The Henan bank protest, the Evergrande crisis, and the ongoing local government debt issue in China all point to one thing: there’s something wrong with the country’s banking system. Beijing needs to better regulate the numerous small banks that are now intimately intertwined with much of China's economic challenges. 

They’re working on it, but there’s no easy solution.

Adam Y. Liu will tell us the origins of the dilemma, the increasing role of small banks in China and local development, and what tradeoffs China will likely have to make to prevent a run-away banking crisis.

Speaker

Adam Y. Liu is assistant professor at the Lee Kuan Yew School of Public Policy, National University of Singapore. His main research interests include Chinese politics and political economy. He is currently working on a book project that explores how central-local politics drove the formation, expansion, and operation of what he calls a "state-owned market" in China's banking sector. The project is based on his dissertation, which won the 2020 BRICS Economic Research Award. He received his Ph.D. in political science from Stanford University and was a postdoctoral associate with the Leitner Program in International and Comparative Political Economy at Yale University. 

This event is part of APARC’s 2022 Fall webinar series, Asian Perspectives on the US-China Competition.

With rising Sino-U.S. tensions, South Korea has increasingly been in a difficult position to choose policy decisions that may tilt it towards one hegemon or the other. The new Yoon Administration signaled its strengthened alliance with the U.S. by attending the NATO summit and joining the Indo-Pacific Economic Framework (IPEF), but there are concerns that such actions run the risks of potential economic backlash from China. With increasing tensions between the U.S. and China, what diplomatic and economic options are left for South Korea? How does the domestic political environment such as the rise of anti-China sentiments and the return of pro-alliance conservatives back to power influence South Korea’s outlook on international affairs? Former South Korean Foreign Minister Yu Myung Hwan, in conversation with Professor Gi-Wook Shin, will discuss the South Korean perspective on the rising U.S.-China rivalry.

 Myung Hwan Yu, former Minister of Foreign Affairs and Trade of South Korea, also served as Ambassador to Israel, Japan and Philippines, and as Minister of the Permanent Mission to UN. His experience extends across a broad range of issues in international relations including trade, security and nuclear negotiations with North Korea. After his retirement from the foreign ministry, Ambassador Yu was board chairman of the Sejong University in Seoul, visiting scholar in the Korea Program at APARC; and he is currently a senior advisor at Kim & Chang Law Office.

This event is made possible by generous support from the Korea Foundation and other friends of the Korea Program.

 

May 9, 5:00 p.m - 6:30 p.m. PT / May 10, 9:00 a.m. - 10:30 a.m. JT

Economic security has emerged as a key foreign policy issue in Japan in recent years. Arguably one of the most active players in this field, the Japanese government has developed a comprehensive policy on economic security that seeks to protect its economy from the vagaries of geopolitical disruptions. Recent legislative efforts have centered around supply chain risks, critical infrastructure, and sensitive technologies and patents. Prompted by risks associated with business with China and intensified further by Russia’s invasion of Ukraine, concerns about economic security require governments and businesses to adjust their reliance on market mechanisms in international trade and compel them to formulate new policies and frameworks that would address these concerns. Featuring two leading experts on economic security and trade in Japan and the United States, this panel will discuss what those new policies might look like and what roles the US-Japan alliance should play in building resilient economic frameworks that would mitigate the economic damages of geopolitical disruptions.

Panelists
 

 

Kazuto Suzuki is a Professor of Science and Technology Policy at the Graduate School of Public Policy at the University of Tokyo, Japan, and senior fellow of Asia Pacific Initiative (API), an independent policy think tank. He graduated from the Department of International Relations at Ritsumeikan University and received a Ph.D. from Sussex European Institute, University of Sussex, England. He has worked in the Fondation pour la recherche stratégique in Paris, France, as an assistant researcher, Associate Professor at the University of Tsukuba from 2000 to 2008, and served as a Professor of International Politics at Hokkaido University until 2020. He served as an expert in the Panel of Experts for the Iranian Sanction Committee under the United Nations Security Council from 2013 to July 2015. 

Suzuki currently serves as the President of the Japan Association of International Security and Trade. His research focuses on the conjunction of science & technology and international relations; subjects including space policy, non-proliferation, export control, and sanctions.  His recent work includes Space and International Politics (2011, in Japanese, awarded Suntory Prize for Social Sciences and Humanities), Policy Logics and Institutions of European Space Collaboration (2003), and many others.

