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The Korea Foundation, a long-time friend and supporter of Shorenstein APARC and the Korean Studies Program, is the publisher of Korea Focus, an English-language journal that examines current affairs in Korea. In addition to translations of articles and editorials from leading Korean newspapers, Korea Focus offers a scholarly perspective on politics, economics, society, and culture. It also regularly provides in-depth interviews, book reviews, and feature stories. Korea Focus is published monthly as a webzine and quarterly as a print journal, and both versions are offered free-of-charge online.
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What will the 21st century be like? Should human beings expect the worst-or the best? After addressing these questions, Dr. Djalal will recommend what nations and individuals must do, in his view, to adapt to what promises to be an amazing period in human history.

Dr. Djalal is an author, activist, film producer, former presidential adviser, and Indonesia's new ambassador to the United States. He will speak at Stanford fresh from the November 2010 summit between Indonesian President Yudhoyono and US President Obama in Jakarta. Since September Dr. Djalal has been his country's ambassador to the US, arguably the youngest Indonesian ever to hold that position. He has published widely on topics ranging from foreign policy to leadership skills. From 2004 to 2010 he was President Yudhoyono's top staff adviser, speech-writer, and spokesperson on foreign affairs. His 2000 doctorate is from the London School of Economics and Political Science.

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H.E. Dr. Dino Patti Djalal Ambassador of the Republic of Indonesia to the United States of America Speaker
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Beyond his childhood ties to Hawai'i and Indonesia and his self-styled designation as "America's first Pacific President," President Barack Obama has demonstrated significant and genuine interest in Asia and in developing trans-Pacific ties. He embarked on November 5 for the second presidential visit to Asia during his term, and while there he will visit India, Indonesia, South Korea to attend the summit of the Group of 20 (G20), and finally to Japan to attend the annual heads of state meeting of the Asia-Pacific Economic Cooperation (APEC) conference. Secretary of State Hillary Clinton will travel a week ahead of Obama to attend the Association of Southeast Asian Nations (ASEAN) gathering and the East Asia Summit (EAS) in Vietnam, followed by visits to Malaysia, Papua New Guinea, New Zealand and Australia. Her trip will include an added-in stop to China's Hainan Island. To address major issues surrounding the President's trip to Asia--including the "China question" and historic U.S. bilateral alliances--four scholars from the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) gathered for a public panel discussion on October 27.

Thomas Fingar, Oksenberg/Rohlen Distinguished Fellow of the Freeman Spogli Institute for International Studies, spoke about the symbolic aspects of Obama's visit, noting the importance of a presidential visit for showing a sense of real commitment to the region and an acknowledgement of the "rise" of countries like China and India. On a more pragmatic side, he also suggested that meeting in person with other leaders is crucial in order to "bring about deliverables." The omission of a visit to China should not be weighed too heavily, Fingar said, pointing out that the President visited China last year. The stops in Japan and South Korea are tied to important multilateral meetings, though they will also reaffirm longstanding ties with those allies, while the visit to India is an indication of growing relations between the two countries. Of particular importance is Obama's participation in the G20 Summit in South Korea and the APEC meeting in Japan because, Fingar stated, a major purpose of the visit is about the "United States having a role in building new multilateral institutions." Finally, while much of the success of the Asia trip rests on how well Obama conducts himself, Fingar expressed confidence that the President would skillfully manage the visit.

During his visit to Indonesia, Obama will meet with Indonesia's President Susilo Bambang Yudhoyono for a bilateral discussion of such issues as economics, security, and higher education. Donald K. Emmerson, director of the Southeast Asia Forum, said that the postponement of earlier-planned visits to Indonesia has lessened some of the enthusiasm for Obama's "homecoming" to Jakarta. China's omission on the trip agenda is noteworthy, he suggested, and Clinton's addition of a stop in Hainan is due, in part, to help alleviate recent tension between the United States and China regarding China's claim of sovereignty over the South China Sea. Clinton's involvement in the EAS is an "important multilateral engagement" for the United States because of the presence of its ally Japan and the fact that the United States and China both have a voice there, unlike the ASEAN Plus Three meetings that do not include the United States. While in recent months the U.S.-China relationship has become more strained, Emmerson asserted that the "United States is not going to get into a cold war with China."

