The School of Economics and Centre for Research on Globalisation and Economic Policy (GEP) invite you to attend the World Economy Annual China Lecture 2015 by Michael Song, Chinese University of Hong Kong on November 6th, starts from 18:15.
About the lecture
What is the institutional foundation of the fast-growing economy of China over the last two decades? We propose, first, local governments, instead of the central government, utilize political and economic powers to support the businesses connected to them regardless of ownership. Second, there are implicit arrangements that political leaders will benefit personally from the success of their "cronies". Third, thousands of local governments are doing the same practice and competing with each other. These characteristics explain the presence of local crony capitalists in each locality, the bias in the provision of public goods towards those benefiting local businesses instead of households, high profit rates and high growth rates among the favored firms, and a biased concentration towards exports.
About the speaker
Zheng (Michael) Song is a professor at the department of economics, Chinese University of Hong Kong (CUHK), the director of Centre on Chinese Economy at CUHK and a special-term professor at the School of Economics and Management, Tsinghua University. Before joining CUHK, he was an associate professor of economics at Chicago Booth. Professor Song sits on the editorial board of Journal of European Economic Association and China Economic Review and he is an executive board member of the Association for Comparative Economic Studies. His research focuses on Chinese economy and macroeconomics. His papers appear on leading academic journals including American Economic Review and Econometrica. In 2013, he won Sunyefang Economic Science Award, the highest economics award in China. Professor Song received PhD from the Institute of International Economic Studies at Stockholm University.