Lingnan Lecture | Liu Mingkang: The Outlook of the China Market
On the evening of November 25, professor Liu Mingkang, honorary dean of Lingnan (University) College of Sun Yat-sen University and former chairman of the China Banking Regulatory Commission, was present in the LingnanLectures and brought a special lecture titled The Outlook of the China Market to the teachers, students, alumni and guests of Lingnan. This lecture was presided over by professor LU Jun, dean of our college.
Right before the lecture began, dean LU Jun introduced to the audience both the rich work and life experience of professor Liu Mingkang as an internationally renowned banker.
Professor Liu Mingkang first gave an overview of the current economic situation in China and the world. He pointed out that in the near future, with regards to the world economy, there would be no major changes in the ranking of world powers such as China and the United States, but the economic status of the emerging Asian markets would continue to rise, and the future of the world would be in Asia. Professor Liu Mingkang used a series of data to show that the current Chinese economy had a certain pressuregoing downwards and needed to focus on high-quality development strategies.
In view of China's current development situation, professor Liu Mingkang had carried out in-depth explanations and analysis from various aspects such as local finance, private investment, legal process, and import and export business. He affirmed the significant achievements China had made in areas of technological innovation, mobile payment, and anti-corruption in recent years. He also pointed out that China still needed to continue to reform in areas such as independent research and development of core technologies, bankruptcy procedures perfection, and financial supervision so as to cope with the problems that went with the economic transformation process, such as high leverage, declining employment, inflation, etc.
Professor Liu Mingkang also paid close attention to the Sino-US economic and trade conflict, pointing out that the trade between the two countries was highly interdependent, and the trade conflict would inevitably make the enterprises of the two countries losers. The two countries must engage in dialogue to avoid falling into the Thucydides’ trap. From a global perspective, Professor Liu Mingkang pointed out that there were three major risks in the current world economy, namely, changes in monetary policy, competing tax cuts, and nationalism and populism. He believed that China must clearly recognize the changes of the world situation, and at the same time, fully solve the problems of the uneven development in different domestic regions, the inefficient resource allocation, and the obstruction of the conversion of old and new kinetic energy, and strive to build a standardized, ruled-by-the-law and cultural China to promote the economy towards high-quality development.
During the interactive session, the audience actively asked questions and the atmosphere was very warm. Professor Liu Mingkang made a wonderful analysis and answered to the questions raised by the audience about the trend of real estate and the development of emerging economies in Asia.
