In the forthcoming edited volume The Role of Central Banks in Financial Stability: How Has It Changed?, Japan Program director Takeo Hoshi contributed a chapter entitled "Role of Central Banks in Financial Stability: Lessons from the Experience of the Bank of Japan."
The book, volume 30 in the "World Scientific Studies in International Economics" series, addresses the means to prevent future financial crises and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries? What are perceived to be the major future threats to financial stability?
These and related issues are discussed in the book by well-known experts in the field — some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.
The Role of Central Banks in Financial Stability, edited by Douglas D. Evanoff, Cornelia Holthausen, George G. Kaufman, and Manfred Kremer, will be published by World Scientific in December 2013.
Gi-Wook Shin, director of the Asia-Pacific Research Center, says that Korea-China and Korea-U.S. relations are important in dealing with North Korea issues, at a recent lecture organized by the San Francisco Chapter of the National Unification Advisory Council.
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U.S. Secretary of State John Kerry meets South Korea President Park Geun-hye in February 2014. | Flickr/US Department of State
Charles Chao, CEO and Chairman of the Board of SINA Corporation, discusses censorship in China with insights into how it affects the media as well as individuals. Chao was a keynote speaker at the fourth annual China 2.0 conference hosted by Stanford Graduate School of Business on October 3, 2013.
You are cordially invited to a special event to celebrate the tenth year that the Beijing International Committee for Chinese Orphans (BICCO) has brought distinguished pediatric orthopedic surgeons from the U.S. to perform pro bono surgeries for orphans and poor children in China.
Each year the medical mission includes pro bono surgeries for orphans, free medical consultations and exchanges of medical knowledge with Chinese doctors at professional symposia. In prior years at hospitals in Tianjin, Beijing, Yantai, Linyi, Ningbo, Chongqing, Lanzhou and Dunhuang the doctors have given nearly 2,300 free consultations and lectured to over 1,200 Chinese doctors and have performed over 450 surgeries and procedures, including complicated surgeries for scoliosis and, for the first time in China, surgeries to treat a rare and crippling condition called osteogenesis imperfecta, also known as brittle bone disease. The doctors coming to China this year are Dr. James Gamble, Dr. Lawrence Rinsky, Dr. Jaime Lopez, and Dr. Ivan Cheng from the Lucile Packard Children’s Hospital at the Stanford University Medical Center. During their stay in Yantai the doctors will collaborate with the Yantai Hospital to perform surgeries for 30 – 40 orphans and other children suffering from scoliosis and other orthopedic conditions.
This reception is being kindly supported with a donation from the Stanford Hospitals and Clinics.
This talk is presented by the Greater China Business Club (GCBC) of Stanford Graduate School of Business and the Association of Chinese Students and Scholars at Stanford (ACSSS).
In July 2013, a Ted Talk “A tale of two political systems” was posted, and was instantly viewed millions of times around the world. In the talk, Mr. Eric X. Li, a venture capitalist and a political scientist argued that the universality claim of Western democratic systems was going to be "morally challenged" by China.
Do you agree? What do you think? Now you have the opportunity to discuss with Mr. Li face to face!
On Nov.6, Mr. Li will come to Stanford and talk with Professor Thomas Fingar on China’s Political System, its status, development, competitiveness and so on. Watch the Ted Talk and come to the event. We look forward to seeing you there!
Mr. Li is a native of Shanghai. He received his B.A. in Economics from University of California, Berkeley, M.B.A. from Stanford Business School, and PhD from Fudan University’s School of International Relations and Public Affairs.
Thomas Fingar is the inaugural Oksenberg-Rohlen Distinguished Fellow in the Freeman Spogli Institute for International Studies at Stanford University. He was the Payne Distinguished Lecturer at Stanford during January to December 2009.
From May 2005 through December 2008, he served as the first deputy director of national intelligence for analysis and, concurrently, as chairman of the National Intelligence Council. He served previously as assistant secretary of the State Department’s Bureau of Intelligence and Research (2004–2005), principal deputy assistant secretary (2001–2003), deputy assistant secretary for analysis (1994–2000), director of the Office of Analysis for East Asia and the Pacific (1989–1994), and chief of the China Division (1986–1989). Between 1975 and 1986 he held a number of positions at Stanford University, including senior research associate in the Center for International Security and Arms Control.
