Economics Professor Xu Bin on China’s Economy in the Trump 2.0 Era | CEIBS Global EMBA

okay uh good afternoon and I'm very happy to see many old faces and uh some new faces I'm going to talk about a

topic uh which uh you because in in one day we are going to uh welcome the new uh US president Donald Trump one more

time okay so so uh so uh I uh my focus today is uh going to be more on understanding

uh who the new Trump is okay and uh so we we will have some uh fleshing back to the older older

meaning the the first term of trump and then I will Express uh My Views about uh what

Trump in my view uh will do in his second term and Beyond and uh then uh we were going to draw some uh implications on uh the

implication on China okay and the Chinese economy but today's Focus will be more on understanding Donald Trump

okay so uh let me start by showing you uh some photos I secretly took when I was taking my

daughter to uh toward the US uh universities in uh 2016 that's on July the 7th in Boston in the bookstore uh I

I I saw this comic book and uh which you know vividly

showed Trump and uh his small hand and so so uh uh so I I I I I I went to uh

the Amazon uh to just take a look whether the book is still there the book is still there and it's rated 4.5 by one

some the people and for the first time I I I noticed that the book has some interesting poem which I show you here

in both font and the bigger font and then the translation uh and uh so you can see that at that time okay for a US

Presidential candidate okay and uh he was uh described in such a way it's skin uh the

BD is called American Trump okay its skin is bright orange its figure is

plump it's for so complex you might get enveloped its hands though are sadly

underdeveloped do you dare to write a similar po to describe a leader of some other

countries and uh uh so uh it's very exulting but uh that's uh how Trump was

uh uh I think uh treated because nobody took him seriously as a presidential uh

candidate and uh about 3 weeks uh before the uh election on that year is on November the

10th uh the New York Times uh predicted that Hillary Clinton with one 91% of the vote and the

Trump only 9% then about two weeks 16 days to be

precise before the election CNN uh was predicting that uh her K with the win uh double digits

yeah unfortunately you know the true battle is not uh a

fiction and uh yesterday I was giving a whole day uh class to uh the homecoming uh

of hamba HBA so when I was uh talking about this I actually uh said the following I said that

uh you know it ends you know everything ends with the true battle right it's like in cibs

when we recruit professors when we uh promote or evaluate professors you can have a regular ruler used by all other

country all other univers this with you know Publications whatever right but the true battle for professors in cibs is to

perform in the classroom no matter how high you you are of course that that is relevant but if

you could not uh win the real battle you're out and I think this is why you know uh

us uh you know election is is for real and uh so the result is Trump won

okay despite you know the the the the small hands are not relevant I mean so in Trump's first 100

days uh he uh did a lot of things right first he withdrew from the uh trade uh deal that uh Barack Obama and and uh

harary Clinton uh you know initiated that's called TPP and the TPP is 12

countries around the Pacific which uh uh you know uh organize a high level trade

block that the purpose is to prevent you know China from uh dominating the the global trade and he withraw second he

started to build this war you know uh around the US uh Mexican border uh to uh stop uh you know illegal

immigrants then he started to uh put more money on Military and the space uh

projects uh then he started to uh uh cut uh the climate change policies you know initiated implemented under the Obama

Administration and within the uh 100 days he uh welcomed uh the

other uh prominent leader that he will deal with in his presidency that's

China's uh president shinpin in the Florida you know malago uh home of

trump and this is a picture from uh that uh meeting and that was uh official meeting you know between the two uh

strong person right I mean and strong leaders and uh each one is uh very significant in their own country and of

course both are very significant for for the world and uh so they had a uh personal uh contacts we all know that

personal contacts are so important right and so that was uh what Trump did okay I think

Chum uh even he is a new person in political Arena but he did all the important things I mean you can disagree

with what he did but he did things that's that's what he he was doing right so we all remember that uh uh uh

2017 you know uh the Chinese Comm party held a very important uh uh meeting uh in which uh Shin ping you know was was

you know started his second term right and then uh uh starting from then you

know Shin Ping's uh uh period is described as a new error right sh uh for

for China so that was uh really uh uh a big narrative and uh I I guess that

Trump was very jealous of shining right because Trump wanted to lose the United States forever right but uh he he he

would not be able to that but Trump is very much having this competitive spirit say you you you know you are lucky lucky

guy you get a new era how about I get a new moment right I mean and uh so I I cannot uh uh even I would would be

really elected I would only have eight years right and so but I I would make uh something new also you know I think he

is looking at Shin ping you know like in the hypothetical way you know cheers you

know your new era my new moment right but uh again I think he he did

things right I mean so uh you laugh you you you have good nice words you have good meals together but you know you you

will do the true things right I mean that is uh on March the 22nd 2018 uh Trump launched the trade

War what we call Trade War now but that was just tariffs on Chinese Goods right so uh uh if I had uh the whole day

to talk about I I would talk about half a day on uh you know what kind of battles from between China and the US in

the first you know uh trade War but uh uh we do not have the time today uh so this is why you know in order to to to

learn more you needed to really uh apply for uh cibs program and uh and I I almost teach each and every program and

uh each and every program got a piece of me and so this is how you know uh Trump you know in the you could call Trump to

be lucky in the in uh 2016 and and uh I think there a l lucky part right me if Hillary Clinton would be a little bit

too seriously with regard to Trump probably Hillary Clinton would win the win the election but nobody took like serious about Trump right but

the American people at least more than half of it I cannot say that right because he even do not win the population you know half but this time I

don't think Trump is uh getting lucky this time uh Trump although you know in terms of this

election map Trump only get one more State that's Nevada right six uh uh you know this this tickets uh which makes

Trump but he want the population you know batt that is more than half the of the people who uh voted uh voted a trump

and uh uh this is and and the the the the Congress also was taken by the

Republicans and it is really speaks you know very loudly about uh uh the choice

of American people yeah but uh we all know Trump is some uncertainty or some risk right so you know in order to understand

the Trump this Trump I went to Amazon again to see whether there are some new books for children uh to read yeah yes there are

quite a few okay a dozen and this one is an example uh that's published in December the 10th you know this year the that

last year the election was on uh early November right and uh this is a child book and uh then this time the the the narrative is so

different this book spars meaningful conversations about ambition resilience and Civic engagement in

Chinese whether read at a bed bad time in the Closs room or during family uh story time this engaging uh uh tale Lear

uh resonates with children Age 3 to 10 and adults who share it with them right

of course uh you would also have if you know if you want you would also find some negative uh children book you know

written by the other side uh but I I do think that uh whether you like him or do you do not like him uh he becomes a

serious uh political figure right and so that is important so I I was invited or actually you

know the school was invited to send some Professor you know to provide some uh views to the Chinese uh I mean this time is the municipal government of of

Shanghai you know in terms of you know how we uh view Trump uh and what kind of implication for China and for Shanghai

and I was sent by our parent one to attend you know as a as a professor you know

from uh non State Long uh school I would be the last to speak you know but uh that put me a

very in a very good position that I've heard all the views from the other experts and and then I uh I was allocated about seven 7 eight

minutes so I used 4 minutes to talk about my understanding of chum uh uh 2.0

okay I summarize in Four Points okay first uh we will still see a businessman like chump but actually this time he is

not going to be a businessman this time he is going to be a ideologist a true politician and uh he's

uh he will be uh really leading the return of conservativism uh to the US

mainstream so if we still think that we can make a deal with this uh with Trump and you think that he is a businessman uh minded person I think it's deadly

wrong second uh I think uh he will focus more internally on building the strength of

the United States so to build strength you needed to raise efficiency right not only the efficiency of the economy but

uh the efficiency of the government okay and I think he I think many of us okay maybe including myself think thinks that

us has been uh moving to left and a lot of political corrector you know views we say that something we

cannot say in China try it in us right a lot of things you cannot even say publicly in United States if you are a

college or university pres you say something which I don't think uh uh it's something you know that cannot be said

in most part of the of the world but if you stay in United States you are immediately you know driven out of your position you lose your your job and uh

so uh I think turning uh from this far left uh uh more toward the right of course Trump would

want to turn it to the extreme right but uh of course he would not have his uh thing you know 100% but isn't it a good

thing to turn us from far left a little bit towards the right and and people think that Trump

has a bigger ego he has yeah uh but this time I think he will use people more uh

on belief rather than on loyalty to him he would use more uh people uh with younger age so that you know after he uh

finish his uh t Trump is still there right and so he will build Trump era rather than a trump

moment this time and in the end if you know anything about ronal ran and I will give you some uh uh explanation about Ronald

ran I think uh all in all whether it's Ronald ran or or today's Trump the key word is strength you know

maybe in the in the in the first term of trump the keyword is we we me me right

but this time is about strength okay ego whatever I think the uh uh the establishment of such a department called Department of government

efficiency although it's not a official uh Department it do not need to be approv approved by the Congress and so on but you know uh the word efficiency

is really uh what is uh the the the the fundamental thing for building strengths how you build the strength you raise

efficiency and look at uh the Trump team you know of course he has people like uh you know his uh Secretary of State right

uh in the 70s but he has many in the 80s right I mean and the age you know is exactly the age of our gmba students

right I mean so after you you are seasoned uh with uh business you you apply for cibs uh gamber program after you uh uh

season politically but you do not need to wait until your 60s right uh to be a top

official right I think that tells a lot right and uh as I always say right the future is in

younger generation's hand no matter how big how great you are you cannot beat age you have to give the stage to

younger people and the the earlier you do the more likely you can build your legacy towards the future and Trump is doing

that on uh I forgot the date right one of the uh one you know at one point in his

campaign Trail he was uh shot like Trump himself said right he used just to speak like this but this

time for some reason he tend to look at the screen uh you know which has the the script and he turned the The Head and the bullet did not hit the the the brain

but hit the the year and uh I think there has a defining moment defining moment for Trump

okay whether you are a religious person or you are not a religious person if you experiencing that that R defines

you right any of us right if you had a very sudden close death experience you become a different

person I think uh Trump uh he himself you know after you know was having this in said that you know he believes nobody of

course he's a he's a Christian but he he he thinks he he's a God he does everything for himself right I mean to show off his

whole life right I I was in us know he was doing this uh TV show and so on every time coming out right he is like

no other people in the world I I'm Trump but uh look you know God tells you this

time work for me rather work for you yourself be humble rather than be ego

driven I I think that uh defines Trump to be a new Trump which

is not centered on himself but centered on this mission that is return

us to conservative uh uh land and I think that is uh in my view it's it's it's a very clear

thing Trump's Idol is Ronald rean okay so you order to understand Trump

2.0 we needed to understand uh Ronald rean okay so rean uh was elected as US

president at a very old age okay not as old as Trump but uh uh it's in the 70s

right and uh he defeated a very uh good man named

Jimmy Carter who passed away about uh 10 days ago right at the age of 100 Jimmy car was a very humble uh very

religious very warm-hearted person unfortunately he was not good at managing the economy

okay therefore you know uh and during his uh uh presidency Jimmy Carter you know actually the the official uh normalization of relationship between

