As China's economy influences the U.S. economy and financial markets, understanding its trajectory and the forces that will shape it in the coming year offers unique insight into the U.S. and global economies. In a National Committee on U.S.-China Relations forum, Dr. Justin Lin Yifu, chief economist and vice president of the World Bank and founder of the China Center for Economic Research, speaks about the paradigm shift in the global growth economic model. Dr. Lin had recently defended the Chinese government's currency exchange rate policy against calls for the renminbi to appreciate against the dollar.
Following Dr. Lin, Dr. Qin Xiao, the chairman of the Chain Merchants Group, gives his perspective on China's economy. China Merchangs Group is one of China's largest and best-managed corporate conglamerates. The China Merchants Bank, a subsidiary, was rated No. 1 by the Wall Street Journal for leadership among all publicly-traded Chinese companies in 2009. Dr. Qin, who has a Ph.D. in economics from Cambridge University, had recently warned in the Financial Times that the stimulative loose monetary policy, if unchecked, may create asset bubbles in China.
The National Committee is a nonprofit, nonpartisan educational organization that encourages understanding of China and the United States among citizens of both countries. The National Committee's continuity of experience and depth of associations with senior officials and distinguished citizens of China and the United States make it a unique national resource. The National Committee focuses its exchange, educational, and policy programs on international relations, economic development and management, governance and legal affairs, environmental and other global concerns, mass communication, and education administration -- addressing these issues with respect to the People's Republic, Hong Kong SAR and Taiwan.
Dr. Xiao Qin
Dr. Qin Xiao received a PhD in economics from Cambridge University. He is chairman of China Merchants Group and China Merchants Bank. Dr. Qin served as an independent non-executive director of China Telecom and of HKR International Limited. He is a member of the 11th Chinese People's Political Consultative Conference and honorary chairman of the Hong Kong Chinese Entrepreneurs Association. He is also a guest professor at the School of Economics and Management of Tsinghua University and the Graduate School of the People's Bank of China.
Before joining China Merchants Group, Dr. Qin served as president and vice chairman of China International Trust and Investment Corporation (CITIC) and chairman of CITIC Industrial Bank. He was a deputy to the Ninth National People's Congress, an advisor on the Foreign Currency Policy of the State Administration of Foreign Exchange, and a member of the Toyota International Advisory Board. He also served as chairman of APEC Business Advisory council (ABAC) in 2001. Dr. Qin is the author of several books and papers on economics, management and social transformation.
Justin Yifu Lin
Justin Yifu Lin is World Bank Chief Economist and Senior Vice President. He took up his World Bank position on June 2, 2008, after serving for 15 years as Professor and Founding Director of the China Centre for Economic Research (CCER) at Peking University. He will remain on leave from Peking University during his World Bank tenure.
Mr. Lin received his PhD in economics from the University of Chicago in 1986 and is the author of 16 books, including The China Miracle: Development Strategy and Economic Reform, which has been published in seven languages, and State-owned Enterprise Reform in China, which is available in Chinese, Japanese, and English. He has published more than 100 articles in refereed international journals and collected volumes on history, development, and transition.
He was awarded the 1993 and 2001 Sun Yefang Prize (the highest honor for economists in China), the 1993 Policy Article Prize of Centre for International Food and Agricultural Policy at University of Minnesota, the 1997 Sir John Crawford Award of the Australian Agricultural and Resource Economics Society, the 1999 Best Article Prize of the Australian Journal of Agricultural and Resource Economics, the Citation Classic Award in 2000 (by the publisher of Social Science Citation Index), Docteur Honoris Causa of Universite D'Auvergne in France in 2004, fellow of Academy of Sciences for Developing World in 2005 and various other prizes.
He gave the 2007-2008 Marshall Lectures at Cambridge University on October 31-November 1, 2007.
Mr. Lin is the World Bank's first chief economist from a developing country. The Chief Economist guides the Bank's intellectual leadership and plays a key role in shaping the research agenda of the institution.
He succeeds Francois Bourguignon, who retired from the Bank Group last year to become Director of the Paris School of Economics.