Moderated by CCTV journalist Martina Fuchs, Yan led a thought-provoking discussion on rebalancing the Chinese economy
Drawing from their academic backgrounds and conversations with Chinese business leaders, both Yan Se, Research Professor at the Peking University Department of Applied Economics, and Martina Fuchs, CCTV Host and Business Reporter, shared their valuable insights as expert observers of the transformation of the Chinese economy this afternoon.
Professor Yan Se depicted in his speech an optimistic picture of the Chinese economy by delving into a thorough data rich analysis of its recent evolution. While doing so, he stressed the influence of public opinion on the market. "People often times are very influenced by sentiments, I think they should base their judgements on data," he said. He then broadened the scope of current assumptions on the country's economy by laying out the typically Chinese social and political factors essential for a complete understanding of the situation.
His concern however, lay in the up-and-coming transition from a traditional economic pattern based in manufacturing to an emerging service-based economy driven by a highly educated workforce. "The biggest problem of China is that when we are rebalancing", said Yan. "Money is already flowing to the new sector, but people flow very slowly. There are so many people in the traditional sector and it is very difficult for them to adjust to the new environment."
His presentation was followed by a lively discussion with CCTV reporter Martina Fuchs. She raised some concerns about the efficiency of future financial reforms, which he addressed with a very positive outlook. "China is still a land of opportunities," he added. In the last part of the panel discussion, student delegates also actively engaged with the Professor.