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June 2017
17 June
Panel Session

THE TRANSFORMATION OF THE CHINESE ECONOMIC MODEL

17:15-18:30 Pavilion G, Conference Hall G1
Over the past few years, China has begun to adjust its highly successful, three-decade economic model centred on investment-driven, export-oriented expansion to a lower-growth and more balanced consumer-driven model. While the transition is far from complete, businesses and financiers the world over are having to adjust their China strategies. What are the risks and opportunities as the country restructures its economy, and how might this contribute to a more sustainable development trajectory? How will these changes potentially impact the global economy at large?
In cooperation with Deloitte
Moderator:
Sitao Xu, Chief Economist, Partner, Deloitte, China
Panellists:
Ivan Glasenberg, Chief Executive Officer, Glencore
Andrei Klepach, Deputy Chairman (Chief Economist), Member of the Board, Bank for Development and Foreign Economic Affairs (Vnesheconombank)
Alexander Machkevitch, Chairman of the Board of Managers, Eurasian Resources Group S.a.r.l. («ERG»)
Vladimir Mau, Rector, Russian Presidential Academy of National Economy and Public Administration
Maksim Oreshkin, Deputy Finance Minister of the Russian Federation
Dr. Bing Xiang, Founding Dean and Professor of China Business and Globalization, Cheung Kong Graduate School of Business (CKGSB)
Andy Xie, Independent Economist
Front row participant:
Alexander Morozov, Director of Research and Forecasting Department, Central Bank of the Russian Federation

Highlights

China can grow as an economy by de-regulation – we have a long way to go

Dr. Bing Xiang
Founding Dean and Professor of China Business and Globalization, Cheung Kong Graduate School of Business (CKGSB)

There are two main questions regarding China – what will be the prospect of welfare state and whether China will find something in the middle-income trap. These two questions will explain the development of China for the nearest future

Vladimir Mau
President, Russian Presidential Academy of National Economy and Public Administration

All we need to do is to transfer money to the household sector and to shrink the state sector. That is the transformation.

Andy Xie
Independent Economist

The central Chinese government owns a big part of the economy. If they need additional cash for the economy, they will transfer the personal savings into the hands of the government. So China has a lot of tools in the box.

Ivan Glasenberg
Chief Executive Officer, Glencore

Today, China’s reserves are huge: liberalization, openness, deregulation, privatization.

Alexander Machkevitch
Chairman of the Board of Managers, Eurasian Resources Group S.a.r.l. («ERG»)

China economy needs very flexible balance between pure market deregulation – liberal mechanism – and some support from more federal and maybe less regional level.

Andrei Klepach
Deputy Chairman (Chief Economist), Member of the Board, Bank for Development and Foreign Economic Affairs (Vnesheconombank)

The key driver of the force is not restructuring or adjustment but the dominating role of private sector.

Dr. Bing Xiang
Founding Dean and Professor of China Business and Globalization, Cheung Kong Graduate School of Business (CKGSB)

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