China and the United States was was completed in uh jimi's term and when Dena ping went to the United States uh

it's Jimmy kter who welcomed Dena ping and they uh you know uh really you know uh talked about the relationship between the two bigger countries and that was

the starting of China's reform and opening period right without the US uh like uh I would not say support but

without uh uh us being part of it China would not have this opening and reform ER as

successful so Jim Carter uh it's not all his fault but uh it's a lot of things before Jimmy Carter uh when I was talking about

yesterday I have more more slides and just let me in my memory mention a few right so uh when JFK was was was

assassinated his vice president Lyndon Johnson right was was became the president and during Linson

Johnson's presidency us was building a greater Society okay if you hear any country to do greater things um be

careful and the greatest things may not be that great for Ordinary People yeah so then you know in the 770s there is

also this oil shock and so on so if you have learn macroeconomics you know that the 70s uh was having this stag friction

okay station means the economy is in recession while the inflation rate is double digit and this is the time when

uh uh Ronald ran was elected okay I show you the map

okay don't tell me orinary people do not know who to vote don't tell me that people only vote

based on their political belief people vote for their happiness okay period

right personal happiness rather than the happiness of the whole people and

so of course I don't think uh many people disrespect jimy car but during Jim

uh presidency the economy is awful then they elected uh R ran who who

was uh Hollywood second class actor but uh you see Jimmy Carter was from Georgia so Jimmy car's uh you know

like country folks still voted for him and his vice president called Mand was from Minnesota the Minnesota and other than these two you know almost nothing

right then after this four years this is amazing four year okay then look at you

know and the vice president is running this this m so only this home home

people uh save his face uh of giving the the the votes right and and and some little place it's

almost completely you know getting the the the the opponent close to zero

okay okay right American people have so much experience about you know uh democracy and serving using their po so

on okay anybody right you do not needed to be a cibs graduate to know who to vote for

and you ask your Barber you ask your massage person you ask the delivery uh uh person about the status

of Chinese economy today they will tell you immediately you don't need the National Bureau of Statistics you know to tell you

okay and uh interestingly right the idol of trump Ronald rean was assassinated

much seriously than Trump's like year you know and uh on that uh early day of trump uh Reagan's first presidency right

there's a one guy crazy guy who was have a fantasy of the Hollywood actress uh Judy Fox you know and then of course

they don't know each other but the guy was watching the movies and so on was having a fantasy you know with this Judy Foster and then he wanted to impress

Judy Foster he he went to shoot uh rean and four shots one God was killed one staff

member was eventually you know uh not able to work and one shot went to the LA of rean he immediately was down and

fortunately you know for the for America and for the whole world allow me to say thatth he survived and he was a very humorous

person you know when his wife Nancy came to the hospital rean was just saying honey you know I forgot to dodge so what did rean

do which made him so popular and which made him one of the greatest president uh in US history

other than George Washington uh uh Lincoln Abraham Lincoln and roord I think if you choose four the the number four would be ronal ran of course A lot

of people do not like like ran because he make rich people more Rich that's that's that's that's a fact do you

expect a perfect leader no right is like what I just ear said right it's about the true true battle in

us or in in political Arena the true battle is voting right if you get more votes then you win right it's not about

arguing you know philosophically you know or listing how many bad things the guy does everybody does bad

things it's about whether you know I feel like this polition or this top Le you know is is having more good than

bad to me personally to my family that's it right and so he did something which later was called

romics and uh uh he himself said it very clearly what is economics the essence is that government

is not the solution to problems government is the problem right I think uh uh today we are not talking about uh you

know what kind of philosophy you believe in okay you can believe in whatever you believe in right but I think as a matter of fact that sentence applies to all

countries okay you know then uh the pillars of uh rism romics one is called Surly side economics you know that

macroeconomics is demand side okay King is about insufficient demand we need to government spending cut tax and uh and so on and uh in the short R we do not

talk that much about supply side other than president Shin Ping's Surly side reform presid Sur side reform is not

this pres supp reform is that because China the model of China's growth is produce over capacity cutting over

capacities that's on the supply side is pring P supply side okay and that's that's a unique thing for China for for That's Unique because other countries

other systems would not build this much over capacity right mean the cutting uh over capacity on the supply side is pres

Shin Ping's supply side reform but what is Surly are the economics that is

you do some policy that makes people more stimulated okay so you do not take this labor L as fixed right you take

this labor L as related to incentives right if CBS provides this incentive for professors

to work hard then we work hard the same person should be if I were in fan University I would

lying flat and uh so that that that is that is the supply side economics okay then the deregulation is to you know

although us is not a state owned economy uh uh country but uh in the past uh 20 years before rean the government is doing this regulation that regulation

you can do do this you cannot do this can that okay I think people from Europe would would have this uh as as a quite a

common thing right but in the United States right I think the original Spirit of us is you know doing business is is none of

the business of the government the government continues to to do things and that and these regulations were reduced or eliminated by rean

that's called deregulation of course rean is not like making the government

small in all aspects rean would make the government small on the uh economic side but the rean would build uh put more

money on Military and on this you know space program or in today would be like the AI program and so okay so you know

as I teach teach my students right we are no longer in the world of Adam Smith that laser Fair free economy

is the best right because a lot of things like Innovation like uh learning

like uh uh climate change as I teach my NBA students they all have externalities that is it's not about

the market would ask you to invest 1 million but because this 1 million investment in Innovation will have some externality effect which means that free

of charge for some other people right then that benefit would not be included in your decision if you are Market driven therefore if you want to do the

right amount of innovation you do need the government okay to uh uh have a have a low and the Lan is having a low in

this public uh Goods such as defense right and such as uh pushing the technology Frontier okay that does not

make Ronald ran not a market uh uh believer that actually makes him the market believer okay and uh then the the

monetary side is for the FED but uh uh Le was very lucky to have a very capable fed chairman uh and the power walker

okay and they together you change the the US economy so what is this supply side

economics uh if you had been in us long you would know that if there's a bigger conference you went to the cafeteria you might just sit together with a very big

one bigger guy right Nobel Prize lawers that's very common okay when I was attending the uh you know American economic association meeting you know I

I I often you know just set in the same table of some uh very bigger guys and then we have casual talk it's just that

at that time there were no these phon so I cannot prove it right and but uh but uh you know I think uh uh you know in past when we were in the United States

in my generation taking photo with other people is something uh viewed very cheap and uh

therefore I regret that I did not have these moments you know otherwise I have much more things to post on my WeChat

right and uh but this young Economist was having uh here breakfast table with rean and he

used the nping to draw this graph famous graph which is uh later named after him called uh La graph so the ra graph is

simple right if you have uh 75% uh uh tax on people's income people

work uh less you know uh like put less effort in work and your tax Spas is is is smaller then you get this much uh tax

revenue if you cut the uh uh tax rate from 75 to 25 people work harder put more effort

and the tax base is as big and the tax revenue is as big right that's the point that is if you care about the government

resources the solution is not to increase the tax the solution is to decrease the

tax okay I I I I probably can uh say that you we all know that in in China the the marginal tax rate is 45% right

if I make 100,000 the time I step out of the classroom in my pocket

only 55,000 right $ 445,000 gone without a thank you and uh and uh and

even do not know where it goes and uh I wanted to get it you know taken but I want to know that it given to uh like

our drivers and so on so no it's it's it's it's going to uh the country okay and the country is the collection of all

people okay and so anyway I don't think it is a issue of academic issue of see whether this is the empirically proved

or not it's not it's not the this is not the point the point is do you believe that

spirit and uh so after ran uh you know uh I do not have the time to talk about the monetary side the monetary side is as exciting okay I may have a few slides

but you can see the result of ran ecomics right and the the economic uh growth

rate you know after he was he started his his first presidency in 90 80 82 I

think then you know it's on average 3.5% real GDP growth for the United States before that it

was maybe only 1% you know then look at the uned rate right and if we talk about the Chinese economy you cannot avoid

talking about the the unom rate although we do not have the exact you know uh statistics but we know China is not

having very big problem in unemployment and the US is having very transparent

data and and after uh during the uh reg period it was going down to % and today we are talking about uh inflation or or

or deflation and uh when uh you know uh Reagan studed this his presidency you know under jy's

presidency the inflation rate was two two two digit right and this is the St inflation period And then after the the

the policies by especially by the FED chairman uh Paul Walker PA Walker is a 2 me tall person he once was here in on

this stage he was invited by us to give some speech quite a many years ago yeah he passed passed away but uh the great great guy you know if I had to say who

is the greatest uh us uh you know feder chairman or maybe even the great greatest Central Bank governor in the

world that's P work not green SP okay I hope our Mr pan would have a shot if he he our our

now Central Bank of Governor is Pang okay and he's still young he has many years and China's problem is as

challenging as at that time okay if he would turn the table around then he would be the greatest Central Bank of

