Topic:
Paradigm Shift: The Long Tides and Vast Waves of China’s 2060 Carbon Neutrality Development
Speaker:
Dr Zhu Min
Chairman, National Institute of Financial Research, Tsinghua University
Date & Time:
Friday, 11 March 2022
10:00 am – 11:30 am (Singapore Time)
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Video recording:
Please visit EAI’s YouTube channel for a video recording of the lecture.
Abstract:
China’s formal commitment to go carbon neutral by 2060 indicates a “paradigm shift” in the country’s economic development. As a developing country, China faces great challenges in achieving carbon emission reduction, economic growth, structural transformation across industries, personal consumption, lifestyle and social value changes, and corresponding institutional reforms in a relatively short amount of time. China is formulating a new development concept and strategy, including re-examining the core concepts in economic theory and practice, the definition and measurement of well-being and wealth, and translating the latest understanding of these core policy objectives into development practices that can effectively guide China’s long-term sustainable development. If China can achieve “harmony between man and nature” by applying and perfecting a new approach to development, its experience will be an important driver of a sustainable global future.
Priorities include creating an energy revolution, reshaping the Chinese economy, effecting a broad technology innovation, introducing a net-zero financial system to support new infrastructure investment, and managing balance sheet risk during the transformation.
Large-scale change is a grand challenge in terms of coordination, requiring simultaneous deployment of a range of tools to set, adjust and manage coherently, while acknowledging the role and pitfalls of the market.
About the Speaker:
Zhu Min is the Chairman of the National Institute of Financial Research at Tsinghua University, Vice Chairman of China Centre for International Economic Exchanges, and Envoy of Sino-UK Professional and Financial Service for the Belt and Road Initiative. He is a member of the “14th Five-Year Plan” Expert Committee, a member of the Foreign Policy Advisory Committee of the Ministry of Foreign Affairs and a member of the Expert Advisory Committee of the State Internet Information Office. He is also a Board Trustee of Fudan University, World Economic Forum and Peterson Institute for International Economics.
Zhu Min previously served as Deputy Managing Director of the International Monetary Fund (2011-2016), Deputy Governor of the People’s Bank of China and Executive Vice President of the Bank of China. He was also with the World Bank and taught economics at both Johns Hopkins University and Fudan University.
Zhu Min received his PhD and MA in economics from Johns Hopkins University, a MPA from the Woodrow Wilson School of Public International Affairs at Princeton University and a BA in Economics from Fudan University.
The Goh Keng Swee Lecture on Modern China series was inaugurated in 1997 to honour the founder of the East Asian Institute (EAI), Singapore’s former Deputy Prime Minister and Minister Goh Keng Swee. Dr Goh (6 October 1918 – 14 May 2010) was one of the founding fathers of the Singapore Republic, and an architect of its renowned financial and economic management. Dr Goh joined the first government of Prime Minister Lee Kuan Yew as Minister for Finance in 1959. Upon Singapore’s independence on 9 August 1965, Dr Goh became the nation’s first Minister for the Interior and Defence. He served as Finance Minister (1967-70), Minister for Defence (1970-79) and Minister for Education (1979-80, 1981-84). Dr Goh Keng Swee was the recipient of the Ramon Magsaysay Award for Government Services (1972) and conferred the Order of Sikatuna by the Philippine government. Following his retirement from politics, in 1985 Dr Goh was awarded the Darjah Utama Temasek (Order of Temasek), First Class, Singapore’s highest civilian honour. He was also made the first Distinguished Fellow of the Economic Development Board Society in 1991. Dr Goh received his PhD in Economics from the London School of Economics (LSE) in 1956.
EAI gratefully acknowledges the support of the late Professor Saw Swee Hock for the lecture series. Professor Saw was the founding professor of statistics at the University of Hong Kong (1969-1971) and professor of statistics at NUS (1975-1991). NUS’ Saw Swee Hock School of Public Health and the Saw Swee Hock Southeast Asia Centre at the LSE are named after him. Professor Saw had dedicated his sponsorship of the lecture series to Dr Goh, in particular for founding EAI and for promoting strong economic relations between Singapore and China.
Note:
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