ADB's Chief Economist Shares Insights on China’s Economy and Asia’s Rise
On November 15, 2023 Albert Park, Chief Economist of the Asian Development Bank (ADB), joined SIEPR, SCCEI, and the King Center on campus for a timely discussion on China’s economy and Asia’s rise.
On November 15, 2023 Albert Park, Chief Economist of the Asian Development Bank (ADB), joined SIEPR, SCCEI, and the King Center for a timely discussion on China’s Economy and Asia’s Rise.
Dr. Park shared insights on the economic prospects for Asia and China, geopolitical fragmentation, and China’s regional importance. Beginning with Asia and China’s economic prospects, Dr. Park noted that Asia continues to be the most dynamic region in the world, however, within the region dynamism is shifting from China to other countries and China’s growth has dropped below the growth rate for the region at-large. He also highlighted how China’s weak property sector is contributing negatively to its growth, but despite the economic decline, the country is not close to a recession.
Dr. Park expanded on how Asia’s regional economic integration has continued to deepen and that there isn’t significant evidence of a shift away from China. Trade is fairly steady in Asia, and China’s role in global value chains has increased - making them even more important globally, despite talks of the U.S. decoupling from China. Dr. Park concluded his talk by emphasizing that forcing countries to decouple often hurts the less-powerful, poorer countries the most. He encouraged the U.S. and China to not force countries to choose sides, arguing that this will benefit the poorer countries and reduce global cost overall.
To hear Dr. Albert Park’s full talk, watch the recording here:
