SCID and SCP present a special seminar with Professor Xiaonian Xu

The Chinese economy has grown so fast and for so long. But the “miracle” has started fading in recent years.  Why?  Prof. Xu argues that the reform era can be divided into two fundamentally different phases.  Phase I, from 1978 to the mid-1990s, is characterized by market-oriented reforms, whereas Phase II, from the mid-1990s onward, is dominated by government-led investment and interventions. Though China’s growth performance looks identical in numbers over the two phases, the source of growth has changed from efficiency gains to increased use of resources. Phase II growth is thus unsustainable, and worse, it has brought about structural distortions that severely undermine the economy’s growth potential. To maintain growth even at a moderate level, China needs to go beyond what the leadership has promised and planned.

Dr. Xiaonian Xu is Professor of Economics and Finance at CEIBS. He worked for China International Capital Corporation Limited (CICC) since 1999 as Managing Director and Head of Research. The research team under Dr. Xu was ranked No. 1 in 2002 among domestic brokerage firms by Chinese institutional investors. And Dr. Xu himself was voted in the same survey as the best in economics research. Prior to CICC, Dr. Xu was Senior Economist with Merrill Lynch Asia Pacific based in Hong Kong from 1997 to 1998. He worked as a consultant of the World Bank in Washington DC in 1996. Dr. Xu was appointed Assistant Professor of Amherst College, Massachusetts, from 1991 to 1995, teaching Economics and Financial Markets. He was employed by the State Development Research Center of China as a research fellow from 1981 to 1985.
 
Dr. Xu obtained Ph.D. in Economics, University of California, Davis, in 1991, and MA in Industrial Economics in 1981 from People's University of China . He received Sun Yefang Economics Prize in 1996, the highest Chinese award in the field, for his research on China 's capital markets. His research interests include: Macroeconomics, Finance, Financial Institutions and Financial Markets, Transitional Economies, and China 's Economic Reform. Dr. Xu is the recipient of the 2005 and 2006 CEIBS Teaching Excellence Award. Dr. Xu received the prestigious CEIBS Medal for Teaching Excellence in 2010. 

**** PLEASE NOTE CHANGE OF LOCATION****

Abstract
The Internet makes lives better, around the world, in ways people couldn't have imagined not even a decade ago.  It sparks prosperity, inspires dissent, improves education, and encourages freedom.  But all of the good it does is under threat, largely from governments. He will discuss where those threats are coming from, and the critical importance for us all that we overcome them.

David Drummond joined Google in 2002, initially as vice president of corporate development. Today as senior vice president and chief legal officer, he leads Google’s global teams for legal, government relations, corporate development (M&A and investment projects) and new business development (strategic partnerships and licensing opportunities).

David was first introduced to Google in 1998 as a partner in the corporate transactions group at Wilson Sonsini Goodrich and Rosati, one of the nation’s leading law firms representing technology businesses. He served as Google’s first outside counsel and worked with Larry Page and Sergey Brin to incorporate the company and secure its initial rounds of financing. During his tenure at Wilson Sonsini, David worked with a wide variety of technology companies to help them manage complex transactions such as mergers, acquisitions and initial public offerings.

Image

Over the past 35 years of the reform period Beijing has tried to make its state-owned enterprises more efficient and competitive. In the early 1990s it adopted a strategy modeled closely on the Western corporation and the equity and debt capital markets that support its operations. But China's big SOEs have demonstrated more and more independence despite outright economic and ownership control by the government and the Communist Party. And this independence has not led to greater efficiencies or, arguably, even competitiveness. Instead the National Champions represent monopolistic economic and political power. Today China's new leadership confronts the National Champions seeking to regain control over the state's principal assets. How did this happen and what can be done to reassert Beijing's rights?  

Carl E. Walter worked in China and its financial sector for over 20 years and actively participated in many of the country’s financial reform efforts. While at Credit Suisse First Boston he played a major role in China’s groundbreaking first overseas IPO in 1992. Later at Morgan Stanley he was a member of senior management at China International Capital Corporation, China’s first and most successful investment bank. While there he supported a number of groundbreaking domestic and international stock and bond underwritings for major Chinese corporations. More recently at JPMorgan he was China Chief Operating Officer and Chief Executive Officer of its China banking subsidiary. During this time Carl helped build a pioneering domestic security, risk and currency trading operation. In his spare time he enjoyed driving his Jeep to distant provinces.

A long time resident of Beijing before his recent return to the United States, Carl is fluent in Mandarin and holds a PhD from Stanford University and a graduate certificate from Peking University. In Spring 2013, Carl returned to Stanford as a visiting scholar at the Shorenstein-Asia Pacific Research Center, FSI. He is the co-author of Red Capitalism: the fragile financial foundations of China’s extraordinary rise, which has been published in Chinese in China. His earlier book, Privatizing China: inside China’s stock markets, was also published in China and, like Red Capitalism, contributed to the government’s policy debate.

This event is co-sponsored with CEAS and is part of the China under Xi Jinping series.