Governor this is what I said true battle you know right we all know that Chinese male socker team

sucks why you say they sucks because they are real games in this real game they are beaten you right like

crazy so you if you put things to real battle then you can say things okay you cannot say that we have so uh uh uh

great you know like scientific we are good good also in chat gbt we are good also in chip building put it into

context I mean so this is for real right and uh you you you you you you get inflation done Will

trump be a new rean I I don't think uh he can yeah I

think he wanted very much okay to be uh a new Lan or even more greater than Lan at least as great but uh I think he uh

is not uh you know rean is is not like uh trained as a great

present ran is naturally a great pres okay he does not do a lot of things he just write small

notes to his wife during the over office unlike uh uh jimy Carter who works day and night in the over

office it's about at the most important issues do you have the leadership right imagine that if a mediocre

president of the United States in his first ter would he dare to allow the FED chairman to increase

the Benchmark interest rate to 20% 20% kill the economy would do you dare to have a deep

recession when you were a president facing the second term he did right of course he did other things to rescue out

of if you have lender macroeconomics here you know that the demand is equal to C plus I plus G Plus

NX right that is consumption demand invest demand and the external Demand right if you raise the interest rate to 20% you kill the consumption demand you

kill the investment so the only thing that can actually help you during the short period is this uh

export this is the background of the plaza Accord Guang okay and rean of course not

himself but you know his his Finance Minister and so on uh you know had a meeting in New York City The Plaza Hotel

with the Japanese the uh Western German and the uh uh you know the the the Brit British you know and then they agreed

that's called The Plaza Accord that is from the next day on the other countries would use their reserves to buy their

own currency in the in the market as a result US dollar everybody dumping US dollar dollar depreciate sharply and the

uh German Mark and the Japanese un you know increasing value and that helped the rean you know to boost the economy

to offset the the the high interest rate negative shock you know by having a positive uh uh export shock right I mean

so so so that you know therefore you know he killed he and the power worker killed the inflation and then do

something to uh make the economy go up before his second elction then he was erected almost by each and every

American voter right I mean so this is this is called a leadership leadership is not do easy things leadership is do hard things as

we learn from uh economics economics is about choice if you can achieve both a b c and d all

together why do you do we want you right you have to choose between a and b and c

you get a you suffer B and C you get low inflation you suffer uh economic growth that's called the

leadership and uh Trump looks like he has this kind of decision-making power but I don't think his mind is as

naturally talented as Rona other thing is that his views on trade and immigration uh just backfire uh very too

extreme okay it's not good for the United States however however I think we may see a new Trump

okay the new Trump is going to be more like uh Ronald ran than like the Trump 1.0 okay how do I know okay I have

already seen a few signs first of course the Washington Post is not a tablet you know newspaper it's a

very serious newspaper it has uh good uh you know uh sources right the the Wasington post you know reported that

Trump's AIDS uh talking about a very small scale uh tariff program rather than the ones he mentioned during the campaign of course Trump would came out

to deny you know I never never do this okay but uh I I teach uh students to uh develop a

way of find the information uh that you want but not directly uh observed right from some

revealed channel right Trump if Trump would be so serious about having a high te race especially against China champ

would reappointed this uh guy called the liing lier is the one who managed all the Sino

us trade war on the US side okay he was a person official in the rization

to deal with the at that time you know Us's commercial anime is Japan so to push Japan on the trader side lier was

one of the eights then he became a lawyer afterwards uh dealing with International Trade Affairs then he was appointed as the head uh for trade by

Trump during the first administration of trump and then he uh designed the whole scene about uh tariff Wars against you

know against China he is still well good health well but but he he was given no position by Trump in I think

that reveals that uh Trump really do not uh want to go back to this kind of trade War right and but this person

knows how to do this kind of trade War secondly you know you you think Trump is anti- immigration he was during the

first period uh presidency he was like no no difference right all the immigration and are bad illegal not

illegal but this time I think he is very keen on attracting High skilled

immigrants okay I think uh you know put everything aside if Chinese students

want to uh stay in us to work for for a period of time Trump is good news Trump May uh have program such as you know for

any uh non American including Chinese uh students who uh having a a say master's

degree in scientific You Know Field uh automatically uh this visa and even a automatic green

card so that kind of things honestly if I would advise the United States I would definitely advise the us to do this

because that's the fundamental strength of America you attract the best talent all over the world from all over the

world right if you if you stop this then then we can do that of course after Shanghai quaran maybe it's difficult for us to to say that we are better than us

uh uh Shanghai is a very attractive Place yeah to to non non non non Chinese and in the past we had no problem

problem attract you know young people uh to apply for our NBA program and and so on right and also uh non-chinese

professors now difficult impossible and uh they are gone I mean

we have a very beautiful you know uh woman uh female uh young Professor David

evid Emily David you know a young white lady you know who when she joined Cabas was assistant professor and she grew up

you know in Cabas where is she now Singapore and after being locked down for four months of course one reason is

because his her husband or or boyfriend were aded to Singapore then we ask what's the reason for his boyfriend to be

reallocated the same reason right and unfortunately the first time I went to you know after this opening like last

year I went to Singapore uh to promote our English program and the people I meet are all those who have left

Shanghai within the one year to promote for home right I want to promote them to come to Shanghai but they they just left

okay so I think Trump is trying to build a trump era based on strength okay allow

me to uh quote a very famous uh sentence expressed by our top Diplomat uh Yang on

March the 18th in Alaska March 18th 2021 in the meeting with and I think that is definitely the core of us China

diplomatic relation uh Mr Yang said the United States does not have the qualification to say that it wants to speak to China

from a position of strength this is not way to deal with the Chinese people okay I think if you know Chinese the

translation is too mild right the the the the the the original word that said is and and but the key word is strength

right so from China point of view we are strong enough so you cannot deal with us you know saying that we are stronger than you so you have to listen to me

right I think that's is that's good good good thing to say right but uh if you are uh on the US side isn't true that if

China is saying that we cannot speak on the basis of strength then the thing you do is to increase your strength right similarly for China right if you want to

uh uh us you increase your strength if you decrease weaken your strength

then you are betraying your country to make us dominating you that's pure and blank you know right I mean it's all about strength of course I don't think

it's all about strength it's about moral standard it's about Universal value okay a lot of other things but if you think

strength is the thing then let's do the strength so us is the most free market

in the world okay despite this uh Trump tariff but on average US is only 1.5%

tariff rate one of the lowest in the world lowest probably uh in among bigger Advanced countries of course Canada is

lower so what is the Trump tariff uh effect the first round Trump tariff effect that is over the

time after Trump lost election to BU Biden and Biden continues the Tariff on China in the world it's only China are suffering High tariff from us other

countries are enjoying lower tarff look at the furniture right the furniture to the United States all other countries

are enjoying close to 0% of tariff but China had to pay 20% of tariff this is why our aluminous who are doing these kind of things having moving their

Factory to Indonesia right then put a label made in Indonesia to to enter right Indonesia is having 1%

tariff rate look at uh us Imports of uh kitchen cabinets right in the past this

is the market share in US of China look at today right Japan Vietnam and so on

and the US China is close to zero look at the semiconduct right and despite us put some 5% tariff on other

countries but now they drop to 0% but look at the tarff on China it's still 22% right look at the old sectors which

you know China had a big share in 2017 and look at the share today you lose across the border okay you lose

admited you don't I despite we still you are not if Trump continues to do that you are going to

lose even more okay and uh as a result at the aggre level I think I will have

five uh minutes more to to wrap it up you can see that uh China used to be just dominating in terms of taking more

than 20% of US market in all all Goods now it drop and Mexico became the top you know uh import of the United States

uh in 2023 look at uh this is 2024 okay about two three days ago three

days ago the state buau uh released the performance of the Chinese economy in 2024 okay so I made this uh

because you can uh as all students in my class must have know you can decompose right the contribution uh from among you know

consumption investment and Export right and the others are are very very much low okay both consumption and but the

China can still if we believe the Bureau of Statics that China achieved 5% growth rate last year I think that was because

of this that because you are able to export to the world increase by about 6% more importantly you export to the

United States uh increase by 4.9% right a part of it is because you know American you know companies or you know they they they fear that after Trump

became the present the Tariff will be high so they just uh uh input in advance right if that's the case then that number would be jop would

jop right and so on okay so the point is that we are still relying so much on exports are there areas that China Expos a

lot yeah this electronic battery right this video game and so on okay but if you are exporting things like you cannot

not export this much Steel to Advanced countries so you you instead export to India to Vietnam and so on okay do you think that can be

sustainable and you're going to also you know like ignite the the the the the the the political you know pressure from

these countries against you right and the China's macroeconomic

situation is quite bad right uh we do not have unlo rate uh as like uh in the in in like in other

country but we do have a measure of young people's unemployment rate uh before

2023 that number inclas students college students and then that number went to

21.3 on uh in June the 2023 then China stopped publishing that data and then after a few months they came up with the

new uh measure that's exclude the students and at the beginning it was like 10% now that excluding student

number is uh in my latest memory it's like 177% then maybe we have to adjust the definition again and then the

inflation is as some of you have learned GDP defr inflation is minus uh about

minus 1% right so uh I think that's my almost the last slide yeah so uh uh we wanted to know the

implication for the Chinese economy so uh I would uh uh predict the following okay no matter what kind of trump tff

policy on China China's exports to United States were for sharing uh and uh export to other countries would not be able to make up for this uh

