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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 event will offer simultaneous translation between Japanese and English. 
当イベントは日本語と英語の同時通訳がついています。

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.
当イベントはZoomウェビナーで行われます。ウェビナーに参加するためには、こちらのリンクをクリックし、事前登録をして下さい。

March 1, 5-6:30 p.m. California time/ March 2, 10-11:30 a.m. Japan time

This event is part of the 2022 Japan Program Winter webinar series, The Future of Social Tech: U.S.-Japan Partnership in Advancing Technology and Innovation with Social Impact

 

The challenges of climate change require solutions on multiple fronts, one of which is technological innovation. Attempts for innovation for new energy sources have been ongoing in many parts of the world, and Japan has produced a number of new technologies. This session will focus on two of the most promising innovations coming out of Japan, biofuel and hydrogen energy, and assess their promises and challenges, highlighting technological, regulatory, and business aspects of developing new technologies. Where do these technologies fit in the energy portfolio that would address the issues of climate change and what can Japan and the United States do to collaboratively solve the key problems in advancing these technologies further? Three leading experts in the field will discuss these questions that would shape the future of climate change. 

 

Panelists

Mitsuru Izumo is a graduate of the University of Tokyo, having specialised in agricultural structural
management. In 2005, he established Euglena Co., Ltd. to harness the properties of microalgae
Euglena. Euglena Co., Ltd. became the world’s first biotechnology company that succeeded in the
outdoor mass cultivation of Euglena. Currently, Euglena Co., Ltd upholds “Sustainability First” as
their philosophy and has developed the manufacture and sale of foods and cosmetics as the
healthcare domain, the biofuel business, the bioinformatics business, and the social business in
Bangladesh by leveraging Euglena and other advanced technologies.

 

 

Eiji Ohira is the Director General of the New Energy and Industrial Technology Development Organization (NEDO)’s Fuel Cell and Hydrogen Technology Office In this capacity, he is responsible for the overall strategy, execution and coordination of NEDO’s research, development and demonstration project on fuel cell and hydrogen.

He has also coordinated fuel cell and hydrogen activities with international stakeholders, through International Energy Agency’s Technology Collaboration Program (IEA TCP: Advanced Fuel Cell & Hydrogen), and International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE). 

He joined the NEDO in 1992, just after graduation from the Tokyo University of Science. He served as a visiting scholar at the Massachusetts Institute of Technology in 1997-1998.

 

Moderator

Kate Hardin, Deloitte Executive Director for Energy and Industrials Research, has worked in the energy industry for 25 years.  She currently leads Deloitte research on the impact of the energy transition on the energy and industrial manufacturing sectors. Before that, Kate led integrated coverage of transportation decarbonization and the implications for the oil, gas, and power sectors.  Kate has also developed global energy research for institutional investors and has led analysis of Russian and European energy developments.  Kate recently served as an expert in residence at Yale’s Center for Business and Environment, and she is also a member of the Council on Foreign Relations.  

 

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

This event is co-sponsored by  Center for South Asia and is part of Shorenstein APARC's winter 2022 webinar series, New Frontiers: Technology, Politics, and Society in the Asia-Pacific

How does India’s democratic system foster or impede the country’s command of key technologies? Conversely, how can technology reinforce or undermine the health of Indian democracy? Technological expertise and democratic vitality are both widely viewed as central features of Indian national identity and sources of Indian national power. But technology and democracy interact in complex and sometimes surprising ways. This webinar will explore how the Indian state can harness technology, and how technology impacts its democratic credentials – especially with the emergence of revolutionary new technologies, and the continuing evolution of the Indian political landscape.

Speakers:
Arun Mohan Sukumar is a PhD candidate at The Fletcher School, Tufts University, and a pre-doctoral research fellow at Fletcher’s Centre for International Law and Governance. He previously headed the Cyber Initiative at the Observer Research Foundation, one of India’s biggest think-tanks. His first book, Midnight’s Machines: A Political History of Technology in India, won the Ramnath Goenka Award for Non-Fiction (2019) and was shortlisted for several other awards. Arun was previously a member of World Economic Forum’s Global Future Council on the Digital Economy and Society, and appointed by India’s National Security Advisor to a 'Study Group on Cyber Norms' that advised the Indian government on a national strategy towards the development and negotiation of global cybersecurity norms.

Julie Owono is the Executive Director of the Content Policy & Society Lab (CPSL) and a fellow of the Program on Democracy and the Internet (PDI) at Stanford University. She is also the Executive Director of digital rights organization Internet Sans Frontières, one of the inaugural members of the Facebook Oversight Board, and an affiliate at the Berkman Klein Center at Harvard University. She holds a Master’s degree in International Law from la Sorbonne University in Paris, and practiced as a lawyer at the Paris Bar. Julie is a member of the Global Partnership on AI (GPAI) created by France and Canada, as well as a member of the World Economic Forum’s Global Future Council on AI for Humanity, and of the WEF Council on the Connected World.

