**Due to space restrictions, this event has reached capacity and we will no longer be taking RSVPs. Please plan to arrive early as seating is on a first come, first serve basis.**

Since 2008 China's banks have made loans that approach 30% of GDP each year. The central bank has used a broader measure of credit, total societal financing, that suggests credit extended in 2011 may exceed 40% of the country's GDP. It is inevitable that such profligate lending will result in significant amounts of problem loans.  The international market is well aware of this and Chinese bank shares have been hit hard for most of this year. How will these bad loans be managed? More importantly, why has the government once again used China's ostensibly commercial banks as if they were policy banks and what are the implications of this for China's economy going forward?

Carl E. Walter worked in China and its financial sector for the past 20 years and actively participated in many of the country’s financial reform efforts. While at Credit Suisse First Boston he played a major role in China’s groundbreaking first overseas IPO in 1992, as well as the first primary listing of a state-owned enterprise on the New York Stock Exchange in 1994. He was a member of senior management at China International Capital Corporation, China’s first and most successful joint venture investment bank where he supported a number of significant domestic and international stock and bond underwritings for major Chinese corporations. More recently at JPMorgan he was China Chief Operating Officer and Chief Executive Officer of its banking subsidiary. During this time Carl helped build a pioneering domestic security, risk and currency trading operation.

A long time resident of Beijing before his recent return to the United States, Carl is fluent in Mandarin and holds a PhD from Stanford University and a graduate certificate from Peking University. He is the co-author of Red Capitalism: the fragile financial foundations of China’s extraordinary rise as well as Privatizing China: inside China’s stock markets. 

This event is part of the China's Looming Challenges series. 

The Freeman Spogli Institute for International Studies is proud to co-present films with the 14th UNAFF (United Nations Association Film Festival): Education is a Human Right.

The panel "Studying or Working: A Young Person's Dilemma" begins at 5:15 following the screening of the following two films:

4:30 PM film screening, "GRACE" (Philippines) 23 mins

Thirteen-­‐year-­‐old Mary-­‐Grace Rapatan has lived on a garbage dump in the Philippines her entire life, picking through mountains of trash to help feed her family. She is trapped in a cycle of poverty, but Mary-­‐Grace is determined to give herself a better future by getting an education. She scavenges on weekends to pay for school, but a family tragedy soon takes hold. While in Grade 5, Mary-­‐Grace’s father, the family’s provider, has a stroke. The girl is left a choice: quit school or starve. She begins scavenging eight hours a day on the Umapad garbage dump so her family can afford rice. Footage from a head-­‐ camera worn by Mary-­‐Grace gives us a close and disturbing look at the conditions of the Umapad garbage dump. After months of scavenging in the heat only to make about a dollar a day, Mary-­‐Grace begins wondering if she’ll ever have a second chance to build a future for her family. This film shows us the enormous burden one girl must carry, and the power education has to give children hope for the future. 

Director: Meagan Kelly
Producers: Rouven Steinfeld, Florian Hoffman

5:00 PM film screening: "White Gold: The True Cost of Cotton" (UK/Uzbekistan) 8 mins

White Gold tells the story of the true cost of cotton. Largely filmed undercover, this film exposes how each year schools are closed and tens of thousands of children are forced by the Uzbek government to work in the fields for months at a time. Uzbekistan in Central Asia is the world’s third largest exporter of cotton. Europe is one of its biggest buyers. The state controlled cotton industry makes billions of dollars for the governing elite but little of this benefits the rest of the population. A third are forced to work in modern day slavery to produce this white gold. Many are children. Tens of thousands of children, some as young as seven, are taken out of school and forced to work in the cotton fields for little or no money during the harvest. The period can last up to three months, during which older children live in dormitories or classrooms under harsh conditions. The combined effect of exhausting work, a poor diet, lack of clean water and exposure to toxic pesticides has a dramatic impact on health. These children are also missing out on vital education to pick cotton for the world’s fashion industry.

Director/Producer: Environmental Justice Foundation