In the dilemma whether increasing consumption or investments, China used to primarily rely on technology and R&D coming through FDIs, while on the outbound focused on outward M&As of Chinese champions investing abroad. The trade war and increasing tension from economy to geopolitics has proved this model is no longer viable. The Covid-19 pandemic has brought new external factors to the equation and a further disruption of the status quo.
Where does China stand in the ambitious plans of redesigning its own future? And why this matters so much for the rest of the World?
Fan Gang and Michael Pettis will help us navigate through China’s challenges in rebalancing its economy while boosting technological innovation, in a delicate international equilibrium between trade wars and vaccine diplomacy.
This event was organized by the China Chapter of the Ambrosetti Community with the support of the ChinaMed team.
Fan Gang is President of the China Development Institute. He is also Director of the National Economic Research Institute (NERI) and Chairman of the China Reform Foundation in Beijing, China. He is Professor of Economics at Peking University. He served as an independent member of the Monetary Policy Committee of China’s Central Bank from 2006 to 2010, and again from 2015 to 2018, and is an advisor to various departments of the Chinese central government and provincial governments. He served as an economic consultant to various international organizations and played leading roles in research projects commissioned by the World Bank, ADB, UNDP, OECD, etc. He was listed as one of “100 Global Thinkers” by Foreign Policy in 2010.
Michael Pettis is a Senior Associate at the Carnegie Endowment for International Peace. As an expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management. Pettis worked on Wall Street in trading, capital markets, and corporate finance since 1987, when he joined the sovereign debt trading team at Manufacturers Hanover (now JPMorgan). From 1996 to 2001, Pettis worked at Bear Stearn as managing director principal heading the Latin American capital markets and the liability management groups. He is the author of numerous books, including The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy (Princeton University Press, 2013) and Trade Wars are Class Wars (Princeton University Press, 2020).