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China's economic growth is moderating, the Euro is under less pressure despite weak growth, and the United States faces large fiscal and trade deficits even as the stock market hits a five-year high. Is the global financial crisis over? Not quite. Noted economist and China expert Michael Pettis argues instead that the critical rebalancing of world economies must continue.
Join AmCham China and the Carnegie-Tsinghua Center for a lunchtime presentation with Michael Pettis. Pettis will discuss the bilateral trade imbalance as it relates to the recent financial crisis, analyze government policies that distort saving and consumption patterns, and comment on the reasons for these policies. Pettis argues that a wide variety of imbalances -- including the US consumption binge, surging debt in Europe, China's investment excess, Japan's long stagnation, and the commodity boom in Latin America -- are closely tied together, and that it will be impossible to resolve any issue without forcing a resolution for all.
Michael Pettis is a senior associate in the Carnegie Asia Program, based in Beijing. An expert on China's economy, Pettis is professor of finance with Peking University's Guanghua School of Management, where he specializes in Chinese financial markets. From 2002 to 2004, he also taught at Tsinghua University's School of Economics and Management and, from 1992 to 2001, at Columbia University's Graduate School of Business. He is a member of the Institute of Latin American Studies Advisory Board at Columbia University as well as the Dean's Advisory Board at the School of Public and International Affairs.
Join AmCham China and the Carnegie-Tsinghua Center for a lunchtime presentation with Michael Pettis. Pettis will discuss the bilateral trade imbalance as it relates to the recent financial crisis, analyze government policies that distort saving and consumption patterns, and comment on the reasons for these policies. Pettis argues that a wide variety of imbalances -- including the US consumption binge, surging debt in Europe, China's investment excess, Japan's long stagnation, and the commodity boom in Latin America -- are closely tied together, and that it will be impossible to resolve any issue without forcing a resolution for all.
Michael Pettis is a senior associate in the Carnegie Asia Program, based in Beijing. An expert on China's economy, Pettis is professor of finance with Peking University's Guanghua School of Management, where he specializes in Chinese financial markets. From 2002 to 2004, he also taught at Tsinghua University's School of Economics and Management and, from 1992 to 2001, at Columbia University's Graduate School of Business. He is a member of the Institute of Latin American Studies Advisory Board at Columbia University as well as the Dean's Advisory Board at the School of Public and International Affairs.
Pettis earlier worked on Wall Street in trading, capital markets, and corporate finance. At bear Stearsn from 1996 to 2001, he was managing director-principal heading the Latin American Capital Markets and the Liability Management. He is the author of several books, including The "Great Rebalancing and Volatility Machine: Emerging Economies and the Threat of Financial Collapse."
About the Carnegie-Tsinghua Center:
The Carnegie-Tsinghua Center for Global Policy in Beijing, China, brings together the world's top scholars and experts from China and the international community to engage in collaborative dialogue and research on today's common global challenges. Through its platform at Tsinghua university, the center aims to enhance cooperation, transparency, and trust among both Chinese and international experts.
About the Carnegie-Tsinghua Center:
The Carnegie-Tsinghua Center for Global Policy in Beijing, China, brings together the world's top scholars and experts from China and the international community to engage in collaborative dialogue and research on today's common global challenges. Through its platform at Tsinghua university, the center aims to enhance cooperation, transparency, and trust among both Chinese and international experts.