SPEAKERS
Eze Vidra - Head of Campus London and Google for Entrepreneurs European Outreach, Google

Samantha Evans - Vice Consul, Software, UK Trade & Investment

ABOUT THE SEMINAR

Innovation Hub: London
Eze Vidra, Head of Campus London and Google for Entrepreneurs European Outreach, Google
Samantha Evans - Vice Consul, Software, UK Trade & Investment (UKTI)

Wednesday, October 30, 12:00-1:00 pm 
Venue: McClelland Building, Room M109 - Stanford Graduate School of Business. 

London's Tech City, or Silicon Roundabout, is the fastest growing tech cluster in Europe with over 1300 startups, and has managed to attract industry leaders such as Amazon, Facebook, Google, Intel, and more to establish a presence there. 

Learn more about what is going on in this hub of innovation in a one-hour seminar with Eze Vidra, the head of Campus London, Google's first physical startup hub worldwide providing entrepreneurs with work and event space, mentorship, and educational programs. Joining him will be Vice Consul Samantha Evans of UKTI, who will offer a government/policy perspective on Tech City.

This talk is part of a seminar series hosted by the Silicon Valley Project at Stanford Graduate School of Business.

 

ABOUT THE SPEAKERS

Image

Eze Vidra is the Head of Campus London and Google for Entrepreneurs Europe. In March 2012, Eze launched Campus London, Google's first physical startup hub worldwide providing entrepreneurs with work and event space, mentorship and educational programs as well as access to a vibrant startup community.

Before Campus, Eze spearheaded Google's commerce strategic partnerships in EMEA, launching Google Shopping in Spain and Local Shopping in the UK among other projects. In the years before joining Google, Eze held product management leadership roles at Shopping.com in Israel, Gerson Lehrman Group in New York, Ask.com in Silicon Valley and AOL Europe in London, where was the Principal Product Manager for Search in EMEA. In 2003, Eze co-founded a startup in Israel, developing text-input technology for mobiles.

In 2005, Eze founded VC Cafe, a highly regarded venture capital blog shining a spotlight on Israeli startups. In 2012, he founded Techbikers, a non-for-profit cycling community responsible for starting a school and 20 libraries for children in the developing world. Eze serves as advisory board member of BBC Worldwide Labs and is a trustee of StartupWeekend Europe. He holds a BA in Business and Entrepreneurship from IDC in Israel (Cum Laude) and an MBA from London Business School. A native Argentinean raised in Israel, Eze is fluent in Spanish, Hebrew and English and lives in London with his family.

Eze Vidra's bio on the Campus London website: http://www.googleventures.com/team/eze-vidra
Eze Vidra on twitter: www.twitter.com/ediggs

Image

Samantha Evans is the Vice Consul for Software at UK Trade & Investment. Her role is to advise Enterprise software companies and fast growing start-ups on the opportunities in the UK and European Market as well as providing practical support to accelerate their success in the UK. UKTI is a UK Government organization based in 90 cities across the world – with a overall aim of economic development for the UK – both through import and export.

Sam moved to San Francisco for her current role in January 2013. She previously worked for MIDAS – Manchester’s Investment Agency and a Technology Accelerator in Manchester.

This seminar is part of the "Europe and the Global Economy" series.

How do geopolitical forces influence international capital markets? In particular, do market actors condition their responses to crisis lending initiatives on the political incentives of major lenders? In this paper, Randall Stone and co-writers Terrence Chapman, Songying Fang and Xin Li  analyze a formal model which demonstrates that the effect of crisis lending announcements on international investment flows is conditional on how market actors interpret the political and economic motivations behind lending decisions on the part of the lender and borrower. If investors believe the decision to accept crisis lending is a sign of economic weakness and lending decisions are influenced by the political interests of the major donor countries, then crisis lending may not reduce borrowing costs or quell fears of international investors. On the other hand, if market actors believe that crisis lending programs, and attendant austerity conditions, will significantly reduce the risk of a financial crisis, they may respond with increased private investment, creating a "catalytic effect."  In this model, the political biases of key lending countries can affect the inferences market actors draw, because some sovereign lenders have strategic interests in ensuring that certain borrowing countries do not collapse under the strain of economic crisis. Although this theory applies to multiple types of crisis lending, it helps explain discrepant empirical findings about market reactions to IMF programs. The implications of their theory is tested by examining how sovereign bond yields are affected by IMF program announcements, loan size, the scope of conditions attached to loans, and measures of the geopolitical interests of the United States, a key IMF principal.

Randall Stone (Ph.D. 1993, Harvard) is Professor of Political Science at the University of Rochester.  His research is in international political economy and combines formal theory, quantitative methods, and qualitative fieldwork.  He is the author of Controlling Institutions:  International Organizations and the Global Economy (Cambridge University Press 2011), Lending Credibility:  The International Monetary Fund and the Post-Communist Transition (Princeton University Press, 2002) and Satellites and Commissars:  Strategy and Conflict in the Politics of Soviet-Bloc Trade  (Princeton University Press, 1996), as well as articles in the American Political Science Review, International Organization, International Studies Quarterly, the Journal of Conflict Resolution, Review of International Organizations, and Global Environmental Politics.  He has been awarded grants by the NSF, SSRC, NCEEER, and IREX, was the last recipient of the Soviet Peace Prize (1991), and has been a Senior Fulbright Scholar visiting the Stiftung Wissenschaft und Politik in Berlin.  He speaks German and Russian fluently and Polish moderately well, and reads all Slavic languages.