New Impetus to Global Growth
—PBC School of Finance Holds Tsinghua PBCSF Global Academic Leaders Forum
Tsinghua PBCSF Global Academic Leaders Forum themed on “New Impetus to Global Growth” was held recently at the Reception Hall at the Main Building, Tsinghua University. Nicholas Stern, IG Patel Professor of Economics and Government at London School of Economics, Chair of the Grantham Research Institute on Climate Change and the Environment, President of the British Academy and Former Chief Economist at the World Bank, and Dr. Hans-Paul Bürkner, Boston Consulting Group Global Chairman, attended and spoke at the Forum. Zhu Min, Head of Tsinghua University National Institute of Financial Research and Former Deputy Managing Director of IMF, hosted the Forum.
Prof. Nicholas Stern presented his speech on “Growth, Sustainability and Infrastructure: the New Global Agenda”. He thinks the world economy is likely to double in next 20 years or so and infrastructure more than double. “2015 and 2016 breakthrough years for global collaboration have set a new global agenda”, he said. In the coming years, the future of the world’s environment and the global commons will be driven by middle income countries and it’s important to support them to achieve sustainable development goals (SDG). A more attractive growth model for all that delivers on the SDGs, Prof. Stern believes, is that in the short run infrastructure growth and investment is relatively slow, but it has room for sustainable growth and in the medium run there will be a new wave of technological change full of innovation, discovery and investment.
Dr. Hans-Paul Bürkner, shared his insights on “What You Need to Know About the New Trends of Globalization”. Globalization has been one of the major forces in driving world economy growth for the last 10 years, he stated. There have been three waves of globalization led by the United Kingdom in the 19th century, the US after World War II and China in recent two or three decades. The situation for the fourth wave of globalization would be more complex and led by more than one country in this multi-polar world. When talking about the new patterns of globalization, Dr. Bürkner believes that participants change from MNCs to all-inclusive participation; development model changes from the worldwide to the regional system; and the model changes from resource-and labor-intensive to knowledge- and technology-intensive.
During the followed round table discussion, Mr. Zhu Min discussed with the speakers about the role of developed economies and middle-income countries in global growth agenda, and economic cooperation between different economies.
Guest speakers also answered questions from the audience. ZHU Min pointed out that, changes have emerged in the global economy trend, where mid-income countries will become the main force. In following 10 years, change and transformation is getting very interesting and will indicate a better future.
Tsinghua PBCSF Global Academic Leaders Forum is a public non-profit academic forum. The world’s most renowned speakers, including Nobel laureates, noted professors, and senior executives from foreign central banks and other financial regulators are invited to share their insights.