Obama will travel from Indonesia to South Korea for the G20 Summit, another major multilateral engagement during his travels. David Straub, associate director of the Korean Studies Program, described several significant aspects of this time in South Korea. While not technically an organization, Straub said, the Summit is an important forum for the discussion of economic stability and growth. Similar to Fingar, Straub noted the efficacy and significance of in-person meetings. The Summit provides an opportunity for world leaders to have face-to-face discussions on non-economic issues, such as North Korea's political situation. Straub suggested that President Lee Myung-bak's investment in the Summit is based, in part, on raising South Korea's global prestige, which is tied also to increasing the status of the G20 to become the premiere global financial organization. Finally, Straub stated that alongside the G20 meeting, Obama and Lee are expected discuss bilateral relations, which are at an all-time high, including the stalled U.S.-South Korea free trade agreement (Korus FTA). The FTA, which would be the most significant free trade agreement for the United States since NAFTA, has faced opposition and mixed support on both sides.

Obama's visit to India will be the third U.S. presidential visit there in the past decade, which is indicative of changing U.S. perceptions of India brought about through the IT boom and growing economic ties, suggested Daniel C. Sneider, associate director of research for Shorenstein APARC. Sneider pointed to a broader shared agenda despite a lack of clarity on some issues, such as Pakistan, and a focus on India as Asia's "other" growing economy. He stated that he would be watching for the United States and India to work together to emphasize India's role in East Asia, highlighted by India's participation in the EAS. India's Prime Minister Manmohan Singh has championed a "look east" policy and expressed stronger interest in East Asia, especially China. In terms of Obama's visit to the APEC heads of state conference in Japan, Sneider noted the importance of this trip also for the U.S.-Japan alliance. The newly formed government of Prime Minister Naoto Kan has worked to ease tensions in the alliance and both countries hope to use the visit to bolster a more positive image of the alliance. Certain points of contention, like the move of the U.S. military base on Okinawa, have been put aside for the time being. Sneider stated that recent China-Japan tensions have also served to reinforce the importance of the relationship.

Events during Obama's Asia visit in the next two weeks will help to solidify or possibly call into question his image as the "Pacific President," and undoubtedly influence the role of the United States in Asia for the future.

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President Barack Obama and Secretary of State Hillary Clinton talk with Prime Minister Singh of India in the Cross Hall of the White House. November 24, 2009.
Official White House Photo by Pete Souza
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In the wake of the global financial crisis, some have dubbed China and the United States the G2, signifying their centrality in global economics and politics. Even so, the relationship between China and the United States is rife with new tensions. Trade and currency challenges persist, complicated by domestic politics and differing approaches to security issues.

In its annual conference to honor the memory of eminent China scholar Michel Oksenberg, Stanford's Shorenstein Asia-Pacific Research Center gathered distinguished policymakers and analysts to examine colliding—and overlapping—interests in U.S.-China relations.

The conference was kicked off by Jeffrey Bader, special assistant to the president and senior director for East Asian Affairs at the National Security Council, who began by exploring the possibility of productive, stable relations amid values that appear to differ vastly. In support of this idea, Bader pointed to successive American presidents, going back to Richard Nixon, who found points of commonality with China. China poses a different challenge today, he argued, than even a decade ago, as its influence has grown alongside its commercial and economic presence. The Obama administration, Bader explained, has sought China's support on key issues and pursued partnership within the context of a broader Asian policy. He concluded by saying that China's rise is not intrinsically incompatible with American interest, but that does not preclude ongoing competition.

A panel chaired by Jean C. Oi, director of the Stanford China Program, next looked at competition and cooperation in the U.S.-China economic relationship. Despite the dangers of speculative bubbles and weakened export markets, the prospects for sustained economic growth in China remain very good, argued Nicholas Lardy, senior fellow at the Peterson Institute for International Economics. Robert Kapp, former president of the U.S.-China Business Council, explored growing challenges facing American business in China, exemplified by recent clashes over Internet censorship. Despite the U.S.-China clash at the Copenhagen global climate conference, Stanford Law Professor Thomas Heller contended that behind the scenes global consensus on this issue has advanced.

