Speaker:    Dr. Carl E. Walter, Author of “Red Capitalism”

Moderator:  Michael Harris, President of Finance, Ambow Education

Until China began its highly successful reform effort in 1978, banks as institutions hardly existed, they were mostly a channel to provide funding to state enterprises. Yet after the economic reform in the 1980s, there was a rush of banking privatization and this enthusiasm to drive economic growth led to excessive bank lending and high rates of inflation in the 1990s. Following the Asian Financial Crisis and the collapse of Guangdong International Trust and Investment Co., a single party committee for each of the big state banks was created. The objective was to build relatively independent banking institutions with centralized management structures, thus forming special bond between the Party and Banks in China. Dr. Walter will discuss the modern evolution of China’s banks and the challenges in transiting to a more open, consumption-based model of economic development.

Carl E. Walter has worked in China′s financial sector for the past 20 years, participating in many of the country's financial reforms. He played a major role in China′s groundbreaking first overseas IPO in 1992 as well as the first listing of a state–owned enterprise on the New York Stock Exchange in 1994. He held a senior position in China′s first joint venture investment bank where he supported a number of significant domestic stock and debt underwritings for major Chinese corporations and financial institutions. More recently, he helped build one of the most successful and profitable domestic security, risk and currency trading operations for a major international investment bank. He holds a PhD from Stanford University and a graduate certificate from Beijing University.

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China has surpassed Japan to become the second largest economy in the world, and is able to strongly impact the global economy, politics and society.  But can China sustain and maintain relatively high economy growth in the future?  Can China surpass the United States to become the largest economy in the world?  Will the "China Growth Model" change?  These questions are now of great concern to the world.  Being a member of the management team of China's leading investment bank for ten years, Tatsuhito Tokuchi will speak on these themes from his China insider point of view.  He will also touch upon the future prospect of the China-Japan relationship and Chinese foreign diplomatic policy, which are the questions that people in neighboring countries are very much concerend about. 

Tatsuhito (Ted) Tokuchi is a Managing Director of CITIC Securities, the largest investment banking in China, and Chairman of CITIC Securities International, a subsidiary of CITICS in Hong Kong.  He is known as an only executive of a native of Japan for large indigenous Chinese companies.  Tokuchi was born in Tokyo in 1952.  In 1964, he went to Beijing with his parents, and there he spent thirteen years of his youth.  Tokuchi joined Daiwa Securities Comapny in 1980 in Japan, and during his twenty-year career at Daiwa, he engaged in investment banking and management of teams in Tokyo, New York, Hong Kong, Singapore and Beijing.  In 2002, he joined CITIC Securities Company as a head of the investment banking division.  Tokuchi received a B.A. in Chinese Literature from Beijing University in 1976, and an M.A. in East Asian Studies from Stanford University in 1985.