Chinese Economic Growth: Past, Present and Future

A brief overview of the Chinese economy since economic reform began in 1978 is given, followed by an assessment of the current economic situation. The challenges facing the administration of President Hu Jintao and Premier Wen Jiabao are identified. The distinctive features of the Hu-Wen strategy for Chinese economic development are described and discussed. The long-term growth prospects are analyzed and projections for the year 2020 are presented. The conclusion is that the prospects for the continuation of Chinese economic growth at the rate of approximately 7 percent per annum for the next decade or two are excellent despite the existence of several risk factors.

Speaker Details

Dr. Lawrence J. Lau is the Vice-Chancellor (President) of the Chinese University of Hong Kong, Hong Kong, and Kwoh-Ting Li Professor of Economic Development, Department of Economics, Stanford University, Stanford, California. He received his B.S. degree in Physics and Economics, with Great Distinction, from Stanford University in 1964, and his M.A. and Ph.D. degrees in Economics from the University of California at Berkeley in 1966 and 1969 respectively. He served as a Co-Director of the Asia/Pacific Research Center and the Director of the Stanford Institute for Economic Policy Research (SIEPR), Stanford University. He is also a Senior Fellow (by courtesy) of SIEPR, the Stanford Institute for International Studies (by courtesy) and the Hoover Institution (by courtesy), Stanford University. His specialized fields are Economic Theory, Economic Development, Economic Growth, and the Economies of East Asia, including China.Dr. Lau has been elected a member of Phi Beta Kappa, a member of Tau Beta Pi, a Fellow of the Econometric Society, an Academician of Academia Sinica, a Member of the Conference for Research in Income and Wealth, an Overseas Fellow of Churchill College, Cambridge, England, an Honorary Member of the Chinese Academy of Social Sciences, an Academician of the International Eurasian Academy of Sciences and the First Vice-Chairman of its China Science Centre. He has been awarded the degree of Doctor of Social Sciences, honoris causa, by the Hong Kong University of Science and Technology.He is the author or editor of five books–Farmer Education and Farm Efficiency (with Dean T. Jamison), Models of Development: A Comparison of Economic Growth in South Korea and Taiwan, Econometrics and the Cost of Capital: Essays in Honor of Dale W. Jorgenson, North Korea in Transition: Prospects for Economic and Social Reform (with Chang-Ho Yoon), and U.S. Direct Investment in China (with Kwok-Chiu Fung and Joseph S. Lee)–and more than one hundred and sixty articles and notes in professional publications. Amongst his many professional activities, Dr. Lau is a member of the Board of Directors of the Chiang Ching-Kuo Foundation for International Scholarly Exchange, Taipei and an International Adviser, National Bureau of Statistics, People’s Republic of China. He is also a Vice President of the Board of Directors of the China Society for Finance and Banking.

Date:
Speakers:
Lawrence J. Lau
Affiliation:
President, The Chinese University of Hong Kong
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