Fingar is a graduate of Cornell University (AB in government and history, 1968), and Stanford University (MA, 1969 and PhD, 1977 both in political science). His most recent book is Reducing Uncertainty: Intelligence Analysis and National Security (Stanford University Press, 2011).
Room 380W, Building 380, Main Quad
Stanford University
Eric X. Li
Founding and Managing Partner
Speaker
Chengwei Capital
Freeman Spogli Institute for International Studies
Stanford University
Encina Hall, C-327
Stanford, CA 94305-6055
(650) 723-9149
(650) 723-6530
0
tfingar@stanford.edu
Affiliated Scholar at The Center for International Security and Cooperation (CISAC)
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PhD
Thomas Fingar is an affiliate at the The Center for International Security and Cooperation (CISAC) in the Freeman Spogli Institute for International Studies at Stanford University. He was the inaugural Oksenberg-Rohlen Distinguished Fellow from 2010 through 2015 and the Payne Distinguished Lecturer at Stanford in 2009.
From 2005 through 2008, he served as the first deputy director of national intelligence for analysis and, concurrently, as chairman of the National Intelligence Council. Fingar served previously as assistant secretary of the State Department’s Bureau of Intelligence and Research (2000-01 and 2004-05), principal deputy assistant secretary (2001-03), deputy assistant secretary for analysis (1994-2000), director of the Office of Analysis for East Asia and the Pacific (1989-94), and chief of the China Division (1986-89). Between 1975 and 1986 he held a number of positions at Stanford University, including senior research associate in the Center for International Security and Arms Control.
Fingar is a graduate of Cornell University (A.B. in Government and History, 1968), and Stanford University (M.A., 1969 and Ph.D., 1977 both in political science). His most recent books are From Mandate to Blueprint: Lessons from Intelligence Reform (Stanford University Press, 2021), Reducing Uncertainty: Intelligence Analysis and National Security (Stanford University Press, 2011), The New Great Game: China and South and Central Asia in the Era of Reform, editor (Stanford University Press, 2016), Uneasy Partnerships: China and Japan, the Koreas, and Russia in the Era of Reform (Stanford, 2017), and Fateful Decisions: Choices that will Shape China’s Future, co-edited with Jean Oi (Stanford, 2020). His most recent article is, "The Role of Intelligence in Countering Illicit Nuclear-Related Procurement,” in Matthew Bunn, Martin B. Malin, William C. Potter, and Leonard S Spector, eds., Preventing Black Market Trade in Nuclear Technology (Cambridge, 2018)."
Martin Lau, President of Tencent, opened the conference with a keynote discussing Tencent's business model, international partnership strategies, and the social impact of internet on Chinese society.
In the second keynote address by Gary Locke, the U.S. Ambassador to the People's Republic of China, he shared his insights into China's recent advances in the technology sector, the Chinese government’s approach to managing the internet, and the risks and opportunities U.S. companies should consider before entering the Chinese market.
Charles Chao, CEO and Chairman of the Board of SINA, closed the conference with a keynote on how Weibo, one of SINA's most popular services, has made an unprecedented impact on Chinese society.
Growth and Innovation in Firms
Tencent started out in 1998 when China had four million internet users. Since then the market has grown 150 times to today’s 600 million users. Tencent’s equity market capitalization recently surpassed the $100 billion mark, and the company generates significantly more revenues than its higher-valued peer Facebook. In his speech, Lau modestly described the company’s “secret sauce number one” as “luck.”
We support the companies to make them successful, and in that process, we try to benefit from the know-how, we try to benefit from the growth, and we also contribute our know-how to these companies.
Martin Lau President, Tencent
Lau also elaborated how Tencent has created a supportive environment for startups to grow and develop. “…[O]ur approach is actually to back the founders, to say the founders will be the driving force of the company, so unlike Jack [Ma], who said ‘Yahoo is in my pocket,’ we don’t put any company in our pocket. We support the companies to make them successful, and in that process, we try to benefit from the know-how, we try to benefit from the growth, and we also contribute our know-how to these companies.”
