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 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.

 

---

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 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

.

 

---

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.

 

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.

 

China’s rapidly growing local government debt problem has long been recognized by foreign observers as a risk, but inside China, only recently was this problem called out as alarming.  Why has local government debt been allowed to grow with little direct intervention from central authorities?  Based on a forthcoming paper, Oi will show how a “grand bargain” the central authorities entered into with the localities allowed Beijing to take the lion’s share of tax revenues after 1994, but also allowed localities to gain new resources and power as a quid pro quo.  While the bargain provided an expedient and seemingly successful strategy that worked for more than a decade to fuel rapid local state-led growth, it had significant costs that are now becoming increasingly visible.  Because land finance was the core means by which localities raised revenue, Oi also will help explain why the problems with property developers like Evergrande are so important to China’s future economy.   

Jean C. Oi is the William Haas Professor of Chinese Politics in the Department of Political Science and a senior fellow in the Freeman Spogli Institute for International Studies at Stanford University. She directs the China Program at the Walter H. Shorenstein Asia-Pacific Research Center and is the Lee Shau Kee Director of the Stanford Center at Peking University. Professor Oi has published extensively on China’s reforms. Recent books include Fateful Decisions: Choices That Will Shape China’s Future, co-edited with Thomas Fingar (Stanford University Press, 2020); Zouping Revisited: Adaptive Governance in a Chinese County, co-edited with Steven Goldstein (Stanford University Press, 2018); and Challenges in the Process of China’s Urbanization, co-edited with Karen Eggleston and Yiming Wang (2017). Current research is on fiscal reform and local government debt, continuing SOE reforms, and the Belt and Road Initiative.

 

---

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.

 

What is the relationship between internal development and integration into the global economy in developing countries? How and why do state–market relations differ? And do these differences matter in the post-Cold War era of global conflict and cooperation? Drawing on research in China, India, and Russia and examining sectors from textiles to telecommunications, Micro-Institutional Foundations of Capitalism introduces a new theory of sectoral pathways to globalization and development. Adopting a historical and comparative approach, Hsueh's Strategic Value Framework shows how state elites perceive the strategic value of sectors in response to internal and external pressures. Sectoral structures and organization of institutions further determine the role of the state in market coordination and property rights arrangements. The resultant dominant patterns of market governance vary by country and sector within country. These national configurations of sectoral models are the micro-institutional foundations of capitalism, which mediate globalization and development.

Roselyn Hsueh is an associate professor of political science at Temple University, where she co-directs the Certificate in Political Economy. She is the author of Micro-Institutional Foundations of Capitalism: Sectoral Pathways to Globalization in China, India, and Russia (Cambridge University Press, forthcoming, 2022), China’s Regulatory State: A New Strategy for Globalization (Cornell University Press, 2011), and scholarly articles on states and markets, comparative regulation and governance, and political economy of development. She is a frequent commentator on politics, finance and trade, and economic development in China and beyond. BBC World News, The Economist, Foreign Affairs, National Public Radio, and The Washington Post, among other media outlets, have featured her research. Prestigious fellowships, such as the Fulbright Global Scholar Award, have funded international fieldwork and she has served as a Visiting Scholar at the Institute of World Economics and Politics, Chinese Academy of Social Sciences. She holds a B.A. and Ph.D. in Political Science from the University of California, Berkeley.