Over the past 35 years of the reform period Beijing has tried to make its state-owned enterprises more efficient and competitive. In the early 1990s it adopted a strategy modeled closely on the Western corporation and the equity and debt capital markets that support its operations. But China's big SOEs have demonstrated more and more independence despite outright economic and ownership control by the government and the Communist Party. And this independence has not led to greater efficiencies or, arguably, even competitiveness. Instead the National Champions represent monopolistic economic and political power. Today China's new leadership confronts the National Champions seeking to regain control over the state's principal assets. How did this happen and what can be done to reassert Beijing's rights?  

Carl E. Walter worked in China and its financial sector for over 20 years and actively participated in many of the country’s financial reform efforts. While at Credit Suisse First Boston he played a major role in China’s groundbreaking first overseas IPO in 1992. Later at Morgan Stanley he was a member of senior management at China International Capital Corporation, China’s first and most successful investment bank. While there he supported a number of groundbreaking domestic and international stock and bond underwritings for major Chinese corporations. More recently at JPMorgan he was China Chief Operating Officer and Chief Executive Officer of its China banking subsidiary. During this time Carl helped build a pioneering domestic security, risk and currency trading operation. In his spare time he enjoyed driving his Jeep to distant provinces.

A long time resident of Beijing before his recent return to the United States, Carl is fluent in Mandarin and holds a PhD from Stanford University and a graduate certificate from Peking University. In Spring 2013, Carl returned to Stanford as a visiting scholar at the Shorenstein-Asia Pacific Research Center, FSI. He is the co-author of Red Capitalism: the fragile financial foundations of China’s extraordinary rise, which has been published in Chinese in China. His earlier book, Privatizing China: inside China’s stock markets, was also published in China and, like Red Capitalism, contributed to the government’s policy debate.

This event is co-sponsored with CEAS and is part of the China under Xi Jinping series.

Co-sponsored by the Center of East Asian Studies, Stanford University

Prominent health policy expert—Rachel Lu from Taiwan—will share her view on recent health policy developments in the region, drawing on her extensive research and policy background.

Jui-fen Rachel Lu, Sc.D., is a Professor in the Department of Health Care Management, at Chang Gung University (CGU) in Taiwan, where she teaches comparative health systems, health economics, and health care financing and has served as department chair (2000-2004), Associate Dean (2009-2010) and Dean of College of Management (2010-2013).  She earned her B.S. from National Taiwan University, and her M.S. and Sc.D. from Harvard University, and she was also a Takemi Fellow at Harvard (2004-2005) and is an Honorary Professor at Hong Kong University (2007-2014), a guest professor at Huazhong University of Science and Technology (2010-2013), and an adjunct professor at Xi’an Jiaotong University (2011-2014) in China.  Her devotion to teaching driven by her firm belief in the value of education and investment in human minds was recognized by the Award of Excellence in Teaching conferred by CGU in both 2002 and 2013.

Her research focuses on 1) the equity issues of the health care system; 2) impact of the NHI program on health care market and household consumption patterns; 3) comparative health systems in Asia-Pacific region.  She is a long-time and active member of Equitap (Equity in Asia-Pacific Health Systems) research network and is currently the coordinator for the catastrophic payment component of Equitap II research project which involves 21 country teams and is jointly funded by IDRC, AusAID, and ADB.  Professor Lu has also been appointed to serve as a member on various government committees dealing with health care issues in Taiwan, such as National Health Insurance Supervisory Committee (DOH), Hospital Management Committee(DOH), and Hospital Global Budget Payment Committee (BNHI), etc.  Dr. Lu received the Minister Wang Jin Naw Memorial Award for Best Paper in Health Care Management presented by Kimma Chang Foundation in 2002 and was the recipient of IBM Faculty Award in 2009.  She has published papers in Health Affairs, Medical Care, Journal of Health Economics, Health Economics, Social Science and Medicine, Health Economics, Policy and Law, Osteoporosis International, Health and Quality of Life Outcomes, and Taiwan Economic Review etc, and is the author of “Health Economics”(a textbook in Chinese) and various book chapters.