In partnership with Innovation Works, Tencent invested another $1 million in August 2013 in a San Francisco startup Kamcord, which allows users to record and share mobile gameplays. While Tencent has been investing in startups in Silicon Valley, Chao gave an example of SINA Weibo’s recent experimental collaboration with a local home appliance manufacturer in China, Hisense. Weibo users can link their accounts to the Hisense air-conditioner, which can then be switched on and off remotely.
Charles Chao, CEO of SINA, talked to participants at the China 2.0 conference.
“We also send a lot of our devices to our users so each will measure the temperature outside their house constantly, and send it back to Weibo every hour so we will accurately predict or calculate the exact temperature of this location through this kind of collaboration,” Chao noted. “...[E]verybody’s talking about the Internet of Things ..... but nobody knows how to do it. So we are doing a lot of experiments to see whether by collecting data and by connecting people to objects, by connecting objects to objects, whether we can create data, and create opportunities in these areas,” he added.
Charles predicted that internet companies will continue to disrupt other areas, including finance (with micro-loans) and commerce. SINA’s valuation was boosted earlier in 2013 by Alibaba’s acquisition of an 18% stake in SINA Weibo. Today SINA is valued at over $6 billion.
Social Impact of Internet
It [Weibo] basically serves as a check and balance in society and makes Chinese society much better.
Charles Chao CEO, SINA
SINA Weibo, launched in 2009, has over 500 million registered users, and over 56 million unique daily active users. It continues to dominate the market as China’s leading micro-blogging platform. It would be no exaggeration to say that Weibo has transformed social interaction in China by bringing the public square to everyone’s smartphone. “[Weibo] allows every user in China to report, to publish, to share the content, the information directly, and also not only create content but also distribute content themselves through social relations and through the follower relationship… It basically serves as a check and balance in society and makes Chinese society much better,” Chao argued.
The message was echoed by Lau in his keynote. “...[A]ll these internet companies, a lot of them are making an impact on society in an incredible way, bringing people closer together, changing businesses, and also making society more transparent… I think together we are really making a lot of changes and impact on Chinese society and I think we are ready to make more,” Lau said.
Ambassador Locke also emphasized the importance of a free and open internet to China’s economy and society in his address. “Attempts to unleash the economic power of the internet while controlling the political and cultural content are ultimately counterproductive, and indeed at odds with each other,” commented Locke. “Restrictions on communications that limit the free flow of ideas, whether political, economic, or personal, will only serve to prevent countries from moving forward. Frankly speaking, the United States and China’s government have different views on these issues but we are constantly, consistently, and candidly discussing them.”
Sino-U.S. Links
During a recent meeting between U.S. Vice President Joe Biden and Chinese Foreign Minister Wang Yi at the White House, Biden said that he believed China’s development was not only in the interest of the United States, but for the rest of the world as well.
Ambassador Locke also highlighted the importance of how the two countries handle global issues. “Whether it’s finding a cure to some of the most dreaded diseases of the world, or ending the proliferation of nuclear weapons, whether in North Korea or Iran and elsewhere, China and the United States have to be involved together. Indeed, the world is looking for leadership from both the United States and China to solve some of the toughest challenges and problems facing the universe.”
Expecting the Chinese system to work on American terms is a recipe for failure.
Gary Locke U.S. Ambassador to China
Despite finding agreement on some issues, China and United States still hold many differing views. The intellectual property (IP) challenge is one of them. "Expecting the Chinese system to work on American terms is a recipe for failure.” Locke added that some companies conclude that “the best way to avoid being ripped off in China it is to stay out of China—but besides missing a tremendous opportunity, companies that never set foot in China are not immune from having their IP infringed upon in China, and may later find infringing products making their way back to the United States or to third-world markets.”
Martin Lau, President of Tencent, and Marguerite Gong Hancock, director of China 2.0 at the China 2.0 conference.
Lau illustrated another example of difference between the countries in terms of the internet business sector. In China, online gaming is generating over $6 million in revenue. “To put it in perspective, that is actually more than display ads and search ads added together in China. Of course over time this will change, but it also tells you the kind of business mix in China, the opportunities and challenges that companies face in China, are actually very different from that in the US,” noted Lau.
