On October 30, over 150 attendees gathered for a thought-provoking event at UChicago Center in Beijing. The event featured prominent speakers in the field of economics, including Masaaki Shirakawa, former governor of the Bank of Japan, and Danxia Xie, associate professor at the School of Social Science, Tsinghua University. The two professionals leveraged their expertise and experience to delve into the similarities and distinctions between Japan’s past economic challenges and China’s present economic trajectory, offering valuable perspectives on how China might navigate its own economic transformation.
Shirakawa discussed Japan’s economic history while drawing parallels between the challenges Japan faced during the last three decades and China’s current economic path, from low inflation rate to the rapid aging and declining birth rate. He emphasized the importance of avoiding prolonged monetary easing and misguided policy decisions based on Japan’s experience with asset bubbles and deflation.
Professor Xie highlighted that China has the opportunity to carve out its trajectory and steer clear of the economic woes faced by Japan. He pointed out that China can draw lessons from Japan’s challenges and suggested a shift towards becoming an “innovation-oriented state”. He also stressed the importance of nurturing private enterprises to build an economy that can effectively respond to changes in the global landscape.
This event provided valuable insights into the complex economic landscape of China and highlighted the potential lessons that China could learn from Japan’s past experiences in addressing similar challenges. The event wrapped up with a networking session where attendees and speakers freely exchanged thoughts and ideas to build connections within the community. The engaging conversations and expert viewpoints shared during the event offered attendees a deeper understanding of the significance of effective policy, innovation, and sustainable growth.
