Summer Palace Dialogue
Encyclopedia
The Summer Palace Dialogue (SPD) is an economic forum which brings together economists from both China and the United States to discuss economic cooperation between the two largest economies in the world. SPD is co-hosted by Chinese Economists 50 Forum and the Columbia Global Centers East Asia
, and was formerly co-hosted by the Brookings Institution
. It was founded in 2009 by former Vice Chairman of the Joint Chiefs of Staff and current Chairman of AEA Investors Admiral Bill Owens
and Vice Minister Liu He of the Chinese Centeral Leading Group on Financial and Economic Affairs. The forum extends for two days. Participants spend the first day in private discussions and then convene a half-day public session to summarize their observations, analyses, and conclusions with the press and a broader audience. The Summer Palace Dialogue is scheduled annually in mid-September in Beijing, right before the Summer World Economic Forum
in Dalian. The third annual Summer Palace Dialogue was held on September 12–13, 2011.
Other than the forum, SPD sends a delegation of Chinese economists who participated in the forum to major cities in both the east and west coasts of the United States in order to conduct first hand research on political, social and economic conditions in the U.S.
SPD economists and policymakers also assessed China's current economic challenges: inflation, local debt, and the possibility of a housing crisis. Beijing's primary rebalancing task remains to increase Chinese domestic consumption. Such a shift will provide a new boom in Chinese economic growth while also decreasing China's trade surplus. Increasing Chinese outward foreign direct investment to the United States and small business purchases of U.S. goods were also solutions to help resolve the U.S.-China trade imbalance.
and an economist at the Summer Palace Dialogue, said that China should sell its U.S. dollars and diversify its foreign currency holdings if the United States continues its loose monetary policy. Lou Jiwei also had some advice for the United States, in which he said that the US Federal Reserve should tighten monetary policy and the United States Congress
should continue with raising stimulus spending. Also in 2010, the economists at the Summer Palace Dialogue supported a deal between China's Anshan Iron and Steel Group Corp.
and Mississippi-based Steel Development Co. which establishes a joint venture in the United States.
Columbia Global Centers, East Asia
The Columbia Global Centers for East Asia is a research facility established by Columbia University in Beijing, and is a part of the Columbia Global Centers network. Founded in March 2009, it aims to facilitate Columbia University with research and other events throughout the region...
, and was formerly co-hosted by the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
. It was founded in 2009 by former Vice Chairman of the Joint Chiefs of Staff and current Chairman of AEA Investors Admiral Bill Owens
William Owens (Admiral)
William A. "Bill" Owens was an admiral in the United States Navy and later Vice Chairman of the Joint Chiefs of Staff. Since leaving the military in 1996, he served as an executive or as a member of the board of directors of various companies, including Nortel Networks Corporation.-Early...
and Vice Minister Liu He of the Chinese Centeral Leading Group on Financial and Economic Affairs. The forum extends for two days. Participants spend the first day in private discussions and then convene a half-day public session to summarize their observations, analyses, and conclusions with the press and a broader audience. The Summer Palace Dialogue is scheduled annually in mid-September in Beijing, right before the Summer World Economic Forum
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
in Dalian. The third annual Summer Palace Dialogue was held on September 12–13, 2011.
Other than the forum, SPD sends a delegation of Chinese economists who participated in the forum to major cities in both the east and west coasts of the United States in order to conduct first hand research on political, social and economic conditions in the U.S.
2011
The 2011 Summer Palace Dialogue focused on rebalancing the global economy in light of a stubbornly persistent economic downturn. Participants stressed that the United States is going through a painful but necessary process of decreasing household debt. This restructuring is severely undermining demand in the U.S. economy, thus harming economic output and employment. Part of global rebalancing, participants said, was pushing the United States to greater export dependence, in line with President Obama's 2010 initiative to double U.S. net exports in five years.SPD economists and policymakers also assessed China's current economic challenges: inflation, local debt, and the possibility of a housing crisis. Beijing's primary rebalancing task remains to increase Chinese domestic consumption. Such a shift will provide a new boom in Chinese economic growth while also decreasing China's trade surplus. Increasing Chinese outward foreign direct investment to the United States and small business purchases of U.S. goods were also solutions to help resolve the U.S.-China trade imbalance.
2010
In 2010 Lou Jiwei, the chairman of the China Investment CorporationChina Investment Corporation
China Investment Corporation is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. CIC was established in 2007 with approximately US$200 billion of assets under management, making it one of the largest sovereign wealth funds...
and an economist at the Summer Palace Dialogue, said that China should sell its U.S. dollars and diversify its foreign currency holdings if the United States continues its loose monetary policy. Lou Jiwei also had some advice for the United States, in which he said that the US Federal Reserve should tighten monetary policy and the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
should continue with raising stimulus spending. Also in 2010, the economists at the Summer Palace Dialogue supported a deal between China's Anshan Iron and Steel Group Corp.
Ansteel
Angang Steel Company Limited or Ansteel is a joint-stock limited company parented by Anshan Iron and Steel Group, which is supervised by State Council of the People's Republic of China...
and Mississippi-based Steel Development Co. which establishes a joint venture in the United States.
2009
In 2009 the economists at the Summer Palace Dialogue discussed possible economic incentives which could slow down and stop climate change, especially in regards to the actions and policies of the United States and China.American economists
- Admiral William A. OwensWilliam Owens (Admiral)William A. "Bill" Owens was an admiral in the United States Navy and later Vice Chairman of the Joint Chiefs of Staff. Since leaving the military in 1996, he served as an executive or as a member of the board of directors of various companies, including Nortel Networks Corporation.-Early...
: Chairman, AEA InvestorsAEA InvestorsAEA Investors is one of the oldest private equity investment firm in the United States. The firm focuses on leveraged buyout, growth capital and mezzanine capital investments in manufacturing, service, distribution, specialty chemicals, consumer product and business services companies in the...
Asia; Former Vice Chairman of Joint Chiefs of StaffJoint Chiefs of StaffThe Joint Chiefs of Staff is a body of senior uniformed leaders in the United States Department of Defense who advise the Secretary of Defense, the Homeland Security Council, the National Security Council and the President on military matters...
. - Kenneth W. DamKenneth W. DamKenneth W. Dam served as Deputy Secretary of the Treasury from 2001 to 2003, where he specialized in international economic development...
: Professor, School of Law, University of ChicagoUniversity of ChicagoThe University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
; Former Deputy Secretary of the Treasury; Former Deputy Secretary of State. - Laura D’Andrea Tyson: S.K. and Angela Chan Professor of Global Management at the Haas School of BusinessHaas School of BusinessThe Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
, University of California Berkeley; Member of President Obama’s Economic Recovery Advisory Board. - Thomas R. PickeringThomas R. PickeringThomas Reeve "Tom" Pickering , is a retired United States ambassador. Among his many diplomatic appointments, he served as U.S. Ambassador to the United Nations from 1989 to 1992.-Early life:...
: Vice Chairman, Hills and Company; Former Under-Secretary of State for Political Affairs. - David Dollar: US Treasury’s Economic and Financial Emissary to China; Former Country Director for China and Mongolia, World BankWorld BankThe World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
. - Merit E. JanowMerit JanowMerit E. Janow is a professor in the practice of international trade at Columbia University's School of International and Public Affairs. Professor Janow teaches graduate courses in international economic and trade policy at SIPA and international trade law and international antitrust at Columbia...
: Professor of International Trade/WTO Law, Director of International Finance and Economic Policy Program, and Co-Director of the APEC Study Center, School of International and Public Affairs, Columbia UniversityColumbia UniversityColumbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
; Former Member, Appellate BodyAppellate BodyThe Appellate Body of the WTO is a standing body of seven persons that hears appeals from reports issued by panels in disputes brought by WTO Members...
from North America, World Trade OrganizationWorld Trade OrganizationThe World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
(WTO). - Wing Thye Woo: Professor of Economics, University of California at Davis; Yangtze River Scholar, the Central University of Finance and EconomicsCentral University of Finance and EconomicsCentral University of Finance and Economics , colloquially known in Chinese as Zhongcai （中财） or Yangcai and formerly as the Central Institute of Finance and Economics, is a university in Beijing, China...
; Non-Resident Senior Fellow, Brookings InstitutionBrookings InstitutionThe Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
. - Barry Bosworth: Senior Fellow, Economic Studies Program, Brookings Institution; Former Presidential Advisor.
- Daniel B. WrightDaniel B. WrightDaniel Boone Wright was a U.S. Representative from Mississippi.Born near Mount Pleasant, Tennessee, Wright attended the common schools and was graduated from Cumberland University, Lebanon, Tennessee, in 1837....
: President and CEO, GreenPoint Group, LLC; Former U.S. Treasury Department’s Managing Director for China and the Strategic Economic Dialogue. - David CraneDavid CraneDavid Crane may refer to:* David Crane , former Chief Prosecutor for the U.N. War Crimes Tribunal for Sierra Leone* David Crane , video game designer, programmer and co-founder of Activision...
