Innovation and Dynamism

120 Pages·2015·19.38 MB·English

Apr. 2015 No.12 ISSN 2095-4212 www.boaoreview.com
China, Europe and the
Netherlands: Opportunity Is
Knocking at Our Doors
Mark Rutte
Prime Minister of the Netherlands
The Past, Present and Future
of Global Governance
Pascal Lamy
Former WTO Director-General
April 2015
Asian Integration,
Offshore Renminbi,
and Infrastructure Finance
Ravi Menon
Managing Director of Monetary
Authority of Singapore
Financing and Planning the
Construction of the Silk Road
Economic Belt
Hu Huaibang
Chairman of China Development Bank
From Old Patterns to the New
Normal: An Unusual Opportunity
to Invest in China
John Zhao
CEO of Hony Capital
Solving Global Economic
Challenges with
Innovation and
Dynamism
Edmund Phelps: Each of the world’s major economies
–the EU, America and China–is slipping into its own
“new normal”. They must begin to find ways to expand
their indigenous innovation from the elites in the tech
industries to all kinds of industries and all sorts of people
down to the grassroots of society.
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Contents
Cover
040
Edmund Phelps: Money has become the metric for assessing a person’s success
and main satisfactions. Pathological materialism leads to rampant short-termism
in business and finance. Each country must expand its indigenous innovation
from the elites to the grassroots of society to regain wide prosperity and mass
flourishing.
Macro Economy
Mark Rutte: The Dutch business representatives who will be
accompanying me to China join me in looking forward to strengthening
014
our existing ties and exploring new opportunities to work together. I
sincerely hope that, true to tradition, this Year of the Sheep will indeed
bring favorable winds that will carry both our economies forward and
enhance our relations in every aspect.
Pascal Lamy: Acknowledging and understanding our ethical differences
is a prerequisite to attempts to find an acceptable point of convergence.
This attempt at acknowledging and understanding is probably the most
valuable contribution our global system could make to improve global
economic, political, and social integration in order to ensure the best
possible future for the generations to come.
Hu Huaibang: The CDB is ready to work with all parties to open
up innovative and pragmatic co-operation, to actively participate
in the construction of the historic Silk Road Economic Belt, and to
make ever greater contributions to the long-term prosperity and
development of the SCO region.
Ravi Menon: The increasing integration between China and ASEAN
048
coupled with the growing importance of financial services in Asia has
Finance
underpinned the growth of the offshore Renminbi market and the
development of infrastructure financing in Singapore’s financial center.
102 Investment John Zhao: The real Golden Age of investment in China has
only just begun. Both “going out” and “attracting in” offer
a historical opportunity to further integrate China into the
global economy.
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CCoonntetenntsts
Information
010 Boao Salon – 2015 Inaugural Event
013 Think Tank
GDP
Macro Economy
014 China, Europe and the
Netherlands:Opportunity Is
Knocking at Our Doors
Mark Rutte: The Netherlands has always
had a special place for China as a gateway
to Europe. With closer ties, and in terms of
personnel, trade and business facilitation,
China and the Netherlands can face the same
challenges together, and offer opportunities
to businesses in diverse fields.
018 The Past, Present and Future of Global
Governance
Pascal Lamy: While many of the answers to globalization’s
questions reside within domestic political systems, our Cover
current global governance system is insufficient to address
borderless challenges. Globally, we should focus on 040 Europe, America and China Have
maximizing the utility of our present system and find an the Same Economic Problem
acceptable point of value convergence, to improve global
economic, political and social integration. Edmund Phelps: Each of the world’s major
economies – the EU, America and China – is
022 Financing and Planning the Construction of the slipping into its own “new normal”. While they
Silk Road Economic Belt offer an escape from poverty, all of them are, to
varying degrees, lacking in human flourishing.
Hu Huaibang: The grand idea of a Silk Road Economic
Belt has already progressed from a simple initiative to its
implementation phase, and as the largest investment and
financing mechanism within the framework of the Shanghai
Cooperation Organization (SCO), the SCO Interbank
Consortium needs to play a positive and active role in this
development.
026 Economic Prospects for India in 2015
Ajit Ranade: When most parts of the world are experiencing
a slowdown, India and China’s share in the global economy
will increasingly mirror their population share. In particular
for India, its growth will provide much of the growth
impetus in Asia due to falling crude oil prices, government
reforms and reaping demographic dividends.
