China’s Macroeconomic Policy Adjustment after the Financial Crisis Seminar was successfully held in Beijing

In the morning of April 12th, 2010, a seminar called China' macroeconomic policy adjustment after the financial crisis, which was jointly organized by Brookings-Tsinghua Center for Public Policy(BTC) and Australia National University(ANU) , was held in Tsinghua University. The two new books China’s New Place in a world in Crisis: Economic, Geopolitical and Environmental Dimensions and The Great Crash of 2008 were officially released during the seminar. Dr. Geoff Raby, an ambassador of Australia to China, John Thornton of Brookings Institution and Kenneth Lieberthal, a senior researcher of Brookings Institution had attended the seminar and gave speeches respectively.

Dr. Garnaut discussed the reason for financial crisis and its enlightenment to future world and China. He pointed out that the main elements in causing of the financial crisis are the financial deficit, expansionary monetary policy, unbalanced trade complicated financial derivative instruments and the lack of appropriate adjustments. He stressed that financial crisis could be accelerated due to imbalances in the global economy, thus China should play its important role in the post-era of financial crisis.

Xiao Geng, the director of BTC as well as the senior researcher in Brookings Institution, presided the meeting. Song Ligang and Peter Drysdale (professors of Economics at ANU), Chen Ping, Huang Yiping and Lu Feng (professors of economics at Peking University), Huw Mckay (senior economist of Australia’s Westpac Banking), Peng Cheng (economist of Citibank), Yu Qiao (professor of Finance at TsingHua University) and many well-known economic professors have attended the seminar and participated in discussion. 

Conference Site

Australian experts

Dr. Garnaut is giving a speech