Will China’s new leadership push through new financial reforms? The private sector is growing rapidly but private firms complain about their inability to get loans.  Reforms undertaken over the past 20 years have brought change, but much remains to be done. There are now many non-governmental banks and financial institutions operating in China, including foreign firms. But how effectively can they operate?   How open is China’s financial system to the non-governmental banks and to foreign participation? Are the challenges different for foreign firms?  How might foreign firms best cooperate with local firms as Chinese firms increasingly globalize?  Two bankers, James Chen, head of Hollyhigh International Capital, the first investment banking firm specializing in mergers and acquisitions (M&As) in Mainland China, and Carl Walter, recently retired Managing Director, JPMorgan Chase, China, will assess the changes in China’s financial realm. 

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James (Mingjian) Chen is the chairman of Hollyhigh International Capital, the first investment banking firm specializing in mergers and acquisitions (M&As) in Mainland China. He is also an adviser of the Beijing Olympics organization. Chen is a member of the liaison committee in the China National Democratic Construction Association, the chairman of the M&A Elite Club, as well as a member of the Fuping Foundation for poverty alleviation. He also serves as the chief editor of the China M&A Review, and has published Winning the Deal and M&A Revolution.

Chen graduated from Tsinghua University’s Department of Economics and Management in 1993. After graduation, he worked as a trader at China Great Wall Financial Company for several years. He then established Tsinghua Unisplendour and Hollyhigh Investment Company, in 1997 and in 1998 respectively. In addition to his work at Hollyhigh, Chen is actively engaged in M&A projects for international corporations, such as Lafarge, Shell, SK, and Scottish & Newcastle.

Chen’s deal between Teda and the Meilun Group was used as the first M&A case study at Tsinghua University. He has lectured at many renowned institutions, including Harvard University and the Economist Intelligence Unit.

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 Walter 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, Walter 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.

A broad scientific and technical consensus has emerged over the last several decades that deep geologic isolation can provide safe and secure disposal for nuclear high level waste and spent fuel. But given the stigma associated with nuclear waste disposal, credible scenarios exist where substantial inventories of high level waste and spent fuel will remain dispersed worldwide in interim surface storage at shut down and abandoned nuclear facilities, rendering these materials vulnerable to theft to recover fissile material and to accidental or intentional dispersion into the environment and transferring a large and unnecessary burden and risks onto future generations. With the detailed review of U.S. policy for managing nuclear waste completed by the Blue Ribbon Commission on America's Nuclear Future last year, the U.S. is now poised to restart its nuclear waste program. Legislation introduced in the Senate in 2012 provides a framework for a path forward that can address these major issues. This talk will review recommendations made by the BRC, and the current status of the U.S. nuclear waste program including actions likely to occur in the coming year.

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Per F. Peterson is the William and Jean McCallum Floyd Professor of Nuclear Engineering in the Department of Nuclear Engineering at the University of California, Berkeley. He grew up in Reno, Nevada, graduating from UNR with a degree in mechanical engineering in 1982. From 1982 to 1985 he worked at Bechtel on high-level nuclear waste processing, and then spent three years to complete masters and doctoral degrees in mechanical engineering at UC Berkeley. After completing a postdoctoral fellowship at the Tokyo Institute of Technology working on topics in heat and mass transfer, he joined the Department of Nuclear Engineering at UC Berkeley in 1990. There he served as a National Science Foundation Presidential Young Investigator from 1990 to 1995; as chair of the Energy and Resources Group, an interdisciplinary graduate group, from 1998 to 2000; and as chair of Nuclear Engineering from 2000 to 2005 and from 2009 to 2012. Since 2002 he has co-chaired the Generation IV International Forum Proliferation Resistance and Physical Protection Working Group. He is a Fellow of the American Nuclear Society, is a Jason, and was appointed by the Obama Administration in February 2010 as a member of the Blue Ribbon Commission on America’s Nuclear Future. His specific research interests focus on topics in heat and mass transfer, fluid dynamics, and phase change. He has worked on problems in energy and environmental systems, including advanced reactors, inertial fusion, high-level nuclear waste processing, and nuclear materials management and security.

Early returns suggest that it may not be business as usual in state-society relations, with the Party-state being compelled to respond to an increasingly discontented and vocal society, and that a partial loosening of the tight censorship in media and culture may also be forthcoming. Indicators include changes in CCTV programming—e.g., a more interesting evening news report and the broadcast of the previously banned film V for Vendetta—media coverage of sensitive issues ranging from air pollution to the work of rights lawyers, and the relatively “enlightened” resolution of the Southern Weekend crisis, among other recent developments. What are we to make of these changes and, more importantly, how have these changes been received within China, for example on the ubiquitous and increasingly important Chinese microblogs?

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Stanley Rosen is a professor of political science at USC specializing in Chinese politics and society and was the director of the East Asian Studies Center at USC’s Dornsife College of Letters, Arts and Sciences from 2005–2011. He studied Chinese in Taiwan and Hong Kong and has traveled to mainland China over 40 times over the last 30 years. His courses range from Chinese politics and Chinese film to political change in Asia, East Asian societies, comparative politics theory, and politics and film in comparative perspective. The author or editor of eight books and many articles, he has written on such topics as the Cultural Revolution, the Chinese legal system, public opinion, youth, gender, human rights, and film and the media. He is the co-editor of Chinese Education and Society and a frequent guest editor of other translation journals. His most recent books include Chinese Politics: State, Society and the Market [Routledge, 2010 (co-edited with Peter Hays Gries)] and Art, Politics and Commerce in Chinese Cinema [Hong Kong University Press, 2010 (co-edited with Ying Zhu)]. Other ongoing projects include a study of the changing attitudes and behavior of Chinese youth, and a study of Hollywood films in China and the prospects for Chinese films on the international market, particularly in the United States.

In addition to his academic activities at USC, Professor Rosen has escorted eleven delegations to China for the National Committee on U.S.-China Relations (including American university presidents, professional associations, and Fulbright groups), and consulted for the World Bank, the Ford Foundation, the United States Information Agency, the Los Angeles Public Defenders Office and a number of private corporations, film companies, law firms and U.S. government agencies.

--Co-Hosted with the American Academy of Arts and Sciences--

Director Albright will give a CISAC science seminar as part of the American Academy of Arts and Sciences Workshop on Dual-Use Technologies within their Global Nuclear Future Initiative.

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Penrose C. "Parney" Albright is the 11th Director of Lawrence Livermore National Laboratory (LLNL) and the second president of Lawrence Livermore National Security (LLNS), LLC. Albright has extensive experience in executive leadership, including policy direction, strategic planning, congressional and executive branch interactions, financial and personnel management of large mission-focused science and technology organizations, and research, development, testing, and evaluation of national security technologies and systems. He has a broad and deep understanding of U.S. military and international security requirements, functions, and processes in the national security arena.

For years former diplomat and academic Kishore Mahbubani has closely studied the changing relationship between Asia and the United States and its consequences in works like Can Asians Think? and The New Asian Hemisphere. In The Great Convergence, his new book, he assesses East and West at a remarkable turning point in world history and reaches an incredible conclusion.

China stands poised to become the world’s largest economy as soon as 2016. Unprecedented numbers of the world’s population, driven by Asian economic growth, are being lifted out of poverty and into the middle class. And with this creation of a world-wide middle class, there is an unprecedented convergence of interests and perceptions, cultures and values: a truly global civilization.  

A full 88% of the world’s population lives outside the West and is rising to Western living standards, and sharing Western aspirations. But while the world changes, our way of managing it has not and it must evolve. The Great Convergence outlines new policies and approaches that will be necessary to govern in an increasingly interconnected and complex environment. Multilateral institutions and world-wide governing organizations must be strengthened. National interests must be balanced against global interests. The United States and Europe must share power and China, India, Africa and the Islamic world must be integrated. And the world’s increasing consumption must be balanced against environmental sustainability.

About the Speaker

From 1971 to 2004 Kishore Mahbubani served in the Singapore Foreign Ministry, where he was Permanent Secretary from 1993 to 1998, served twice as Singapore’s Ambassador to the United Nations (UN), and in January 2001 and May 2002 served as President of the UN Security Council.

Mahbubani is the author of Can Asians Think?, Beyond the Age of Innocence: Rebuilding Trust Between America and the World, and The New Asian Hemisphere: the Irresistible Shift of Global Power to the East.

Foreign Policy and Prospect magazines have listed him as one of the top 100 public intellectuals in the world, and in 2009 the Financial Times included him on their list of Top 50 individuals who would shape the debate on the future of capitalism. In 2010 and 2011 he was selected as one of Foreign Policy’s Top Global Thinkers.

This event is co-sponsored by the Center for International Security and Cooperation and the Stanford Law School.