Points of tension in the security relationship were the focus of a panel chaired by Amb. Michael H. Armacost, the Shorenstein Distinguished Fellow. China-Taiwan tensions have improved, but Smith College's Steve Goldstein cautioned that Taiwan's policies could shift again, particularly if the promised economic benefits of improved ties do not materialize. China and the United States must likewise manage challenging allies in North Korea and Japan respectively, said Alan Romberg, director of the East Asia Program at the Henry L. Stimson Center. Finally, the United States and China have both congruent and conflicting interests at stake in dealing with the situations in Iran and Pakistan, Stanford's Thomas Fingar, the Oksenberg/Rohlen Distinguished Fellow at FSI, told the gathering.

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Jean Oi, Director of the Stanford China Program, chairs the session about U.S.-China economic competition and cooperation.
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The Stanford China Program, in cooperation with the Center for East Asian Studies, will host a special series of seminars to examine China as a major political and economic actor on the world stage.  Over the course of the autumn and winter terms, leading scholars will examine China actions and policies in the new global political economy.  What is China's role in global governance?  What is the state of China's relations with its Asian neighbors?  Is China being more assertive both diplomatically as well as militarily?  Are economic interests shaping its foreign policies?  What role does China play amidst international conflicts? 

Seiichiro Takagi is a professor at the School of International Politics, Economics and Communication at the Aoyama Gakuin University in Tokyo, Japan and a Senior Visiting Fellow of the Japan Institute of International Affairs. He specializes in Chinese foreign relations and security issues in the Asia-Pacific region. Previously, he was the director of the Second Research Department, which was responsible for area studies, at the National Institute for Defense Studies in Tokyo. He also served on the Graduate School of Policy Science of Saitama University (which became the National Graduate Institute of Policy Studies) for over 20 years, and has been a guest scholar at The Brookings Institution and Beijing University. He serves on the Board of Directors of the Japan Association for International Security, and is a member of several other organizations, including the Japanese Committee, Council for Security Cooperation in Asia-Pacific (CSCAP); the Japan Association for International Relations; and the Japan Political Science Association. His recent publications in English include China Watching: Perspectives from Europe, Japan and the United States, 2007 and in Japanese The U.S.-China Relations: Structure and Dynamics in the Post-Cold War Era, 2007.. He earned a B.A. in international relations from the University of Tokyo, Japan, and an M.A. and Ph.D. from Stanford University, California.

This event is part of the China and the World series.

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Seiichiro Takagi Professor Speaker School of International Politics, Economics, and Business, Aoyama Gakuin University, Tokyo
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In an emerging economy like China's, institutions are not yet institutions. They are often the playthings of politics and bureaucratic rivalries. China's banking system is a case in point.  Since 1949, banks have bounced around China's institutional landscape as the government tried out first one then another banking model.  This mattered little to the outside world until the last decade when reform brought banks to the international capital markets in search of massive amounts of new capital.  This did not, however, stop institutional in-fighting.  It spread so that today the domestic struggle over bank roles, responsibilities and ownership has expanded to involve international markets, investors, regulators and the reputations of market professionals at a growing cost to the Chinese government and to the banks themselves.

Carl Walter brings to JPMorgan over 20 years of professional experience in a number of senior banking positions across Asia and primarily in China.  Currently Mr. Walter is Managing Director, JPMorgan China.

Prior to joining JPMorgan, Mr. Walter was a Managing Director and a member of the Management Committee at China International Capital Corporation ("CICC"), a joint venture of Morgan Stanley and China Construction Bank. He played a key role in the execution of CICC's international and domestic equity and fixed income transactions. 

While at Credit Suisse First Boston Mr. Walter was responsible for organizing the firm's China investment banking team and established its Beijing Representative Office in 1993 serving as Chief Representative. During this time, he was involved in a number of significant equity and debt offerings. 

A fluent Mandarin speaker, Mr. Walter received an MA in economics at Beijing University in 1979-80 supported by a grant from National Academy of Science. He received his PhD in Political Science from Stanford University in 1981 and earned his BA from Princeton University. He is also the author of "Privatizing China: Inside China's Stock Markets" which has been published in a Chinese edition "Minyinghua zai Zhongguo".

This event is part of the China and the World series.

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Shorenstein APARC Encina Hall Stanford University
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Visiting Scholar at APARC, 2021-2022
Visiting Scholar at APARC, 2012-2013
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Carl Walter joined 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.

Carl Walter Managing Director Speaker JPMorgan China
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