Gap secondly uh uh in the first final us trade War China used the depreciation of l b as a tool I don't think China will

use depreciation RB as a two again because China now is is facing much more difficult situation and anything like uh

uh Hing the uh bad expectation of a Chinese economy would be uh having uh allow me

to say multiplying effect okay uh so so so currently you L is depreciating but very slow pace right imagine if REM be

de from 7.4 uh to 9.4 what would be the reaction of ordinary Chinese people everybody would rush to the to the bank

to convert you know let may be for US dollar and each and every one of us has a quote right and so that's the last thing uh the government wants to do just

to the the first the first priority is stability stabilize the the expectation

okay then uh uh if you do not uh uh use policies to offset the Trump tariff then

the result is you Expo less and in the past we do not want to export less so we try to counteract this time I think we

gave up on this exporter side and we focus on maintaining the stability of ring B rate uh and as we were talking

about before the before the before the the meeting and our guest panel guest I do have this view I think uh uh you know

maybe it's too late but uh better later than never China should do very radical expansion of fiscal and monitary policy

essentially China's first uh uh priority now is to generate inflation and what kind of things you do you know anything

you try to generate inflation in the Chinese society and that's the that's not the fundamental solution but that's the must or all the

or the or the emergency uh things that China must do and of course in the in the in the longer period we need to do some transformation towards you know

Innovation and the consumption so so a final

slide uh I I I I think uh uh as a suggestion uh to anyone either a company

Chinese company or foreign company or or families and individuals I think uh uh

us China relation is not not the first order uh uh issue the first order issue is not to miss the new technological

Revolution okay uh be it you know company or even in cibs our professors should be very much uh learning the AI

tools of preparing for fores otherwise 5 10 years later CI professors are the only professor in the world who do not know how to do that and and that is that

is going to to to be because we are very we were very open during this mobile phone internet period otherwise we would

not have Alibaba by 10 cent we would not use uh this uh witchet every day right because that time there was no governmental regulation on these kind of

things right this after they grow up we have uh more regulation similarly right this new wave of AI so

on not to mention this high quality chip chips that we do have right but uh how about uh uh

Talent right can you uh attract uh the best talent in AI technology you know most of them are in the United States but there are lot of

Chinese you want them to work in ch in for for American company or for Chinese company or startup here this is this is crucial I think it's also crucial for the government okay hopefully the

government knows that it's not just about doing State R big project try to have a national effort to build the chips not going to work right we needed

to have a free Society you need to have freedom in thinking you need to have free access to important information

sources second I do think that inflation will come okay and and so that's going to be a good for business okay it's going to be expansionary period

therefore I think you know all of us should should should be positioned earlier for this uh

arrival uh then the the new brain as I said just for companies have more uh

overseas investment for individuals have more allocation of assets abroad right uh finally uh it's always a a beautiful

story that China has this much population has this big size of middle class therefore China is going to the Future engine uh uh for uh water growth

because of consumption okay I have to upset you by saying uh the China's consumption not to mention to drive the

world even for being a driver in China is a remote thing okay and will not be realized very simple okay because

China's money is concentrated in the hand of government not in the hand of household if you have not enough money

to spend even you have op optimistic about future you still would not spend enough not to mention today who has positive views

about future okay I I I I try to rush a little bit so I leave some time for questions so I would be happy to answer any

question yeah let's give a big round of applause to Professor shuin for that we are now going to go to a Q&A session if you'd

like to raise a question just raise your hand and our my colleagues will be providing a microphone for you we would like to get a few questions in so can I

please request your questions are are short and sweet be concise we also have a question from online so my colleagues will be coming around with some microphones for

you hi professor Shu uh my name is wandy juam from Global em23 and thank you very much much for the enlightening and insightful session I have two questions but I appreciate if

you could answer or inspire me on either of it one is more broader and one is more pra practical so during the first term of trump Administration in the

global economy um context the worst came up most frequently are protectionism unilateralism because he withdrew from Mega trade agreement and also put more

emphasis on bilateral trade over the inter ones like WTO so well the second term the the no the tone could probably

be protectionism but do you see any differences in his on his stance towards global trade and economy between the two

terms and what could China's um strategies could be in response to these differences in the next few years the second one more practical is the local

governments uh despite the tougher situations in foreign investment attraction are still doing their best to attract foreign

investment um given the how to say the industrial and supply chain relocation in the global in in the global economy

in the next few years what could be more promising Industries for the Chinese local governments to Target um when they induce foreign investment and for

foreign investors what could What policies or support from the government would be more appealing for them like when they consider to

invest in China what would they consider the most about thank you very much okay uh for the first bigger question uh this

is very early thinking okay but my hunch tells me that uh it's going to be a different Trump okay I don't think he

will go all the way with high tariffs against other country he would say that okay he will the dog will back but the

dog will not bite okay and uh and and and I think this time he is going to uh be more rational more rational in the

sense that not thinking about showing off muscles but about building the future muscles okay so you know using

the previous musle can only uh win uh short period of time he wanted to win longer period of time for the United

States okay so so I think in a sense it's good news for China in two uh senses the first sense is is that uh

China will have less pressure uh in the on the ter Frontier maybe even on other Frontiers okay I

think uh between uh Biden and and Trump the Chinese government would would

like Trump more because Trump is not uh you know Trump is doing

s with a cost benefit analysis okay and uh uh Biden does not have that analysis okay so so uh it's not that a trump

return to the commercial you know mindset no but he knows that you know uh

you know just for example continue to to restricted the chips you know uh to China he would continue okay but he would not be doing things like across

the border tariff and so on which hurts China but hurts American he does not want to hurt American strength I think that's the difference this time okay and

uh the first term he does not care he just care about winning winning to to build his uh uh points towards the second term but now he has no second

term or third term right he he he he would and he was shot which is also as I said you know don't underestimate that

that effect and so he he will do more rational things uh uh to strengthen the long-term uh us power as rean did okay

rean never see the day of the collapse of uh uh the buring war but you would

agree that the the clap of collapse of buring war was largely due to Ran's uh Reviving US economy and the uh Power of

the United States right I mean think if I'm Trump I would do the do the same thing right second about what kind of things the local government of China uh

are able to do okay I think China is entering I forgot to talk talk about the second point the first is that Trump would make the immediate pressure to

China less okay the second is that Trump will increase the pressure on China in terms of doing

things meaning that uh uh for example uh CH China's uh relationship with uh the neighbors and the

China's uh intention to was uh Taiwan and so on I think the fact that Trump is the president and Trump is focusing on

strengthening the United States strength uh and and that becomes a deterent uh to not only China but many

other countries including Russia you know to to to move for forward I think that's a good thing uh for China and for

the world okay the local government I I think in China uh as we all know doing business is about relationships with the government

relationship with the government is about the priority of the government right so if you look at uh the admission of underr students from chin B so on

they are not going to business area Finance area economic area anymore right they are going to the hard tech uh Department in my year I mean I I was

studying futan it's called the world economic World economy Department as China just open and this is the most attractive Department right but now it's

the hard uh technology department right even I heard that many schools are having this AI department and so on

right so so I think the local government should adjust I mean and try to try to follow the government emphasis on soal the new productive

forces and and then you know see what kind of policy I think uh honestly I think China will rely on foreign companies and foring Technology more in

the next 10 years rather than less okay I think as a result I think China will treat foreign companies and foreigners

better not worse in the next 10 years and uh how much you know can be off so I tell my school leaders that you know we need to go through the tough period but

uh uh maybe in five years we are going to see The Return of uh International students applications and so on because all in all China is still a great place right I mean shangai is a great place

it's just that you know after you got this shock from this past four years and then you still you need some time but the government I think has changed its

mind I think you will hear from today on all the nice talks about Sino us relationship and not to mention nice SW

towards European countries and a much low key tone uh towards India and and

Southeast Asia countries and uh probably you know things will change in uh Ukraine you know uh Russia and uh

North uh Korean things so all in all you know believe it or not you know Trump is a good thing you know we may not like uh it but

uh you know Trump is a good thing in my opinion okay let's go to the next question please I think the the gentleman has

gent tried very hard to to to to say things yeah thank you yeah uh I'm from MBA 15 so um Professor I got two

questions the first one is that um housing price and lver ratio I saw some numbers that uh right now our uh L ratio

is is about 65 64% uh is uh uh little similar to Japan in 19 uh 1990s and but

I also saw that right now the level ratio in us for the is actually um down

from over 100% to currently 70% I'm not quite sure I get the number right and uh um so as this as the evidence that the

housing price or in China uh they say that the housing price will uh continue going down in the next year and in a very long term so and also the housing

price is also very correlated with consumption consumption so uh the the both the consumption and our investment

department will be uh very disappointed in uh future so um that leaves that uh uh stimulus package will be our only

hope um the first question is that is housing price well still going down and are we going to uh is our leverage can

go up to like 100% to save save us like in five years uh the second question is that uh since the new monetary policy uh

in September last year is almost four months and uh in the past four months our uh we are expecting fiscal policies

but nothing came out uh the try in China is like very comfortable what we are right now it's very disappointing so is

there really going to be a big S stimulus package in the uh coming March or near future yes that that that's my

questions I'm online right uh that makes a big difference in terms of my answer okay uh allow me to say the following I think uh whether

it's a government Economist or non-government Economist whether it's a Chinese Economist or foreign Economist we have been uh asking for radical

fiscal policy for the past two years yeah this is a consensus among uh professional

