Lingnan University and Asia Society Hong Kong Centre co-organised a luncheon discussion on “China at the Core of the Global Economy: Opportunities and Challenges” on 16 November.
The event was honoured to have an opening address by Financial Secretary Mr John Tsang Chun-wah. It was then followed by Prof Jagdish N Bhagwati’s keynote speech to share his insights on the Chinese economy.
Prof Bhagwati pointed out that the real issue at stake in globalisation is not the trade imbalances with China or the exchange rate of Renminbi (RMB), which have aroused heated debates globally. The main reason of these topics having become issues is, according to Prof Bhagwati, political. “Deep down people resent China on its human rights issue rather than the exchange issue,” he said.
Given the size and influence of the Chinese economy, Prof Bhagwati said it is important to accommodate it into the world economy. He also said China’s trade partners should ponder on how they can reap the gains from trade with China while cope with the occasional setbacks for many domestic industries.
At the discussion moderated by Prof Jesús Seade, Vice-President and Sydney S W Leong Chair Professor of Economics, Lingnan University, Prof Lawrence J Lau, Prof Sir James A Mirrlees and Executive Council member Mrs Laura Cha Shih May-lung exchanged their views on China and world economies.