030 The Debt-Based-Growth Model Comes to an End 036 Why Grexit Would Not Help Greece
Gabriel Stein: The world may be facing a secular change, Guntram Wolff: An exit is unlikely to help the Greek
away from debt-based output growth of over two decades. economy much, as devaluation would not help regain its
Some of the consequences of such a shift would involve competitiveness, and exports would not react considerably
lower long-term interest rates, a change in the role of banks, to changes in wage costs due to the sclerotic economy.
and possibly shifting housing patterns.
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Finance
Energy
048 Asian Integration, Offshore Renminbi, and
Infrastructure Finance
066 The Mobile Technology Revolution—How
Mobile Technologies Drive a Trillion-Dollar
Ravi Menon: The increasing integration between China Impact
and ASEAN coupled with the growing importance
of financial services in Asia has underpinned two
Julio Bezerra: In less than 15 years, 3G and 4G
important trends in Singapore’s financial center: the
technologies have reached 3 billion subscriptions, making
growth of the offshore Renminbi market and the
mobile the most rapidly adopted consumer technology
development of infrastructure financing.
in history. Nearly all fundamental human pursuits have
been touched, if not revolutionized, by mobile.
051 P2P Information Regulation Should Be
Implemented on the Basis of Data
Xie Ping: China’s P2P industry has been a mixed bag
in recent times, its path littered with runaways and
bankruptcies, leading to the public at large voicing
a variety of doubts. A precondition for the healthy
development of P2P network lending is basic data and
external regulation.
054 Anything But Normal: The weird world of
negative interest rates and fiat money
bubble
Jimmy Chang: For investors and policymakers with a
long-term planning horizon, the daunting question is
how the monetary base bubble can be deflated without
incurring collateral damages in the years to come. The
road to normalization is going to be a long and bumpy
ride.
Public Policy Development
058 What Defines a Global University in 2015? 070 Making the World a Better Place through
Happiness
Sir Eric Thomas: A world-class university needs to be
a global university, but defining a global university Christian Schmidkonz: Focusing on happiness has the
can be difficult. A sound starting point consists of potential to make the world a better place. Not only
clear brand recognition, global research, international individuals but also companies and even states should
curriculum, international students and staff, impacting look into the effects a focus on happiness has to offer.
global issues, interactions with global business and
attracting visitors from all over the world.
074 Evaluating Rural Financial Reform
062 Going Back to Mexico: Access to
Healthcare and Income Security in Old age Li Yang: The recent round of rural financial reform has
seen fundamental change in both the financial strength
Emma Aguila: Despite the importance of migration in and operating conditions of the rural credit cooperative
the work lives of many Mexicans, retirement decisions system. Furthermore, reforms including market listing
of older return migrants are not well understood. and the establishment of the Financial Department
The ageing of the Mexican population will require a of "Farming, Farmsteads and Farmers" within the
deeper understanding of older return migrants, how Agricultural Bank of China have greatly increased its
their access to health care and social-security benefits ability to support agriculture. All of these reforms have
determine retirement behavior, and the importance of enabled greatly increased diversification in the rural
instituting a bilateral social-security agreement between financial institutions system and improved financial
the United States and Mexico. supply.
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Contents
B o a o R e v i e w · C u l t u r e
04/2015
Investment “No. 1
Asia’s Most
102 From Old Patterns to the New Normal: An
Unusual Opportunity to Invest in China
Honored
John Zhao: China’s economy is undergoing Company”
unprecedented changes from being a net importer of
capital to a net exporter, and from being “the world’s
factory” to “the world’s marketplace”, and thus the
real Golden Age of investment in China has only just
begun. Both “going out” and “attracting in” offer a
historical opportunity to further integrate China into the
global economy.
105 Is China’s Amended Trademark Law a Law
with Teeth, or a Paper Tiger?
William Leahy & Stephen Kho: China’s courts must
C
aspire to greater consistency and transparency, when
dealing with trademark squatters. Only in this way will M
the Amended Trademark Law engender the intended
environment of judicial consistency, efficiency, and Y
good faith, and provide legitimate trademark holders
CM
with the protections they expect.
MY
108 Strategies and Policies to Attract Chinese
Investment CY
CMY
Cristiano Rizzi & Wei Lin: China is expanding its
investment presence around the world in a variety of K “Asia’s Icon
sectors. In order to attract the most functional Chinese on Corporate
ODI, it is necessary to understand how to pave the
Goverance”
way for these investments with specific strategies and
policies that remove obstacles and try to understand the
need of Chinese investors.
2014
Business
110 Knowledge, Entrepreneurs and Investors:
Driving Forces for Innovation
Peter Jungen: The process of innovation involves
complementary contributions from scientists,
entrepreneurs, financial markets, investment
communities and government. However, in the end
it must be realized that innovation does not rely on
government. Innovation must be allowed to progress in
an unhindered, but integrated way.