Economist we know China has a lot of problems demographic you know aging and so on so forth but that is a long-term thing okay there's the emergency

situation that the Chinese economy is down that's the emergency it's like a person who you know may be having some long-term disease uh but this is not

time talk about the long-term disease this is the time to send the person to emergency room uh how to rescue uh uh

the Chinese economy from the emergency I think there's only one way that is Bigg amount of uh money supply uh and uh

stimulus uh and uh you you you know gave you know maybe my students already forget about the difference between fiscal and monetary policy the monetary policy

uh uh depends on many aspects to be effective right the central bank can print the money and uh uh buy the like Financial assets so that the money is

Flowing out that money is called base money but for the base money to be really having effect on the real economy you need the bank to Commercial Bank to make loans and then you need the

companies to borrow the loans so if the economy does not give you this confidence expectation right who will borrow right in China

making the loan may be easier because the the commercial banks are listening to uh uh the government right they they they part of the government but uh State

owner companies may you know follow the order to borrow but how about the the private sector right I mean so so I I I think uh you know uh in the end you have

to use fiscal policy because the fiscal policy in the past China was building a load you know do a air airport and do a fast speed chain and they immediately

have effect right because you do not need to right China's so-called political system Advantage is that we do not need a Congress to pass the bill right may we just do it local government

can do it borrow from the platform uh money and then do it unfortunately that part

is over capacity right but the still you need to find the places uh to do fiscal policy and not just fiscal but a big big big fiscal policy right but you know

that FIS policy rely on borrowing right so China's debt ratio is is already very high and Chinese government is not not having money how can you stimulate them

to to do it this is why the central bank already announced that the central bank will buy government

right of course this is a legal action because other countries also do it because this is called in the second you know it's called open market

operation right you print money then you buy government debt and but it looks like the the second uh you

know Market but it can be the way that you are just buying directly from the Government Bond so that the government

to get money the money is printed from nowhere and the money actually flows to the government hand to do fiscal

policy so that will immediately generate Demand right we to invest they have so many places which I call this service

sect right about Elderly Care Child Care you know education for imig immigrat workers and so on right all in O you can

call human capital uh uh investment not consumption consumption is is is later okay you first need to make people feel safe social safety net okay and and

these kind of things government invest will have the same effect as investing in land and infrastructure which will uh

pull China out of this emergency room okay now the uh key question despite all these

suggestions why has it not happened or it is said to happen but not as much as we expect that part is a

taboo uh for for say because that's called decision making right and now China is very centralized therefore the

decision making goes to to to to the end right and this is taking long time okay my new NBA Le this this is called called

the lag effect right mean so the lag effect for uh uh for Western country is the Congress you know passing but the L

effect for China now is that it has to go to the highest authority to sign it right so so so

that is why we waited for the third session of the this CPC committee we do not get lot we wait and the only time

that the government came out by itself is in the end of September as you said which is because the first three uh

quarters data was so bad so that the 5% growth rate becomes in danger and that part 5% right it's like the parents here

my my son and daughter you know 99 you know g g GPA 3.9 right I mean and uh we care so much and the government care

so much about achieving that okay you say you know you you probably hinted that achieving it can through the statical buau but you know it's like you

cook something you have to have things to cook right I mean so so so I think the the the policies that launched in

the end of September are for push ing the economy to produce more uh LW data so that it can be cooked out dish which

is 5% I mean and and the Chinese economy was pushed a little bit you know up right but that is not

enough and people get excited that during the national uh holiday October you know thinking that the stock market will go go to uh know very high you know

I cannot you know I was teaching actually EMB students in Beijing on September the 28 29 right I cannot just

put cold water on their heated head I mean but uh uh uh during the holiday when I was talking my relatives I said

that I expect no more than 35,000 they say oh 4,000 and so but uh back to the uh question

okay housing and everything is a nominal price so uh I always when I do a teacher

I always ask a question why Advanced country Central Bank Target 2% inflation rate not 0% inflation

rate that's because we Ordinary People all have uh monetary illusion we wanted to to see the number bigger right you

wanted your salary uh going up right so having the nominal uh uh you know

number going up is adding oil to the economy if we have deflation that is the prices are going down then then that is

really having very bad psychological effect on you that's the story of Japan right Jaan did not understand that

expectation is the key to uh manager rather than the interest rate so Japan was cutting interest rate to zero over 10 years and that that not affect the

negative expectation of the Japanese economy while when us went down during

the 2008 n financial crisis B banki right PR Princeton microeconomist and lucky for the world to have him to be

the FED chairman immediately cut the interest rate to zero and not just stop here but just print money like crazy to

buy in the market uh the long-term Bond the uh company Bond the mortgage bond to give a impression to everybody

the headline every day that is there not going to be defh this is called quantitative using right

so comparing the Japanese failing case and the US successful case right what China should do I mean the the answer is

very clear right get all the prices up including uh the housing price right it's not about the nominal price right you say housing price is still is

already too high right how about making other prices even higher housing price increased by 2% stock

market increased by 5% commodity price increased by 10% of course people you cannot do magic some people will suffer especially Ordinary

People because you will pay a high bill for electricity for food for the right this is why you are a socialist country

you allocate resources to help the poor people can you you take my 4 5% money and then you know you you give it to

people who need can you right so I think there's a solution and uh but the immediate fix is to make prices High okay I I of course do not advise right

now to buy any houses right because relative price is going up so so you should be uh distinguish between the nominal price change and the relative

price change right I mean relatively speaking you know uh prices for relative price for housing is going to go down but if the old prices

are going down this is making us no incentive or no stimulus you know or you know no op

optimis optimistic you know just it's it's dark right so no matter what kind of things you do I even propose to print

the B of 500 un right to scare people just you know if you do not spend L now

your L will shrink in value right so I think that is my my view yeah um Professor I'm sorry for the room we have an online question okay and we also want

to follow the schedule so we're going to stop the questions from the audience apologies about that I can see there's many hands up but this is an online question Professor if China is less

inclined to focus on export growth to the US during the Trump second presidency and if developing economies can't fill the Gap will this increase

the eu's importance to China as an export destination if so are there key products or areas where we might see

increased China EU trade thank you very good question okay I'm still actively recruiting new the young Professor to

Cs and they always ask me the question right is there any

uh uh risk that you see by uh uh resigning from a US position to join

CS I I my answer is the following okay if our school is called China us international business school don't come

and uh but luckily we are uh called China Europe uh in you know B school so I think that is I think uh you know each

and every country between countries you cannot say there there are friendship right I mean there are only only interest but uh but I think you you

cannot be uh uh be alone I mean I think this is why if Trump do the I isolation you know policy that's good for China

right because you gave up uh this leverage right so I think Trump the new Trump should you know try to build some relationship with with Europe and so on

uh like what Biden did not as much as Biden but uh if Trump withdraw completely from the international uh you know organization area that of course

benefits China right so uh I think Trump were not this time yeah but but I think in terms of Europe China

relations uh uh in my estimation China will try to do a lot of things to pleas the US uh to uh alleviate the pressure

but for for for for Europe I think uh China I don't know I should really uh uh you know there there there is not

much uh probability to improve the uh Sino us relationship but there are a lot of rooms to improve the the the signo EU

relationship right I think a lot of things is because of Ukraine and and so on right but I think with the new Trump Administration maybe you know this this

Ukraine thing will be behind us quite soon yeah and uh hopefully you know because China has already signed a certain treaties like with Europe that

but uh because of a lot of uh geopolitical and uh political issues uh in you know with regard to China then uh the the European countries really

especially the European Congress do not want to approve these kind of treaties and uh but look you know uh Europe needs

China right Germany especially right and China needs Europe uh I think uh you know honestly you know this if I say it

openly it probably is a little bit across the the line but uh internal circulation is

uh not enough let me say to for Chinese economy right we definitely need a soal external circulation that is to have international relationships in not only

in in in trade but also in investment right and in technology right remember China actually you know of course us did not like it but China uh got a lot of

Technology from France right including the labor in Wuhan right I mean so so China continues to to to to to uh get

more right you you you you have this uh Netherland you know producing these kind of machines and so on right on the basis of business profit right and and they

were definitely are willing to to to sell to China certain technology but of course us would uh would would would

would be you know abandoning right I mean but but there's lot of rooms right you you you know that even during our ordinary life right there are certain

things in the gray area that you can actually uh do it right I mean so not to mention International not to mention between Sovereign countries right Europe

has you know is pressured by us but do not need to listen to the United States like 100% I mean so so I think uh I hope okay China

will behave diplomatically in a calm

way rather than you know because it's all about you know Mutual benefit

right getting mutual benefits is not by forces okay if Trump wants to use

forces that's his loss right so we should really if I even say to more high level China should

promote certain high level of universal values not a Chinese style Universal values but Valu is

universal to all human being we can right don't emphasize too much about the Chinese characteristics right we are all

human being right we have the common things right we have something love something hate something we like something we don't like right it's not

that the Western Universal value everything we we all like right of course it's not that all ch chese value we like but can you promote the part

that all of us like I mean that is maybe too much to ask uh but uh I think uh if China wants to be uh a leading country

in the world wants to contribute to the development of human being then China should think in this High way if you think in this highway you will behave in

a more humble way and that is beneficial not only to the other countries but mostly to China okay and and uh if this

generation cannot do it younger generation will be able to do it I am very much hopeful and uh also optimistic

about China's future my opportun you know my my my my you know

optis view about future is relying on young people sitting here right you are having the mind which is more modern you

know and uh and uh then time solve the problem I mean hopefully it come earlier but whether it's come earlier come late

it will come that's the thing right okay thank you big round of applause to the professor okay for the next part we're

going to talk about this question further from the industry perspective so I would like to warmly invite to the stage our panelists and actually we're

very lucky to have one of our senior alumni will be the moderator Richard hung from gber uh 2016 we've also got uh Julian from gber 2017 and Annabelle to

who are going to talk about this question more from the industry perspective and Professor shuin has very kindly offered to stay in the panel as well hardest working man in seeps so let's give a round of applause for our

panelists can you please join us on the stage thank you good afternoon just test the mic we still have 80% of the audience

that's remarkable good afternoon everyone it's honored to be invited here uh to moderate the panel uh my name is Richard Hong part of Gambar 16 class um I think is let the floor professor

without introduction you know everyone knows you how about Annabella would you like to give a bit of brief introduction of yourself to the audience you probably want to turn it on

first uh this is Annabelle uh I'm from Gamba 2018 cohort I'm currently and for the past 18 years working for automobile

industry and working in BOS group yeah afternoon everybody my name is Julian uh I'm from France origin I've

spent 17 years in China and I work for a German company who sells equipment to the railway industry in

