 as Managing Director and Head of Research. The research team under Dr. Xu was ranked No. 1 in 2002 among domestic brokerage firms by Chinese institutional investors. And Dr. Xu himself was voted in the same survey as the best in economics research. Prior to CICC, Dr. Xu was Senior Economist with Merrill Lynch Asia Pacific based in Hong Kong from 1997 to 1998. He worked as a consultant of the World Bank in Washington DC in 1996. Dr. Xu was appointed Assistant Professor of Amherst College, Massachusetts, from 1991 to 1995, teaching Economics and Financial Markets. He was employed by the State Development Research Center of China as a research fellow from 1981 to 1985.
 
Dr. Xu obtained Ph.D. in Economics, University of California, Davis, in 1991, and MA in Industrial Economics in 1981 from People's University of China . He received Sun Yefang Economics Prize in 1996, the highest Chinese award in the field, for his research on China 's capital markets. His research interests include: Macroeconomics, Finance, Financial Institutions and Financial Markets, Transitional Economies, and China 's Economic Reform. Dr. Xu is the recipient of the 2005 and 2006 CEIBS Teaching Excellence Award. Dr. Xu received the prestigious CEIBS Medal for Teaching Excellence in 2010. 

Financial reform is one of the key priorities identified at the Third Plenum in November while state-owned enterprises got little mention.  But will financial reform possibly lead to a fundamental reform of state-owned companies?

Nicholas R. Lardy, Anthony M. Solomon Senior Fellow, joined the Peterson Institute for International Economics in March 2003. Previously, he was a senior fellow in the Foreign Policy Studies Program from 1995 until 2003. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on Asia, especially the Chinese economy.

Lardy is a member of the Council on Foreign Relations and is a member of the editorial boards of the China Quarterly, Journal of Asian Business,China Review, and China Economic Review. He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics.

This event is co-sponsored with CEAS and is part of the China under Xi Jinping series.

A year has passed since the Japanese government embarked on the new economic policy package called “Abenomics” with three “arrows”: aggressive monetary easing, flexible fiscal policy, and a growth strategy. The package is designed to bring the Japanese economy out of 20 years of stagnation and 15 years of deflation, and put it on a sustainable growth path. How effective has the policy package been during the first year of the Abe administration?  Will it succeed in bringing sustainable growth to Japan?  Professor Takatoshi Ito, a prominent expert on the Japanese economy, tackles these questions.

Takatoshi Ito, Professor at Faculty of Economics and Dean of Graduate School of Public
Policy, University of Tokyo, has taught extensively both in the United States and Japan,
including at University of Minnesota, Hitotsubashi University, and Harvard University.
He held visiting professor positions at Harvard University (1986-87 and 1992-94), Stanford
University (as National Fellow; 1984-85); Columbia Business School (fall semester, 2009),
and Tun Ismail Ali Chair Professor at University of Malaya (summer semester, 2008). His
public sector experiences include Senior Advisor in the Research Department, IMF
(1994-97); Deputy Vice Minister for International Affaires at Ministry of Finance
(1999-2001); and a member of the Prime Minister’s Council of Economic and Fiscal
Policy (2006-08). He is an author of many books including The Japanese Economy (MIT
Press), The Political Economy of the Japanese Monetary Policy (MIT Press), and
Financial Policy and Central Banking in Japan (MIT Press), and more than 50
refereed academic journal articles on international finance and the Japanese economy,
including ones in American Economic Review and Econometrica. He has distinguished
academic and research appointments such as President of the Japanese Economic
Association in 2004; Fellow of Econometric Society, since 1992; Research Associate at
National Bureau of Economic Research since 1985; and Faculty Fellow, Centre for
Economic Policy Research, since 2006. His research interest includes capital flows and
currency crises, microstructures of the foreign exchange rates, and inflation targeting. He
contributes frequently op-ed columns and articles to Financial Times, Nihon Keizai Shinbun,
Mainichi Shinbun, and Toyo Keizai Weekly.

Abstract: I examine how the shift from an exam to a district based high school assignment rule impacts intergenerational mobility and residential inequality. A stylized model predicts that under district assignment, household income relative to one’s ability becomes a stronger predictor of achievement, and higher income households sort towards and increase housing prices in the better school districts. I test predictions utilizing a unique policy change from South Korea in the 1970s. High school admission had traditionally been exam based in South Korea. However, between 1974 and 1980 the central government shifted several cities to a school district based system. I find that the reform increased intergenerational income elasticity from 0.15 to 0.31, and that higher income households migrated to the reform cities. I next examine whether school districting altered residential land prices within a city using a first differenced boundary discontinuity design. By focusing on the immediate years before and after the creation of school districts in Seoul, I find that residential land prices increased by about 13% point more on average and by about 26% point across boundaries in the better school district. In sum, I find that the shift from a merit to a location based student assignment rule decreases intergenerational mobility and increases residential inequality.

Professor Lee's research intersects the fields of economic development, political economy, urban economics and public economics, and regionally focuses on Korea and East Asia. Some of his recent research on Korea examines the impact of economic sanctions on the urban elites in North Korea and the impact of education policy on intergenerational mobility in South Korea. His research also examines entrepreneurship and urban growth, the efficacy of disaster aid delivery, and the relationship between aid and trade. Professor Lee is a member of the US-Korea Scholar-Policymaker Nexus Program organized by the Mansfield Foundation and the Korea Foundation. He received his PhD in economics from Brown University, master of public policy from Duke University, and bachelor degree in architecture from Seoul National University. As he made the transition from architecture to economics, he worked as an architecture designer and real estate development consultant.

Korea is one of the leading countries in technology-driven global markets for semiconductors, HDTVs, and mobile phones; and in shipbuilding industry, but Korea has already faced challenges in its global markets.

Dr. Dongwook Lee, 2013 Visiting Scholar in Korean Studies, will discuss Korea's industrial convergence policies that would help Park administration achieve its national agenda, a creative economy.

Dr. Lee is Director General at the Ministry of Trade, Industry and Energy in Korea, and has served as a government official for the past twenty-two years. He led and took part in developing industrial convergence policies and laws. Dr. Lee holds a BA in business administration from Yonsei University, an MA in public administration from Seoul National University, and a PhD in economics from Konkuk University, in Korea.