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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, managing director at JPMorgan China, will offer insight into China's banking system at a public seminar on November 1, 2010, part of the China in the World series co-sponsored by the Stanford China Program and the Center for East Asian Studies.
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The speaker says that restoration of Cheonggye stream in downtown Seoul is arguably the most prestigious and controversial construction project in Korea today. Since its reopening in 2005 after having been buried for half a century, the stream site has become an important leisure place for the urban populace. It has also become an icon of greener Seoul in it’s quest for a global city status. In the meantime, the stream project also actively mobilized the discourses of national identity restoration, heritage and "people."  This talk is about the ideology and the representation of Cheonggye stream. It will focus on how the stream project seeks to revive a sense of the shared past as a galvanizing force in what is after all divisive transformations in the new urban economy of contemporary Korea. The speaker aims to show how the stream restoration represents an important shift in the mode of governing the urban population.

Dr. Hong Kal is Associate Professor of Art History at the department of Visual Arts, York University.  Her research explores the politics of a visual spectacle in twentieth-century Korea.  She is the author of Aesthetic Constructions of Korean Nationalism (Routledge, forthcoming).  She was a postdoctoral research fellow at the Asia-Pacific Research Center in 2003-2005.

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Hong Kal Associate Professor, Asian Art History, York University Speaker
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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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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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"North Korea is a real country with real people getting on with their lives," said John Everard, former British ambassador to North Korea, to a full-house audience at a Korean Studies Program (KSP) lunchtime seminar on October 8, 2010. In his introduction of Everard, David Straub, KSP's associate director, noted the lack of reliable information about North Korea. Official government information is limited and everyday life is perhaps even less understood. Everard, who served in North Korea from 2006-2008, offered a firsthand perspective of ordinary people living inside North Korea, giving a very human dimension to a country often regarded only as a closed military state.

The darker side of life in North Korea is poverty, which is more acute now than in earlier decades. Everard stated that North Korea was ahead of South Korea economically until the 1970s and that the universal healthcare system put in place by Kim Il-sung was initially effective. The World Health Organization now provides most medical care in North Korea. Agriculture, once mechanized, has largely reverted to animal power and hunger, though not at famine level as it was in the 1990s, is still a major issue.

Leisure and social time also play a part of life in North Korea. People in Pyongyang frequent coffee shops and throughout the country neighbors gather for lively games of chess. Everard explained that daily activities like talking with family and friends are just as much a part of life in North Korea as they are in other parts of the world.

A bigger difference in North Korean society is the degree to which piety to the leading regime and service to the government is significantly integrated into life. Newly married couples, for example, will wear badges bearing images of Kim Il-sung pinned to their formal wedding clothes and lay flowers before a statue of the deceased leader. More than such customs though, Everard noted, North Korea's military service requirement has the biggest impact on people. Not only is the duration of eight to ten years significantly longer than the required one to two years of most countries, military life is also very strenuous.

Social attitudes in North Korea are changing, as are attitudes toward the outside world. Employees from North Korea now work for South Korean companies within the successful Kaesong Industrial Zone, which opened in 2004. Foreign goods, such as clothing, have also made their way into North Korea. People, suggested Everard, are beginning to modestly aspire to own more material possessions, like bicycles, and to learn more about the customs and cultures of other parts of the world.

Everard spoke about North Korea's relations with other countries. China has a natural interest in the stability of North Korea-its neighbor to the northeast-for its own welfare and it therefore supports it economically and politically. Despite a large Russian Federation embassy in Pyongyang, relations with Russia are not as strong as they were with the old Soviet Union, Everard said. Although the United States is officially regarded as an aggressor and an enemy, most people Everard met with did not express animosity toward Americans. "There is an openness toward warm relations with Americans if political relations improve," he said.

Everard described the curiosity expressed by North Koreans who asked him about life in the United States-about everything ranging from music to social conditions. Audience members-from the United States, China, Japan, South Korea, and numerous other countries-asked him an equally broad range of questions, demonstrating that perhaps there is an equal amount of curiosity and willingness to connect both inside and outside of North Korea.


John Everard is KSP's 2010-2011 Pantech Fellow. The David Straub, generously funded by the Pantech Group of Korea, are intended to cultivate a diverse international community of scholars and professionals committed to and capable of grappling with challenges posed by developments in Korea.

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John Everard, 2010-2011 Pantech Fellow
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Between 1958 and 1962, China descended into hell." So opens Mao's Great Famine: A History of China's Most Devastating Catastrophe, Frank Dikötter's riveting and magnificently detailed chronicle of the Great Leap Forward. Using previously restricted archives, historian Dikötter reveals that under this initiative the country became the site not only of one of the most deadly mass killings of human history (at least 45 million people were worked, starved or beaten to death) but also the greatest demolition of real estate - and catastrophe for the natural environment - in human history, as up to a third of all housing was turned to rubble and the land savaged in the maniacal pursuit of steel and other industrial accomplishments. Piecing together both the vicious machinations in the corridors of power and the everyday experiences of ordinary people, Dikötter at last gives voice to the dead and disenfranchised.

Frank Dikötter is Chair Professor of Humanities at the University of Hong Kong and Professor of the Modern History of China on leave from the School of Oriental and African Studies, University of London. He has published nine books on  modern China, from the classic The Discourse of Race in Modern China(1992) to China before Mao: The Age of Openness (2007). 

**Books will be available for purchase during this event.**

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Frank Dikotter Professor of the Modern History of China Speaker School of Oriental and African Studies, University of London
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Stanford University seeks candidates for a senior faculty position whose teaching and research are focused on contemporary Japan. The position may be either a freestanding appointment as a senior fellow in the Freeman Spogli Institute for International Studies (FSI), or a jointly held position between FSI and an academic department in the social sciences, or with either the School of Education or of Law. Interested applicants should submit their applications by November 30, 2010.
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Shorenstein APARC
Stanford University
Encina Hall, E331
Stanford, CA 94305-6055

(650) 724-5636 (650) 723-6530
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Peter Zeitz is a Stanford Shorenstein Fellow for the 2010-2011 academic year. He received his PhD in economics from the University of California at Los Angeles in 2010. Specializing in economic history and industrial organization, Zeitz's research interests include productivity change in Chinese industry during the twentieth century, the mechanics of international transfers of knowledge, and personnel economics. His doctoral research has focused on the effects of performance incentives on the productivity of Chinese state-owned enterprises, the transfer of textile technology to China prior to World War II, and the effects of trade in capital goods on productivity trends in Chinese industry. His research has been supported by the Fulbright program as well as grants from the National Science Foundation and the University of California Pacific Rim Program.

2010-2011 Shorenstein Fellow

Shorenstein APARC
Stanford University
Encina Hall, Room E301
Stanford, CA 94305-6055

(650) 862-7601 (650) 723-6530
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Huijun Liu is an associate professor in the Public Policy and Administration School, Xi'an Jiaotong University, China. She received her PhD in management science and engineering from Management School of Xi'an Jiaotong University. Her main areas of research focuses on gender imbalance, reproductive health, vulnerability and social support. Her current research focuses on how gender imbalance and migration amplify the risk of HIV transmission in Chinese transformation society.

Liu has published over twenty papers in Chinese academic journals, which was featured in China Soft Science, Population & Economics, Psychological Science Advance, Collection of Women's Studies and Modern Preventive Medicine.

2010-2011 Visiting Scholar
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