The annual China 2.0 conference, now in its fourth year, attracted over 600 Stanford students and faculty along with current and rising leaders from China and Silicon Valley's tech, entrepreneur, and investor communities.
The panel and interactive discussions were focused on topics including Big Data, venture capital’s outlook on internet and digital media, China’s role in the global innovation network, cross-border venture finance, and Chinese mobile firms going global. These sessions brought together 20 founders, senior executives and leaders from: Asia Society, Baidu, Bertelsmann, DCM, Foursquare, Foxconn Interconnect Technology, FunPlus Game, GGV Capital, GSR Ventures, LinkedIn, Queen's Road Capital, Riverwood Capital, Silicon Valley Bank, Stanford Graduate School of Business, and WestSummit Capital.
Vietnamese diasporic relations affect and are affected by events inside Viet Nam. In her recent book, Transnationalizing Viet Nam, Prof. Valverde explores these connections to convey a nuanced understanding of this globalized community. She will argue that Vietnamese immigrant lives are inherently transnational. Drawing on 250 interviews and nearly two decades of research, she will show how diasporic Vietnamese form virtual communities in cyberspace, organize social movements, find political representation, and engage in dissent—and how tensions based on generation, gender, class, and politics threaten to divide them. Copies of the book will be available for sale.
Kieu-Linh Caroline Valverde is Associate Professor of Asian American Studies at the University of California, Davis. She received her B.A. in Political Science and Ph.D. in Ethnic Studies at the University of California, Berkeley. Her teaching, research, and organizing interests include: Southeast Asian American history and contemporary issues, mixed race and gender theories, social movements, Fashionology, Aesthetics, Diaspora, and Transnationalism Studies. She authored Transnationalizing Viet Nam: Community, Culture, and Politics in the Diaspora. Professor Valverde founded Viet Nam Women's Forum (1996-2006), a virtual community with hundreds of women internationally that mobilized for change in Viet Nam and abroad, and Fight the Tower (2013), a movement to resist and demand justice against discriminatory practices directed against women of color in the academy. Professor Valverde was a Luce Southeast Asian Studies Fellow at the Australian National University (2004), Rockefeller Fellow for Project Diaspora at the University of Massachusetts, Boston (2001-02), and a Fulbright Fellow in Viet Nam (1999). As a passionate advocate for the arts, she curated the exhibit Áo Dài: A Modern Design Coming of Age (2006) for the San Jose Museum of Quits and Textiles in partnership with Association for Viet Arts, and consults for the annual Áo Dài Festival held in San Jose, California (2011-present). She is currently co-curating an upcoming exhibit (2015) for the Vietnam National Museum of Fine Arts to commemorate the 40th anniversary of the end of the Second Indochina War.
Copies of Transnationalizing Viet Nam will be available for signing and sale by the author following her talk.
Philippines Conference Room
Kieu-Linh Caroline Valverde
Associate Professor of Asian American Studies
Speaker
University of California, Davis
The Chinese government developed over 100 high-tech industrial development zones and over 80 university science parks since the mid-1980s, aimed to support fundraising and growth for innovation. How do they contribute to innovation in China? Are places like Zhongguangcun helping Chinese firms like the Silicon Valley? Professor Eesley will discuss his research on Science Parks as innovation policy in China and the channels through which ventures acquire financial and political support in China.
Professor Eesley is an SCPKU Faculty Fellow, the recipient of the National Natural Science Foundation of China (NSFC) 2012 Research Fund for International Young Scientists, and 2010 Best Dissertation Award in the Business Policy and Strategy Division of the Academy of Management. He has a doctorate from the MIT Sloan School of Management, and had been an entrepreneur in medical equipment innovation. His research focuses on how formal and informal institutions, and industry environment influence entrepreneurship.
The U.S. Ambassador to China, Gary Locke, was surrounded by attendees at the China 2.0 conference.
Charles Chao, CEO of SINA, talked to participants at the China 2.0 conference.
Martin Lau, President of Tencent, and Marguerite Gong Hancock, director of China 2.0 at the China 2.0 conference.