: Special Advisor to the Governor for Jobs and Economic Growth, Schwarzenegger Administration. - Geng Xiao: Director, Columbia Global Centers Columbia Global Centers, East AsiaThe Columbia Global Centers for East Asia is a research facility established by Columbia University in Beijing, and is a part of the Columbia Global Centers network. Founded in March 2009, it aims to facilitate Columbia University with research and other events throughout the region...
, Columbia University; Former founding Director of the Brookings-Tsinghua Center for Public Policy and former Senior Fellow of the Brookings InstitutionBrookings InstitutionThe Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
.
Chinese economists
- Liu HeLiu HeLiu He , courtesy name Xuantai , was for seven days an emperor of the Chinese/Xiongnu state Han Zhao in 310.-Biography:...
: Party Secretary, Development Research Center of the State CouncilDevelopment Research Center of the State CouncilDevelopment Research Center of the State Council is a state agency responsible for policy research, strategic review and consulting of issues related to the economic and social development on mainland China.It is an advisory body which recommends policies to CPC Central Committee and the State...
; Deputy Head, Office of the Central Leading Group on Financial and Economic Affairs. - Lou Jiwei: Chairman of the China Investment CorporationChina Investment CorporationChina Investment Corporation is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. CIC was established in 2007 with approximately US$200 billion of assets under management, making it one of the largest sovereign wealth funds...
. - Wu Xiaoling: Member of The National People’s Congress Standing Committee; Deputy Chairman of Financial and Economic Committee, National People's CongressNational People's CongressThe National People's Congress , abbreviated NPC , is the highest state body and the only legislative house in the People's Republic of China. The National People's Congress is held in the Great Hall of the People, Beijing, capital of the People's Republic of China; with 2,987 members, it is the...
; Former Deputy Governor, People's Bank of ChinaPeople's Bank of ChinaThe People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
. - Long Yongtu: Former Secretary General of Boao Forum for AsiaBoao Forum for AsiaThe Boao Forum for Asia , abbreviated to BFA, is a non-profit organisation that hosts high-level forums for leaders from government, business and academia in Asia and other continents to share their vision on the most pressing issues in this dynamic region and the world at large. BFA is modelled...
and former Chief Negotiator for China’s accession to WTO. - Cai Fang: Member of The National People’s Congress Standing Committee; President of Institute of Population and Labor Economics, Chinese Academy of Social SciencesChinese Academy of Social SciencesThe Chinese Academy of Social Sciences , established in 1977, is the premier and highest academic research organization in the fields of philosophy and social sciences as well as a national center for comprehensive studies in the People's Republic of China. It was described by Foreign Policy...
(CASS); Director of Human Resources Research Center, CASS - Fan GangFan GangFan Gang is one of China's most prominent economists and one China's most active reform advocates. He is currently based in Beijing, serving as a professor at the Graduate School of Chinese Academy of Social Sciences as well as the director of China's National Economic Research Institute . He is...
: Vice President of China Society of Economic Reform; President of National Economic Research Institute. - Tang Min: Assistant Secretary General of China Development Research Foundation.
- Yu Yongding: Former President of Institute of World Economy and Politics, Chinese Academy of Social SciencesChinese Academy of Social SciencesThe Chinese Academy of Social Sciences , established in 1977, is the premier and highest academic research organization in the fields of philosophy and social sciences as well as a national center for comprehensive studies in the People's Republic of China. It was described by Foreign Policy...
(CASS). - Zhang Weiying: Assistant President of Peking UniversityPeking UniversityPeking University , colloquially known in Chinese as Beida , is a major research university located in Beijing, China, and a member of the C9 League. It is the first established modern national university of China. It was founded as Imperial University of Peking in 1898 as a replacement of the...
; former Dean of Guanghua School of Management of Peking UniversityPeking UniversityPeking University , colloquially known in Chinese as Beida , is a major research university located in Beijing, China, and a member of the C9 League. It is the first established modern national university of China. It was founded as Imperial University of Peking in 1898 as a replacement of the...
. - Bai Chong-en: Vice Dean of School of Economics and Management (SEM) Tsinghua UniversityTsinghua UniversityTsinghua University , colloquially known in Chinese as Qinghua, is a university in Beijing, China. The school is one of the nine universities of the C9 League. It was established in 1911 under the name "Tsinghua Xuetang" or "Tsinghua College" and was renamed the "Tsinghua School" one year later...
; Chairman of Department of Finance, Tsinghua UniversityTsinghua UniversityTsinghua University , colloquially known in Chinese as Qinghua, is a university in Beijing, China. The school is one of the nine universities of the C9 League. It was established in 1911 under the name "Tsinghua Xuetang" or "Tsinghua College" and was renamed the "Tsinghua School" one year later...
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