Arzan Tarapore, South Asia Research Scholar of APARC at Stanford University, will moderate the discussion.

This is a virtual event. Please click here to register and generate a link to the talk. 
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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.

 

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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.

 

Few aspects of society are being transformed by technology more than health and medical care, with health systems challenged to finance and deliver affordable access to a burgeoning array of technologies enabling longer, healthier lives. Three speakers will address different and complementary aspects of how several Asian health systems create, evaluate, and regulate transformative technologies. Dr. Masuda’s research probes policies governing domestic and cross-border control and sharing of genetic information for medical innovation. Dr. Ahn will discuss health technology assessment (HTA) for pricing and reimbursement decisions in South Korea, where there is a young yet established HTA program, compared to Japan, where a 3-year HTA pilot program has just concluded, and China, where HTA efforts are underway but have not been formally implemented. Finally, Dr. Ho will discuss the emergence of digital medicine enabling N-of-1 regimen design for patients. Truly individualizing patient treatment requires addressing a series of challenges, from dynamic patient response to treatment regimens, to accounting for drug synergies in combination therapies which can be dose-dependent, time-dependent, and patient-specific, such as in oncology. Dr. Ho will summarize several clinical studies aiming to increase accessibility to personalized, precision medicine while reducing healthcare costs.

Sachiko Masuda is a Visiting Scholar at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for the 2021-22 academic year and an Associate Professor at the University of Tokyo, Research Center for Advanced Science and Technology.  Masuda is dedicated to the study of legal systems, regulations, infrastructure and industrial structures necessary for advances in technology and a safer society, especially in the pharmaceutical and medical fields. At Shorenstein APARC, she is conducting a comparative Japan-U.S. study on "Human Genetic Information for Medical Innovation: Examining Policy Issues Related to Ensuring Domestic and Transnational Sharing and Management" supported by the ABE Fellowship Program of the Social Science Research Council. Masuda received a Ph.D. (specializing in intellectual property law) in 2006 and a B.S. in Pharmaceutical Sciences in 1997 from the University of Tokyo.

Dr. Jeonghoon Ahn is a full professor at the Ewha Womans University (Seoul, Korea) and an adjunct fellow at the National Evidence-based healthcare Collaborating Agency (NECA), Seoul, Korea. He is an expert on health technology assessment (HTA) and health economics. He worked 7 years in NECA and served in various decision making and advisory committees of public agencies such as the Health Insurance Review and Assessment Services (HIRA) and the Korean Centers for Disease Control (KCDC). Professor Ahn has graduated the Seoul National University Department of International Economics for undergraduate and master program. He also received a PhD in Economics from the University of Southern California (USC) and was an assistant professor of pharmaceutical economics and Policy at the USC. Dr. Ahn has served on many international professional organizations such as ISPOR, HTAi, INAHTA, and HTAsiaLink. He is the Chair of the ISPOR Asia Consortium (2020-2022) and was a president of ISPOR Korea Chapter (2012-2014). Dr. Ahn was elected as a board director of the Health Technology Assessment International (HTAi) (2014-2016) and a board director for the International Network of Agencies for Health Technology Assessment (INAHTA) for three times (2012-2016). He also contributed to form a regional Health Technology Assessment agency network, the HTAsiaLink (www.htasialink.org), along with other experts in the region.

Professor Dean Ho is currently Provost’s Chair Professor, Director of The N.1 Institute for Health (N.1), Director of The Institute for Digital Medicine (WisDM) and Head of the Department of Biomedical Engineering at the National University of Singapore. Prof. Ho and collaborators successfully developed and validated CURATE.AI, a powerful digital medicine platform that has optimized human treatment for broad indications ranging from oncology to infectious diseases. He co-led the first inhuman clinical trials that have resulted in completely halted disease progression and durable patient responses that substantially outperformed standard of care approaches. Prof. Ho is a Fellow of the US National Academy of Inventors (NAI), the American Institute for Medical and Biological Engineering (AIMBE), and the Royal Society of Chemistry. He was also recently named to the HIMSS Future50 Class of 2021 for his internationally-recognised leadership in digital health. His discoveries have been featured on CNN, The Economist, National Geographic, Forbes, Washington Post, NPR and other international news outlets. Prof. Ho is also a Subgroup Lead in the World Health Organization (WHO)-ITU AI for Health Working Group for Regulatory Considerations. Prof. Ho is a recipient of the Tech Heroes from Crisis Pathfinder Award from the Singapore Computer Society, NSF CAREER Award, Wallace H. Coulter Foundation Translational Research Award, and V Foundation for Cancer Research Scholar Award, among others. He has also served as the President of the Board of Directors of the Society for Laboratory Automation and Screening (SLAS), a 26,000+ member global drug development organization.

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

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.

 

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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.