China excellent so um my job for this panel is to uncover things that um wouldn't rise have being otherwise

wouldn't be discussed um so start with with uh Julian you work with the S soes and you in a simple language you help

them with in the railway industry um what's your observations in the recent 3 to four years about the economies and your business and in the

context of what Professor just Shar as well briefly so the customers that we have they are the companies in China building

the trains so they are very significant s soes largest of them in Chong Chun we are talking about 50,000 people per

company and um we do indeed collaborate a lot with them what we have seen over the last four or five years is that this companies are really

morphing they are modernizing themselves sometimes we we probably have a bit of a not the best idea about s soe saying they are dinosaurs and and things like

this but we should not discount them not putting them in the same bag because they do evolve um they do progress they do invest in technology and now they are

really going abroad trying to get some markets outside of China okay okay Professor one question for you you talk about the internal

circulation consumption at least does not meet your expectation what's your view about Chinese go company going global because it is the themes and we

have M numerous lectures and topic on that one what's your view on that one uh I think uh all companies if

possible should uh uh establish certain presence abroad okay other uh foreign companies are

doing China plus one I think our companies also needed to do China plus one okay uh reason uh first I think

China is entering a period of uh lacking demand than more uh cutting throat

competition or in Chinese term J okay and so I think Chinese uh Market in your

uh you know business uh terminology is red ocean you know getting red and red and uh so I think uh going uh to the

other countries despite you know having a lot of obstacles you know to overcome uh is necessary you know and uh uh uh

recently I was contacted by our Executive Education Department and apparently our school will uh have a

five module uh program focusing on companies uh overseas and I was invited to uh give

to day you know talk on on on the issue so I I'm preparing to uh study uh the

Japanese you know uh uh companies you know under us is pressure how to uh

moving from Japan to us uh uh so on so so I I I I think uh there are two trends right one is what I mentioned the

technological Trend that you cannot miss right the other is the going abroad Trend and uh you should not miss of course not each and everyone is fitting

I mean suitable to moving but you still you you need to think about it okay and there are obstacles but you need to think about it to to diversify and

especially you know if you are considering the next uh 10 15 year time period at that time period if you do not

have uh foreign uh uh presence you you may take too much risk by just staying in China thank you thank you then in the

topic of going abroad um Anna Anabell you you were more of a company from Global uh coming to China I was reading one of your publication about your companies around your industry at least

your companies generating at least 20% out of the Global revenue from China or greater China contents right and then you have a fair share about global company coming to China and Chinese

company company going abroad would you like to share your point of view and some of the takeaway from your professional field uh thanks Richard for the question

I think uh professor and also Julian just elaborated also uh the perspective and Professor really give a overall trend which is I can really Echo from the industry I work

uh BOS group actually uh has multi- business sectors uh one of the biggest is automobile and a mobility and uh and also we have consumer goods and I think

uh the automobile industry most probably the new energy car whatever you call this electric cars are the most drwn uh industry one of the most at least in the

past years as well uh while also I think uh surprise positiv surprise the world about our speed and about our innov inov ation here in China and uh B is so lucky

to grow with our customers in the past years now I like I want to Echo what Professor shibin just mentioned that uh our customers you know the our Chinese

oems over the past years built many capacities we know that and if we only sell uh in China then the capacity definitely will be some Surplus then

that's why most of our customers the Chinese oems uh the key strategy most of them one of them is going global going abroad yeah of course they choose

different different uh areas they may have different Focus but going abroad is is a strategy and for Bosch in China as a company starting from sta in Germany

we have Global footprint uh in uh across the globe uh then BOS China's one of the responsibility is also to support our customers going abroad so we def

definitely see that Trend and uh and I think this is also the growth opportunity for uh multinational companies like us in China so we do not

only grow in China we also grow uh together our customers around the globe so I see that Trend definitely okay it seems pretty a Consolidated view about going abroad opportunities are obvious

let's talk about the challenge Julian when you when you work with your client um your business partner going abroad was the biggest chall challenge that you

experien that encounter um in this journey of going International that's a tough question uh there are many many challenges that

they're facing because they I mean many of the European companies Western company in general they have been abroad for a long time and they probably forgot

how difficult it can be for China it's more recent I would say and so those Corporation in China they have a size in

China which being National is already larger than some multinational in the Western World okay so they they are significant companies and going abroad

they have the feeling that they have already this power and they have the people the talent the finances and and I think one of the

biggest difficulty is to um underestimate who are the stakes holders outside what does it take to build a local

organization and and how it can collaborate in a very balanced way rather than expecting things abroad

should happen the same way as in the Home Country yes yes and Professor I want you to prepare uh my next question for you but before I get to you I want to ask

Annabella as well um you you definitely [Music] you before we came in here we had to sort of you know tea and coffee and talk

about um roll a Chinese business management to overseas difficult to Japan to Mexico to Spain you might require three different approach right

and we know that in general consensus sometimes it's easy to just roll it out inevitably that's going to be challenged right um so you have seen you

have seen the common mistake that most corporates or made but you definitely have seen something that surprised you like wow this is I didn't think of that can you share a bit of those

experience and yeah I can uh share uh a few um from examples uh where our customers and also some of my alumin uh sips aluminize I talk with them to learn

from them and I I definitely see uh the the challenge that uh Julian I just mentioned and uh I think first of all uh if I see some uh companies who are doing

successfully when they are expanding Globe most of them have the mindset that uh what brought us here in China won't bring us there in other countries and

different countries have different um geopolitical environment have different Talent situation also different law background so uh that's why I think uh I've uh I've learned uh one company

who's doing really good in many different several different countries they are clear policies is that they have the same value but they have like

uh one uh one country one policy one strategy so this really adapt to the local environment I think that's something uh one example I can uh share

and second uh Echo to the challenge I think Julian you mention talent then I do think for uh many of the uh Chinese companies going abroad the one of the

key challenge is whether you have the adequate um you know uh Global Talent uh I think like uh uh uh Professor sh mentioned Talent is very key for

countries but also for the companies uh at Bosch I know a great leader he uh mentioned uh really why Bosch could be a successful he really

emphasized Talent is the key um he said um I I quote sudo because I was born in sudo if we want to have a sudo first class company then we have suo first

class Talent if we have one to have a China First Class company we had China First Class talent but we want to be worldwide uh class first class company

then we need worldclass talent and this is uh currently still the key challenge for many Chinese companies going abroad I see some CEOs uh I know uh many

companies who are really uh struggling on this and I I think that's a very important uh place to work on and that's why also uh I think like like uh uh

Professor mentioned we shall build on something higher so that's why I see many Chinese companies now are really are building their you know also their

vision and also their even Dei policy in the states we know that in some companies they are changing their views about the what how they position Dei well I also see some global companies in

China they are putting the inclusion diversity in their company value I see some some for the successful examples if they have want to high great talents

outside of China so just want to uh give a few examples yeah okay thank you putting it there is one thing but leave through it is another and it will be a

journey to go through and we work with our alumni and classmate and colleagues we uh those regular discussion definitely help um and and for Professor

you work with our Alam ni uh who most of them could be the well are the decisions of the company through their journey of

this going overseas was a suggestion to them will they encounter any counter sort of pressure from that destinated

countries you know uh we all learn from mistakes you you do not do things you do not make mistakes uh but you are going

to be uh still uh always a child right so uh I I think first you know

we we need to to do it no matter what and we we may fail we may uh you know having some troubles and but you learn

second very important okay how to effectively uh learn is that you need to learn from others therefore you know if

we have a body of Al luminous students professors together you know uh for uh uh to create environment you know to learn

that would be very valuable this is why I support the school's effort you know to really systematically build uh uh uh

education training program focusing on companies especially Chinese companies uh going Globe right secondly I would say that

uh it's not uh just about uh making money if you have this mindset then then you do not go very far I mean I think our aluminous here you

know because of CBS culture you know understands that you know there are

high uh level things to seek uh seeking higher level things would uh uh make you feel good uh make you uh Behavior moral

and uh make you attractive and make your com company you know uh welcome in other country so we do need to inject this kind of thinking okay it's not just

about doing a little bit of this and that nice it's about whether it's like a person right are you a good person are you a decent person or are you a person

who pretend to be good right you can tell very easily right I mean so company is the same the identity right so so

this is why I say I'm op you know Mystic about the future of China because our younger generation they were born in the reform and opening era they have seen

many of them have seen the world I mean and they are much better position than us not to mention then the people older than us right uh to

explore the world and so this is not just being forced to to go out right honestly you know maybe some uh people

uh are still caring about this piece of land for this country and that country but maybe 20 30 years later this is no longer issue right I mean and with

technological progress artificial intelligence so on the world become a completely different world right some leaders are still live in the past and

even you live in the present is not enough right I mean so the history will move forward and we may be a little bit

ahead of the curve right here and maybe forced for example uh if a person is forced to uh suffer if the person

survives the person gain a lot of value right similarly the Chinese economy is not doing good the internal environment is not good and you you are forced to

adjust out of your comfortable Zone maybe that turn out to be uh the treasure right you would never get if Chinese economy is still moving smoothly

if the whole world is still globalization you would not uh uh find this kind of potential you are having

right so I I do think that uh it's we and G right crisis is is a combination of you know this danger and

opportunities thank you thank you so um the crisis particular talk might be opportunity for red noes um right and um

a lot of um a lot of Chinese company born here in either GBA area or in Shanghai from there on is global I mean

if we go into the headquarter of of D danp in Shanghai if you go there at 10:00 and then look at the number of lighten Windows there were there I mean

