Keyu Jin Quotes

The Chinese dream for me is still about getting the 600 million people who have not reached middle income by international standards... (a monthly income of... $300)... to become middle income, and getting China's average $10,000 GDP per capita to $30,000 or $50,000... That's first and foremost a priority for everyone. We still have a huge swath of the population that can't meet the needs of... dignified life and... secure a good future for their children. ...[T]he China dream ...is that you ...can be in a country with economic opportunities. When you educate, you have better opportunities, when you invest you have a good return, and people live happy and secure lives in a relatively healthy and safe environment. ...China also evolves along with its economy.

It's important to keep open the dialogue channels, to keep on talking. That's the first thing, and second is to see each other's perspective, and understand each other, for instance, people think about China as having a centralized state model, and that it's crowding out the private sector. That's not... the case. Thirty years ago, 70% of the wealth belonged to the state. Today, 70% of the wealth belongs to the private sector, which also provides 80% of the jobs, 70% of industrial output. ...That centralized approach is more poitical centralization and setting the strategic objective, but there's a huge amount of autonomy left at the local level... to the entrepreneurs... to the local Mayors, and they have an interactive dynamic relationship.

Unless we're making the argument of "Let's leave three quarters of the people in the world living in abject poverty." I do not see any legitimate rationale behind trying to limit China's growth or trying to oust China from the global supply chain.

That requires global coordination and the role of the US.

Safety, liquidity, trade, denomination, financial services, I think that it's hard to match up with your words, but...

The conversation is missing some fundamental trends, the new paradigm. Larry talked about financial inclusion... about China. The New Paradigm is that it's the first time that a middle-income country is the second largest economy. We're asking it... from IMF, from international pressures for liberalization, exchange rate... flexibility. ...[W]e are not prepared for the volatility that China will bring to the world economy if it does open up. Micro-foundations of the financial infrastructure is very weak, ...dominated by speculators rather than s. So we need to think about this dilemma. We want it to open up. It has a massive amount of saving, connect with the rest of the world for investment, and yet it's going to introduce so much extra volatility typical of a developing country, and the world is not prepared for that yet... I think that is the number one challenge that we need to think about because that is the financial story written today. We also did not mention the dollar challenge, which is the confidence in the dollar. Now, we have s growing. There's a huge demand for dollars. That is rising, but on the other hand, what is backing the dollar or the liquidity is the . We just talked about the fiscal stimulus. ...The share of GDP of the US is going down. We have geopolitical issues, which is a very strong determinant to how much a country wants to hold US treasuries. All this push up to a... multipolar paradigm, and we're not discussing that either. The US maintains the status of the dollar predominantly because [of] a lack of present alternatives.

China wants to shift its production structure, but imbalances in... trade is not just a commercial policy. It's... an imbalance between s and investment, and it's not just due to the currency or trade policies that will solve these imbalances.

China... wants to embrace... trade integration... globalization and more trade and... the pressure is on for more reciprocal... trade protectionist pressures, but... China's also trying to shift its trade... production away from these lower end manufacturing sectors, excess capacity in solar, but that is not necessarily a good signal for the kind of trade tensions that might come about. Also because there's going to be a lot of domestic pressure coming from the Chinese businesses, and the Chinese people to pressure the government to react. So they [the Chinese government] will have to take a stance.

Lots of people talk about the One Road One Belt, but... we lack... communication with the world. This is the main reason behind the one road one belt initiative, for many reasons, including political pressure. Lots of countries need our support, so... from political perspectives there is a real need. ...[T]here is also economic need behind this initiative ...[T]his initiative is about a network [which] has an impact like the internet. If you have more participation in the network, you can have more effect. If you have infrastructure in Kenya but if cannot be connected to Kenya you cannot do more, and often lots of projects in small countries and similar countries which have not enough capacity to [build] their infrastructure... China, with this initiative tries to create a platform with the participation of all other countries... like when the United States helped Europe, the country tried to create a platform with the participation of other countries like... China [is doing now].

We are focused too much on a financial story of yesterday. Now the dollar is the . The U.S. financial crisis is an aftermath. The financial history or... story of today and tomorrow is going to be about... China's . ...[W]hat is new, and I'm not sure the world is... prepared for it, is... a few firsts of an emerging country. 1) It is the first time a country with only 25% of GDP of the U.S. is leading in many core areas of technology. 2) It is the first time ever that the second largest economy is a middle-income superpower. That has enormous consequences for the... global financial arena. As we encourage China to open up more, are we prepared for, potentially the greater volatility, exchange rate volatility, s... [W]hat... is lacking... even though we've heard so many positive aspects... and I'm completely in agreement, is that China still lacks the micro-foundations in the financial industry, with many more speculators than s, and in that kind of situation, when China opens up completely, is the world ready to absorb the kind of shocks and volatility that even a little tremor of China can send shock waves to... the global economy. So I would pose it as, China's ready for opening up, but is the rest of the world?