114 Innovation Excellence Starts with Different Photo Story
Thinking
077 Handicrafts Along the Mekong River Basin
Martin Pattera: Success in innovation comes from a
deep understanding of the job the customer is trying
to get done. Job-to-be-done thinking is the vehicle
to identify the true customer needs that leads to the
creation of breakthrough products.
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“No. 1
Asia’s Most
Honored
Company”
C
M
Y
CM
MY
CY
CMY
K “Asia’s Icon
on Corporate
Goverance”
2014
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邮发代号：Postal Distribution Serial Number: 66-81 Good Governance. Strong partnerships. Investment in infrastructure, education,
中文官网：www.boaoreview.org Official Website：www.boaoreview.com and the basic necessities of life. These are the keys to solving the poverty puzzle
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腾讯微博 Tencent Weibo：t.qq.com/boaoreview and giving millions of Asia’s children hope for a brighter future.
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Solving the poverty puzzle
Good Governance. Strong partnerships. Investment in infrastructure, education,
and the basic necessities of life. These are the keys to solving the poverty puzzle
and giving millions of Asia’s children hope for a brighter future.
Find out more at www.adb.org
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From the Editor
Innovation Is Shaping Our Future
The further we venture into this new governance or mode of economic develop- In our Macro Economy column, we
era of change and transition, the ment, all face challenges in terms of their are honored to bring to you an article by
more we need exchanges of ideas to capacity to generate innovation. Dutch Prime Minister Mark Rutte. The
light the way ahead. This issue’s cover story, “Europe, Amer- Prime Minister, who will head a delegation
The publication of our April issue ica and China Have the Same Economic on a visit to China and attend the Forum,
coincides with the opening ceremony of Problem”, penned by the 2006 Nobel Prize has taken the opportunity in his message
the Boao Forum for Asia Annual Con- winner for economics Edmund Phelps, of blessings for the New Year of his Chi-
ference 2015. The Forum is attracting traces the past, analyzes the present, and nese zodiac sign, the Sheep, to talk about
increasing attention not only within the looks to the future of the world’s three the close cooperation between China and
Asia-Pacific region, but also from anyone major economies. Phelps believes that the Netherlands in areas as disparate as
involved with the region, not only because regardless of their state of development, trade, investment, culture and society.
it brings together leading elites in their their economic growth and success origi- Former Director General of the WTO
respective fields, but also because people nate from technological and industrial in- Pascal Lamy writes about the past, present
are interested in the thoughts of, and in- novation. Developed nations can only rely and future of global governance. He per-
terchanges between, the wise minds which on their own innovation capacity, whereas ceptively points out that acknowledging
have brought about the region’s fast-paced in developing countries, innovation can and understanding our global differences
development. be achieved by introducing and copying is a prerequisite to attempts to find an
“Asia’s New Future: Towards a Com- existing technologies. acceptable point of convergence, and is
munity of Common Destiny” – as in the Professor Phelps points out that as Eu- probably the most valuable contribution
past, this year’s meeting will cast new light rope, the U.S. and China enter their own our global system could make to improve
on expectations for Asia’s actual devel- new economic normal, the issues they face global economic, political, and social inte-
opment and strategic direction. Over the are actually the same: how to stimulate gration, ensuring the best possible future
past half-century, different parts of Asia widespread innovation and vitality, how for the generations to come.
have excelled in various sectors of the to expand innovation from the inner cir- Ravi Menon, Director of the Monetary
global economy, not only benefiting from cles of high-technology industries to every Authority of Singapore, also writes about
the massive arenas opened up by global industry sector, and even to every individual Singapore’s role in the integration of Asia’s
economic liberalization, but also from the at the grassroots level of society. economies, the offshore RMB market and
policy dividends and unleashed vitality German investor Peter Jungen’s views infrastructure financing. He also discusses
brought about by ongoing change. are similar to those of Professor Phelps, with readers how to best write the story of
Innovation and reform have encouraged and he proposes strengthening the devel- Asia’s growth.
humanity to move from an agricultural opment of education which stimulates in- We hope that these insights—from
society into the industrial era, developing novation, eliminating the inhibiting effect scholars, regulators and leaders alike—will
into the new world that we know today. of traditional culture on innovation, and stand the test of time, and light the way
Nowadays, Asia’s various member states disposing of regulatory measures which ahead for the transformation of Asia, as
and regions, regardless of their social stifle innovation. well as the world.
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