I have friends and colleagues over there they are there to cater the Spanish Market the Mexico Market since they want um so those are the things that a lot of

Chinese company might be Chinese company but the DNA thinks they one is global that's my just my personal observations and with that I want to ask the personal observation from Julian as well how many

non-chinese uh in the audience that have live in China for greater than 16 years can you please raise your hands we have one two okay less than 10 uh among those

10 one of them is the audience here uh I mean the panel here so Julian you have been in shangai for what 17 years your when you first landed in this great land

was a six month interns that was your intentions okay talk about how did you change your mind and was your observation over the last 17 years

please I don't think I really changed my mind it just came one or you after one opportunity after the other um

and so what I observed originally I was working for the automotive industry and um at the time that I was having already

a few years working in China we started to have this 2008 crisis and things in Europe didn't go very well we were

talking about cutting cutting cutting cutting everything had to be cut okay when but in China at the same time everything was ramping up so a

completely different uh work environment and to be honest if you have to choose between working on a cost-saving program or working on expansion program I think most of us would go for the expansion

program so this is definitely one of the reason why I stayed in China for a few more years and and then some other opportunity came but what changed over

those years um then I I really started to work for my current company and with those S soes okay and what I really saw

is that they move from being able to execute something to being able to develop a new product to be able to

industrialize it and to be able to even improve products which were coming from uh abroad um if we take a singular example of the highspeed train in China

this thing this is a thing of beauty and I think all of us we are very happy now with the convenience it brings on day one on the highspeed train in China none of the parts inside were Chinese and for

the last few years there is now a train which runs in China which is the fushen train it's 100% Chinese this is built by the so-called state-owned Enterprises

and it can give you an idea on what has changed over 20 years it's absolutely amazing what actually has changed it's from maybe we copy or we buy from abroad

two no no we have our own mind our independence we build our product industrializing it and now because China has developed this technology time has come to sell it

abroad and we're going to see how this is really working but I think it's going to be really really interesting okay so that's on the business but culture-wise people Society

I believe you set a family here and now a father of two what's your observation I mean want Li harded on on the culture element of it on the business I mean we have a I

think we have a fund fundamental change in Generation Um I think we used to have in the companies in China some very um

abiding people uh very very hardworking and uh which at a certain point have been extraordinarily useful still are and now there have been a lot

of debates about this generation Z Generation X and whatever this is now very different and indeed we see a different type of uh profile entering

the Chinese companies how is it reshaping things this is really hard to say because I would say that on the one hand on the very traditional Industries like

probably mine the ability to adapt is probably a bit too slow and therefore it's probably

not positive at the same time these new mindsets they might have an extraordinarily positive impact on companies which are more Tech driven and

as you mentioned originally built International from their one with a bit of a different mindset so it's it's really hard to say how it's going to go

ahead in the future right now I there is probably and again from this generational point of view there is obviously a transition thank you I'm continue to be you please

hold on your mic fing Trend Going Global it's easy to imagine that building train Railway in emerging

country Africa Eastern Europe any part in the world uh it's a it's Ideal World if you were to advise your client the

soe uh that if things can go wrong you need to watch out for these two points what are those two points if your clients go in there to build the

role you know uh you should watch out for point a point B who are what are those two I don't think the fushing train is a good example on this one because high

speed train it comes with a significant amount of existing infrastructure and this is not necessarily easy to sell

abroad uh what China can do now is really to help certain develop a country to set up their own infrastructure because it's been done in China they

went from zero to nearly 30,000 kilomet of highspeed train this is the case also for the Metro so they can actually really do that um the advice I would

give to them is really to probably do what many companies have done I'm talking about foreign companies what they have done coming to China um for

some time China was just the factory of the world so things being produced in China exported back to the Western World and then we had a very strong wave of in China for China and I think those

companies have been very successful this is what M company has done meaning that we produce in China for the Chinese market but this is the entire strategy

of the company the R&D is in China the talent pool is in China we really develop in China currently in terms of Foreigner in my company at at least in China very very few 15 years ago we

might have had aund foreigners now it's not the case anymore so the advice going abroad would be well apply to yourself what you've seen other companies doing

coming to China meaning going abroad means setting up abroad with the roots abroad the way of doing things abroad and really investing

it on the long term rather than giving the impression that I'm just here to make a labor Arbitrage or whatever else okay this would be really my point and

my advice thank you Professor yeah I I I fully agree you know we Chinese

say okay and so if you think that you know we have efficiency we have technology we have experience then we go

to AF country we replicate what we do that mindset is completely wrong and uh uh I think people are different

right and you need to it's like if you have class of you know uh Primary School students right if a teacher is good then the teacher should be able to explore

the different talents among them and just not like one size so so I think uh this is quite difficult honestly uh to

change the mindset of Chinese executives you know to to to tell them that you completely needed to change your mindset in terms of how uh people work in the

other country how people believe how people take you know consider you know the the the Leal time uh you know so on so forth everything you know and uh uh I

think uh you know people in China may watch more international news and thinking that Americans other country people only watch local news news but do

you truly understand other countries Maybe not maybe not as much as even those uh people in other countries so I

think the first is mindset and attitude and uh just uh I would have to say that China has grow spectacularly but only

for 40 years and uh so don't think that you hold the key you know to solve the problem okay and be humble and uh be you

know taking a a learning attitude right and this is much more than important than anything else right then of course hold a high moral standard is also very

very important right should not show this greedy face right I mean try to explore the local uh uh uh Advantage you

know to benefit solely your company okay I think we all should leave a much valuable life and uh then just you know

take advantage or calculating or in our Chinese saying you know CH the okay and I think C should really educate you know

especially is this Executives who have ambition you know towards the future you are in the age of 40 to 50 many many

years ahead of you right and uh be a high value person or low value Val person makes a big difference for yourself for your company and for your future generation you know I think these

kind of things we should really uh talk more okay I got a question for you Professor um I want to touch based on the talents and intellectual um when you talk about when

when we think about export you normally think about Goods exports but what what's your take on intellectual exports um we see McKenzie in China we haven't seen a Chinese consultancy company

offshore this is relevant to what Julian just share as well the the the the intellectual the knowhow right I know we are not there yet but how far away away

from exporting or sharing those to the the rest of the global Community it's it's a great question it's a great question you know and

uh there there are so many things that the Chinese Society needed to develop okay this is not what you mention is not really the first thing I think the first

thing is about how we uh parents you know educate uh our kids and that is of course a big thing the current way of

Chinese family education casid are totally wrong and which will destroy you know our future Generations but fortunately we do have a small group of

uh family who are AF enough so that their kids are enjoying more free uh you know uh thinking and so that um many of our NBA students are very much

open-minded that's that's a great thing right so I think China is really having a scale Advantage I mean even we are not there but there are small percentage of

talent who are there I mean I I think it's all about how to utilize you know although the smaller percentage but

actually quite larger absolute number right I mean the talent and uh I remember that when Al Papa was still

running you know very high and our one of our NBA students uh very beautiful Spanish lady you know was hired by alipa

very happy and uh so on okay so they did you know not only there are Chinese talents but also there are intern talents if China has the ambition to

catch up with or even overtake us it didn't true that you needed to also tap on International talents and right cibs is is a great place right

to nurture certain uh internal talents for China right I mean if you do not really you know so so I think it's one is the government thing but we cannot

put too much hope on the government right but if the government gives us certain room we should do it right so so cibs for example should should really

have this you know you should not just sit on the uh you know seat saying that I'm asent number one and so on right you

should really you know develop into a a high value place and we actually can do that right I mean small uh contribution

adds up become bigger right which so I never believe a government Le uh project too big to success to to succeed

right and you need to rely on this uh each and every like company or and for the question that I was uh

talking about at the beginning the family raing kids you know you should not just want the government to have a universal program to educate parents you

educate yourself right make your kid uh you know a true person rather than a person every day to memorize things right starting from that then we we are

have going to have a future so so I think touching on this uh this sort of business issues actually the business issues are not about the business the

business issues is more about the high value and uh I think uh we should move towards that uh Direction y high value

um Annabelle you you share a piece of article with me about your company that you have local talent development recruit here and then ended up being

abroad uh to join the headquarter or Global Group and be a valuable asset um you know Chinese National by the way so can you share a bit of that in terms of

talents cultivations and globalization uh yes I think uh in the past 20 years a lot of multinational companies and also Chinese company born the first day like global company like

you mentioned I think hired a lot of great talent and they have developed uh throughout the past years some of them ented the go age that Al Al also the

right experience that they can take Global roles so in my company uh we do have talent who is now leading a global business a Chinese Talent who are

leading Global business and uh for example in areas like fuel sale which China uh in China we develop first so uh China now uh also in my group we uh

quote this as uh like a fitness center of uh the the the the company worldwide in certain areas and we also see China that uh there are also Innovation uh

which we can bring to industrialization faster here with the combining I think the both strengths so uh that's why uh for example the colleague who was hired here locally like uh more than 10 years

ago and developed uh with the automobile market and he also has supported uh the global market but in the in in between uh we also carefully deliberately also

um assign this person uh in uh global role in Europe for also for two years like International assignment during uh

in Germany uh not the uh not the uh like uh p&l leader but now that he grow from China as a um fuel sale leader in now in

