How Asia Works – China’s Success & Chinese Godfathers
With author Joe Studwell, in conversation with Teresa Kong, Matthews Asia
|When:||Tuesday, May 24, 2016
5:45 pm – 8:00 pm
|5:45 pm Registration, Networking & Wine Reception
6:30 pm Program & Book Signing
(Light food, banh mi and refreshments will be served until 6:30pm)
|Where:||World Affairs Council Auditorium
312 Sutter St, Suite 200, San Francisco. Map
|Tickets:||Advance tickets only.
$39 Premium ticket; $25 for Students & Educators
(Each ticket includes the book How Asia Works); other tickets available.
Join us for a scintillating fireside conversation on China, its economic success model, and the influence of Chinese Godfathers on southeast Asia with Joe Studwell, the veteran Economist and Wall Street Journal Asia journalist is best-known as the “chief myth-buster for Asian business.”
In conversation with Teresa Kong of Matthews Asia, Joe – the author of the acclaimed How Asia Works: Success and Failure in the World’s Most Dynamic Region (2013) – will discuss:
- How China’s model of development is akin to that of Japan, South Korea, and Taiwan – yet different.
- How economic history tells us that the recent rumors of China’s economic demise are greatly exaggerated.
- Why China’s present development stage is far from posing an immediate threat to U.S. global economic leadership.
Joe’s first book, The China Dream (2002), examined the foreign business community’s dream of a market of 1.3 billion Chinese consumers. In the 1990s, most foreign firms lost money in China, but in the 2000s, the market came to fruition – today, China is a big top- and bottom-line issue for most multi-national firms. He’ll address how, in the northeast Asia model of rapid technological and economic accumulation, the interests of foreign direct and portfolio investors are NOT aligned with those of the developing country in the early stages. But as state manipulation of the market process begins to pay dividends, foreign investors reap far greater long-run returns than they otherwise would – a conundrum that needs to be ultimately accepted.
Joe will also share anecdotes from his second book, Asian Godfathers (2007), a myth-shattering study of SouthEast Asia’s relative economic development failure, using the prism of the ethnic-Chinese oligarchs such as Li Ka-Shing, Stanley Ho, and others, who dominate south-east Asian economies (in a manner akin to Latin America or Russia). He will briefly touch on southeast Asian efforts, namely Vietnam, Indonesia and Myanmar, to put economic development on a more China-like track in recent years.
Finally, Joe will close with an appeal for developing countries and development economists to focus on the last great ‘black box’ of their metier – the relationship between institutional development, on the one hand, and economic development on the other. Neo-classical economists are right to stress the importance of institutions. Yet, they have so far contributed little to our understanding of the processes and costs of building durable institutions, or of optimal sequencing in institutional build-out. Nowhere, of course, faces bigger institutional challenges today than China.
Joe Studwell, author & journalist
Teresa Kong, Portfolio Manager, Matthews Asia
Matthews Asia is an independent, privately owned firm and the largest dedicated Asia investment specialist in the United States. With US$26.2 billion in assets under management as of August 31, 2015, the firm employs a bottom-up, fundamental investment philosophy, with a focus on long-term investment performance.
|Speaker Bio||Moderator Bio|
|Joe Studwell has been a freelance writer and journalist in east Asia for over 20 years. He has written for the Economist Intelligence Unit, The Economist, the Financial Times, the Wall Street Journal, the Far Eastern Economic Review, the Observer Magazine and Asia Inc.
From 1997 to 2007, Joe was the founding editor of the China Economic Quarterly (CEQ), the recognized English-language journal of the Chinese economy. He was also a founder and director of the Asian research and advisory firm Dragonomics, now GaveKal Dragonomics.
Joe’s first book, The China Dream: the Quest for the Greatest Untapped Market on Earth (2002), remains in print in several languages.
Of Joe’s second book — Asian Godfathers: Money and Power in Hong Kong and South-East Asia (2007) – the Financial Times wrote: ‘Joe Studwell should be named chief myth-buster for Asian business…his myth-busting is as merciless as it is enlightening.’ In 2007, the book made it to The Wall Street Journal’s Ten Best Books on Asia list and BusinessWeek’s list of the world’s top 10 business books.
Joe’s third book, How Asia Works: Success and Failure in the World’s Most Dynamic Region (2013), has been translated into numerous languages. Not only did it land on the “books of the year” lists of Financial Times and the Economist,Bill Gates ranked it as one of his five favorite books of the year.
In addition to writing and researching, Joe is a frequent public speaker at academic, corporate, and government events. He was the keynote speaker for the 10th anniversary of Singapore’s Lee Kwan Yew School of Public Policy, and for 50th anniversary of the United Nations Conference on Trade and Development (UNCTAD).
Joe’s latest research focuses on the learning process in the energy equipment manufacturing sector in China since 1980. This work will be published first as a PhD thesis at the University of Cambridge, and subsequently as a book. He occasionally teaches at the universities of Bristol and Cambridge in the UK.
|Teresa Kong is Portfolio Manager at Matthews International Capital Management, where she leads the firm’s fixed income team and the strategies for Asia Strategic Income and Asia Credit Opportunities.
Prior to joining Matthews Asia in 2010, she was Head of Emerging Market Investments at Barclays Global Investors, now known as BlackRock, whose Emerging Asia, Eastern Europe, Africa and Latin America, which spanned absolute return, active long-only and exchange-traded funds. Her background also includes working for Oppenheimer Funds’ High Yield Group and J.P. Morgan Securities’ Structured Products and Latin America Capital Markets team in New York.
Teresa is a Director of the Board of 1990 Institute. She is a frequent finance speaker and commentator, most recently with Bloomberg, the Financial Times, and CNN. She holds a B.A. in Economics and Political Science, and an M.A. in International Development Policies from Stanford University.
During the Asia financial crisis, she helped Asian borrowers access capital markets through dual-currency notes and conducted the Brady debt exchange for The Philippines. Her experience in China includes researching and investing in the credit, currency, and interest rates of Chinese government and corporates. Her deep research interest in China began at Stanford after receiving a grant to study abroad in China and Hong Kong.