Transcript What we did on our autumn holiday (not exactly…)

Beijing with us!
China International Assignment
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Who is “us”?
 Richard Portes
Professor of Economics
 Emeric Henry
Assistant Professor of Economics
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The context
 An economy that has grown at over 10% p.a. over the
last decade and now accounts for 10% of world GDP…
 …with $2 trillion of foreign exchange reserves
 Huge domestic market, but also an export powerhouse
 A banking sector that has attracted investment from all
the big Western banks
 Lots of assembly plants, sure, but also hi-tech,
innovation, and entrepreneurial flair
 An extraordinary city – history, architecture, food, art…
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Past visits to firms – some of which will
repeat in 2008
We do multiple visits rather than projects based on
deep immersion in a single firm
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Alibaba (yahoo china)
Lenovo
Huaqi – MP 3 players etc.
China Mobile and China Telecom
Nokia and its suppliers
CNOOC (oil company)
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Visits to banks
 Peoples Bank of China (central bank)
 Western banks in China
- Goldman Sachs
- UBS
- Morgan Stanley
 Chinese banks
- CICC
- ICBC
- BoC
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Exceptionally good lectures…
 Chong-En Bai (Head of Department of
Economics, Tsinghua University)
 And the home team (well, we do our best…)
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Also this year
 Agency responsible for air quality during
Olympics
 Go outside Beijing to see some different
types of firms
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…and a bit of free time
 Great Wall
 Forbidden City
 Silk Market
 Quanjude Peking Duck, Green T.
House, Lotus Flower…
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Beijing with us!
 Unique moment – how will China respond to a global
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slowdown? Can the economy maintain its
dynamism? Can the system deal with the tensions of
inequality? Will China join the US in a ‘grand bargain’
to rebuild the foundations of the international financial
system?
Enjoy some free time in a great city
Year after year, about 40% of the students on this trip
have said afterwards, ‘I want to work at least a few
years in China’…and many others look forward to
working with Chinese firms.
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