Germany located in Germany to Leading a global business I I just want to share this example and I see more examples because uh I think China's Talent uh

also in these years we have some glob Talent who are able to really uh play important roles and bring Innovation from China to the globe yeah thank you

thank you um I think we we're half an hour into our session I was given 45 minutes to moderate the panel and I will I want to leave just a bit of space for interaction with the audience as well is

there anyone that uh have a questions I know there was some question for Professor but you know professor already answered some is there any question for

two of our panelists as well or myself is there anything from audience first yeah um hello um I'm just uh how you say have a question from different

angle as because I know the subject is talking about China's economy but let's say um from the investment from a warie company like say I'm a member of supply

chain function so in the past 20 years we we talk aot a lot about global sourcing in fact uh there is a China sourcing play behind because it can generate a benefit for the company

however in the recent three or five years uh the words like resilience appears very frequently in fact because of the geopolitical reasons

behind so if you are an advisor to the CEO for a Wy company having huge investment in China already and what

will be your strategy for next investment and second question is if you are a CEO for you us company would you act

differently first the first question is the visor for any company that want to reduce their Reliance of Supply chair to a single country and the second question

is if you are a US Company CEO how would you think from the angle yeah a good questions um I think I think uh we can ask Julian

to start with I mean in in terms of supply chain Reliance yeah the the I think the the the co was a highlight that there was probably too many eggs in

the same basket at some point and the the dependency upon China was was a bit too large and so now the supply chain and is the case for many of the

international groups the the supply chains are the leverag distributed and and I think for the better so my advice honestly if if if

this is was the case would be to say well don't find yourself Reliant too much on on a geographical area and if

you have this woy in China and if you probably Source some goods for some companies outside of China good but I think the priority should remain to

Source in China what you need to manage your Chinese business and if on top of that there are some of the supplies which come to be

exported it can be done but I think this should not be considered as the probably the most stable source of future

income and what's your what's your view um I sh I share the view uh actually in China uh for if the business

and the M customers are here if we have uh the uh you know um actually uh the right um customer base here I think we shall still consider um I think to uh

have the supply chain in China well to have Regional balance and to have uh some um measures to uh the risk is always uh something that a global

company shall consider so I can fully Echo what Julian just mentioned yeah yeah Professor the complexity of Supply

chains and uh reduced reliance uh let let's be realistic okay China has developed a very deep supply chain you

know and uh uh unless right I mean I always say unless you know you are you are have no absolutely no other choice then you leave otherwise you do not

leave it applies to myself okay unless you know the situation is such that uh I have to leave my beloved school but uh

as long as you know the situation allows us to China is a great place in terms of

uh size in terms of scope in terms of talent in terms of work ethics right I I

I I have coined this three as Advantage scale economy scope economy and speed economy how can you be as fast

as uh China right so these kind of things are are very much difficult to replicate in other places right I mean if I read stories about Fox Kong you

know moving some business to to India right and and then the the the amount of uh products which are not up to the Quality level the percentage is much

larger right I have nothing against uh India but uh I think China has uh has grow and develop and because the

workers are not about going to the school the workers are learning uh to be uh very skilled to work you know over

years during the process and uh so China has already accumulated this much amount of difficult to

replace uh uh resources right and so so I I think uh if I were advising the CEO

of mational us I think you still need to think about you know uh uh utilizing the China side uh don't be scared by Trump I

think Trump in my view will be more pragmatic uh than uh uh you know uh

Biden uh or other uh us politicians in his term and uh that plag ISM will be beneficial mostly for us but also will

beneficial for China and so this is the the the the the not the time to to abandon China actually this is the time to appreciate the value and the

potential value will be even larger and so despite I I have a lot of worry about the Chinese economy and so on but I I

never uh doubt uh the the value of Chinese private sector and the country uh in terms of its you know uh

characteristic and it's not about the characteris of the Chinese government per say right it's the characteristic of Chinese people and the society and which

actually is is is going to be good uh for for business especially business from abroad please and I think uh What uh

Professor mentioned just uh inspired me I want to share uh one or two examples I think uh I want to give example that from our Global uh CEO and our glob

board we we uh decide to definitely continue to further investment in China last year we just opened a um 1 billion US uh site in sudo for the investment

and all this year we are um actually founding another JV with Jang in Nang to be closer to our customer and we firmly believe that China I think the whole

supply chain like Professor mentioned we have a full confid Ence and we believe this is a great market and last but not least as a Chinese people I'm really confident about the the our talent uh I

think I just give example some uh Chinese Talent going abroad and taking uh also the global role and I think uh Chinese people's resilience Chinese people's flexibility learning agility

and also our in our culture uh we really have the spirit of uh we when there are big mission of uh things coming up and we complete that so uh so I think also

the Young Generation because different people talk about ah maybe there's some Young Generation among them are T ping or lying down but uh I I was personally

interviewing a lot of uh traines and fresh graduates and also work closely with them and I want to personally observe I see U many of them because they are born in uh very educated by

great in a great family give great education and they are free of choice and and they are not driven only by for example the the compensation and many of

them are brilliant and they are they have the purpose I want to make my environment more positive if I'm here I want to make this world a little bit better I see those group of people in

person and uh that's why I'm very confident uh of our nation also because the of the talents like uh Professor mention yes that's actually one of the

question from online as well about the multinational companies um their view experience on China and I think Anabella just answered that before I even ask um

so we do have a couple question coming in but given the interest of time um some uh sort of viewer asked about foreign direct Investments uh of global company in

China or maybe Chinese company in global and there's another question about I'm sure this question if China is going to have inflation the asset price will go up there she we consider the allocating

asset to China too I think Professor how long do you think before we will have inflation in China I I hope it will come this year

but uh it will depend on the determination of uh the government and uh in Game Theory there is a concept

called credible commitment okay so uh we have not see uh full commitment yet but even with full commitment it should be

credible and I think this is a lot to ask for but this is what the current Chinese government must deliver and uh

the time window is getting smaller I hope the government would uh do it uh this year in in way okay and if China

could not get out of this deflation uh you know period and then uh uh you know we not even needed to talk

about the transition you know towards a brigh future and so but I'm confident that uh it will come maybe later than we

we want it and uh but uh you see if you are pushed to to the to the to the cliff right you fail right and then the the

the Instinct for survival will bring you to to to do that and so uh yes I mean uh it's it's not a magic right I mean uh

macroeconomics is not you know magic uh but you know we do need uh certain things that uh you know

is so uh powerful psychologically to shift the the the you know if we watch the the professional uh sports game you will

know the momentum thing right I mean so the momentum you know uh towards you know a positive side is is crucial right

it's not something that you can describe in a variable or measure right it's just that the whole society feels like China

is back life having life again but uh we are not at that point yet I mean so so I think uh you know we should be positive uh you know don't think too much about

the specific things such as housing price and it all comes from the this big momentum change okay uh you could you

would be able to say that D shaing you know in 1978 you know Chang the momentum of the Chinese Society right and that

momentum lasted for uh 30 40 years right now is the time for China to

have the momentum towards the future and that momentum has to happen and to have that momentum to happen you need to have

a radical policy whether it's fiscal stimulus or Monet stimulus or political announcement whatever right you need to

have that right now to start the positive momentum for Chinese society and Chinese economy if everything else follow right I mean so that we need to

be clear I mean we we we cannot do it ourselves we're not we're too little but we know what it would become once China

is having the right momentum toward the future for Country which has experienced this successful past 40 years for the

country people have seen the world have know the ideas and the younger people and and so on so forth all in all in

economics the uh uh theory is called Big push Theory all in all we just need a bigger push okay whether it's from here

or from there okay I can only say in today's context that uh Trump is helpful in uh in this bigger uh momentum but of

course it will depend on ourselves in China thank you and uh that's uh very good wrap up um giving back to the topic of today's uh headlines I think Trump is

a much needed medicine uh for maybe the world um and I would like to thank professors uh Tom um

I think one one one very last question to the um alumni here and the panel in 30 seconds each of you why did you come

to Sips Julian fast please uh the answer cannot be because Professor Shing is here that was my answer come on I can't I can't answer

anymore yes what did I come to seibs uh I really wanted to to move ahead sort of break the I saw there was a ceiling above my head you know from middle

management to higher management and I thought that would really help me so that's why I came um but this is not what I got though it really happened for me what I really got because I was high

focused on the curriculum when I joined sibs and what I realized is that though the curriculum is heavy is impressive and the professors are absolutely

amazing uh what was the most useful for me at the end was discussions with my classmates the Alumni network um which

still as of today is a significant source of thoughts and progress thank you h Bill uh I

originally applied also um because at a certain period I really want to connect the thoughts and think about where I want to go further in career and also in life and I actually got uh more than

that I think I really um after the education and knowing very different uh alumni growing from different background doing different things I I I think I

become more holistic person I got some lifelong friends and I also find uh I redefined my purpose with what I want to do I think that's very important

for me and uh last but not least I I really can't Echo I think this is uh hu Sports school I actually started from

you know a person who don't do uh Sports who are even running 800 meters I will feel very you know um hard for me uh and

I finished my first half Maron I went to the gby D for the four days so it's hard experience but I uh live also Sports become one of my uh you know

Energizer and uh I know a lot of lifelong friends I think that's it thank you thank you this question is optional for

Professor if you have not join the C Bas it's a big loss okay so join us thank you very much thank you [Applause]