 

 

Mireya Solís is director of the Center for East Asia Policy Studies, Philip Knight Chair in Japan Studies, and a senior fellow in the Foreign Policy program at Brookings. Prior to her arrival at Brookings, Solís was a tenured associate professor at American University’s School of International Service.

Solís is an expert on Japanese foreign economic policy, U.S.-Japan relations, international trade policy, and Asia-Pacific economic integration. She is the author of "Banking on Multinationals: Public Credit and the Export of Japanese Sunset Industries" (Stanford University Press, 2004) and co-editor of "Cross-Regional Trade Agreements: Understanding Permeated Regionalism in East Asia" (Springer, 2008) and "Competitive Regionalism: FTA Diffusion in the Pacific Rim" (Palgrave Macmillan, 2009). Her most recent book, “Dilemmas of a Trading Nation: Japan and the United States in the Evolving Asia-Pacific Order” (Brookings Press, 2017), offers a novel analysis of the complex tradeoffs Japan and the United States face in drafting trade policy that reconciles the goals of economic competitiveness, social legitimacy, and political viability. “Dilemmas of a Trading Nation” received the 2018 Masayoshi Ohira Memorial Award.

Moderator
 

 

Kiyoteru Tsutsui is the Henri H. and Tomoye Takahashi Professor, Professor of Sociology, Senior Fellow at the Freeman Spogli Institute for International Studies, and Deputy Director of the Walter H. Shorenstein Asia-Pacific Research Center, where he is also Director of the Japan Program. He is the author of Rights Make Might: Global Human Rights and Minority Social Movements in Japan (Oxford University Press, 2018), co-editor of Corporate Responsibility in a Globalizing World (Oxford University Press, 2016) and co-editor of The Courteous Power: Japan and Southeast Asia in the Indo-Pacific Era (University of Michigan Press, 2021). 

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.

 

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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.

 

Once considered incapable of innovation, China’s contribution to technological advancement has become impossible to ignore as it continues its historic rise. Now home to such tech giants as Alibaba, Tencent, and Huawei, China is competing in the global market. But what does this technological success mean in the context of China's internal and international politics, particularly its tense relationship with the United States? Will efforts to decouple help or hinder progress in tech? Can China’s educational system produce the next generation of innovators and propel them to the forefront of technology? What effects, if any, is the recent tightening on tech giants having on the sector at large? In this program, experts Denis Simon, Senior Adviser to the President for China Affairs at Duke, and Dan Wang, technology analyst for Gavekal Dragonomics, will be discussing the status and consequences of decoupling for the US and China and their technological sectors.  

 

Denis Fred Simon is Senior Adviser to the President for China Affairs at Duke and Professor of China Business and Technology at Duke's Fuqua School of Business.  He also serves as Executive Director of the Center for Innovation Policy at Duke.  Fluent in Mandarin Chinese, Simon has more than four decades of experience studying business, competition, innovation and technology strategy in China. In 2006, he was awarded the China National Friendship Award by Premier Wen Jiabao in Beijing.  Prior to returning to Duke, Dr. Simon served as Executive Vice Chancellor at Duke Kunshan University in China (2015-2020).  Simon’s career included spells as senior adviser on China and global affairs in the Office of the President at Arizona State University; vice-provost for international affairs at the University of Oregon; and professor of international affairs at Penn State University’s School of International Affairs. He also has had extensive leadership experience in management consulting having served as General Manager of Andersen Consulting in Beijing (now Accenture) and the Founding President of Monitor Group China.

Simon is the author of several books including Corporate Strategies Towards the Pacific Rim; Techno-Security in an Age of Globalization; and China’s Emerging Technological Edge: Assessing the Role of High-End Talent.

 

Dan Wang is the Shanghai-based technology analyst for Gavekal Dragonomics, the China economics research firm. He tracks the prospects for China's industrial policy, US regulatory measures and the activities of multinationals in China. He has given keynotes for a variety of organizations and his work is widely cited in the press. Dan previously worked in Silicon Valley and studied philosophy at the University of Rochester. Dan's essays have been published in Foreign Affairs, The Atlantic, New York Magazine, and he is a contributor to Bloomberg Opinion

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This event is part of the 2022 Winter webinar series, New Frontiers: Technology, Politics, and Society in the Asia-Pacific, sponsored by the Shorenstein Asia-Pacific Research Center.

 

 

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