About the Topic: For most of human history, a pitched battle was deemed a lawful way of settling an international dispute--a kind of trial, with a kind of verdict. Today the idea of settling disputes by deliberately staging battles sounds utterly lawless.  Yet the striking truth is that the battle warfare of the past was in important ways more civilized than the warfare of the present; and it is well worth asking whether we can still learn anything from the old forms of war.  Those forms were founded on a forgotten species of the law of war.  Modern law of war is humanitarian law, dedicated to preserving lives.  But our ancestors' law of war was law of victory, dedicated to answering two legal questions:  How do we know who won? What rights is the victor entitled to claim?  Those questions sound coldblooded today, but they laid the groundwork for a practice of limited warfare. 

About the Speaker: James Q. Whitman is the Ford Foundation Professor of Comparative and Foreign Law at Yale Law School and specializes in comparative law, criminal law, and legal history.  He is the author of several prizewinning books, including Harsh Justice: Criminal Punishment and the Widening Divide Between America and Europe, The Origins of Reasonable Doubt: Theological Roots of the Criminal Trial, and The Verdict of Battle: The Law of Victory and the Making of Modern War.  He has published several notable articles, "The Two Western Cultures of Privacy: Dignity versus Liberty" which was published in the 2004 volume of The Yale Law Journal.  Professor Whitman received a B.A. and a J.D. from Yale, an M.A. from Columbia, and a Ph.D. from the University of Chicago. 

The world has undergone major drastic changes in the last two decades driven by several major factors, eg, explosion of human population and connectivity. Such changes seem further accelerated in recent years and it seems that our future becomes more uncertain and unpredictable. The Fukushima Nuclear Accident awakened us and led to creation of Independent Investigation Commission by the National Diet of Japan; The Commission Report revealed some of the fundamental issues of Japan’s nuclear policy. Meanwhile, multi-stakeholders’ engagement has become critical in various social affairs and in policy making domains within and across national boundaries, and has contributed in significant ways to affect the processes of addressing and impacting global agenda, such as climate change, food and water, energy, urbanization, biodiversity, human capital with shifting the balance of economy and power. In my view, the principles of our society may be changing quite fast heading somewhat differently from our conventional norm. The science community can and should contribute to these issues in nurturing future leaders, but in what way?

Kiyoshi Kurokawa is a graduate of University of Tokyo School of Medicine, trained in internal medicine and nephrology, in US 1969-84; Professor of Med, Dept Med ofUCLA Sch Med (79-84), Chair, Univ Tokyo Faculty of Med (89-96), Dean of Tokai Univ School of Med (96-02, President of Science Council of Japan (03-07), Science Advisor to Prime Minister (07-09), Board member of A*STAR (06-00), Bibliotheca Alexandria (04-08), Khalifa University (08- ), Okinawa Institute of Science and Tech (06- ), Global Science and Innovation Advisory Board of the Prime Minister of Malaysia (11-); President of Intl Soc Nephrology (97-99), Inst of Medicine of US Academies (92). Recently, chaired Fukushima Nuclear Accident Independent Investigation Commission by the National Diet of Japan (Dec 11-July 12). AAAS Scientific Freedom and Responsibility Award (2012), ‘100 Top Global Thinkers 2012” of Foreign Policy.

In recent years, China has had several confrontations with Vietnam, the Philippines and most recently Japan, over maritime sovereignty issues in the South and East China Seas. The popular press and specialists alike often portray these disputes as a clear indication of Beijing's growing willingness to coerce or intimidate its neighbors and disregard international norms and laws in the pursuit of its national objectives. Some observers associate Chinese behavior with a long-term strategic plan to dominate the Asia-Pacific. Dr. Michael D. Swaine, a senior associate in the Asia Program and a China national security specialist at the Carnegie Endowment for International Peace, will offer his interpretation of the interests, motives, and policies driving Chinese behavior in this potentially volatile area, and assess the implications for the United States and other Asian powers.

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Michael Swaine joined the Carnegie Endowment as a senior associate after twelve years at the RAND Corporation. He specializes in Chinese security and foreign policy, U.S.–China relations, and East Asian international relations. One of the most prominent U.S. analysts in Chinese security studies, he is the author of more than ten monographs on security policy in the region. At RAND, he was a senior political scientist in international studies and also research director of the RAND Center for Asia-Pacific Policy.

Swaine was appointed as the first recipient of the RAND Center for Asia-Pacific Policy Chair in Northeast Asian Security in recognition of the exceptional contributions he has made in his field.

Prior to joining RAND in 1989, Swaine was a consultant with a private sector firm; a postdoctoral fellow at the Center for Chinese Studies, University of California, Berkeley; and a research associate at Harvard University. He attended the Taipei and Tokyo Inter-University Centers for Language Study, administered by Stanford University, for training in Mandarin Chinese and Japanese.