China's approach to the globalised economy

22/05/2012 - 22/05/2012

A lecture by Jin Liqun, Chairman of the Supervisory Board, China Investment Corporation

6.30 for 6.45pm, Tuesday 22nd May

At The Guildhall, City of London

Open the full speech transcript here 

Jin Liqun, Chairman of the Supervisory Board of the China Investment Corporation (the top Chinese sovereign wealth fund), delivered a lecture at the Guildhall to the leading independent think tank the Centre for Policy Studies on 22nd May 2012. 

He discussed:

  • The  Chinese perspective on the Eurozone debt crisis.
  • The key challenges facing China of meritocracy and moral/ethical values.
  •  How China and Europe can co-operate better in the future.

Media Impact:

                China’s Approach to a Globalised Economy, Jin Liqun, Supervisory Chairman of Chinese Investment Corporation

                We in China attach great importance to China-European cooperation. China’s commitment to support Europe its efforts to deal with the sovereign debt crisis is firm and unambiguous. Europe as a whole is the largest trading partner of China. This is important for both China and European countries.  For our cooperation to be sustained and bring tangible benefit to our peoples, European countries should treat Chinese business companies fairly and equitably.  We still feel some invisible impediments to our investments in some of the countries in Europe. And we hope that these impediments could be removed. This is the time when liquidity is crucially needed in this part of the world, particularly in distressed members of the Eurozone.

Media Response:

  • Bloomberg News: CIC’S Jin Says Other Countries May Follow if Greece Exits Euro“Ever since the debt crisis broke out, there has never been a master plan for a resolution,” Jin said at an event hosted by the Centre for Policy Studies in London late yesterday. “The core members of the monetary union certainly have to keep an eye out for possible copycats should the Greeks be allowed to escape from the crisis unscathed.”
  • Reuters: China faces “invisible impediments” in Europe- CIC Official “European companies should treat Chinese companies fairly and equitably – we still feel some invisible impediments to our investments in some of the countries in Europe,” Jin Liqun, chairman of the board of supervisors of China Investment Corp (CIC) CIC.UL, which manages assets totalling more than $400 billion (253 billion pounds), told a seminar.”
  • Wall Street JournalCICI Official: Greece Needs Time to Work Out Debts Jin Liqun, chairman of the supervisory board of China Investment Corp., said one of the key problems plaguing the euro zone in its efforts to solve its debt crisis is policy makers’ difficulties in coming up with lasting solutions. “The Greeks should be encouraged to work harder, but they should be also given a respite that’s much longer, not negotiated piecemeal,” he said.
  • Fox Business: Euro-Zone Gridlock Worse Than Crisis Itself- CIC Official Jin Liqun, chairman of the supervisory board of China Investment Corp., said in a speech that political gridlock is leading the currency area “deep into the woods” rather than toward a solution to its debt crisis, which has reignited following political upheaval in Greece that has called into question its future in the euro zone
  • “Jin Liqun, the chairman of China’s $US440 billion ($409.5bn) sovereign wealth fund, ripped up diplomatic protocol by delivering a lacerating attack on Europe’s ineffectiveness in governance. “The debt crisis is actually much less devastating than the handling of the debt crisis,” said Mr Jin, who warned that political gridlock was driving the Eurozone deeper into the woods.”