Asymmetrical Codependence: China on the Move, America at a Standstill
Luncheon presentation by Stephen Roach, Senior Fellow, Jackson Institute of Global Affairs, Yale University and former Chairman, Morgan Stanley Asia
Registration: 12:15 pm
Luncheon: 12:30 pm
Close: 2:00 pm
The world's two largest economies have been locked in an uncomfortable embrace for the past 20 years. China has long depended on the United States as the major source of external demand that has driven a very powerful export-led development strategy. At the same time, America has benefited from low-cost Chinese-made goods and China's voracious demand for Treasuries to support its hard-pressed consumers and help keep interest rates low and asset markets frothy. China's recently concluded Third Plenum leaves little doubt of a major rebalancing that will change the rules of engagement between these two codependent economies. How does saving-short America cope with China's new strategy of saving absorption? How does China respond to Washington's Asian pivot?
Stephen Roach is a Senior Fellow at Yale University's Jackson Institute of Global Affairs and a Senior Lecturer at Yale's School of Management. Mr. Roach has long been one of Wall Street's most influential economists. He was formerly Chairman of Morgan Stanley Asia and the firm's Chief Economist for the bulk of his 30-year career at Morgan Stanley. Mr. Roach's current teaching and research program focuses on the impacts of Asia on the broader global economy. Mr. Roach's opinions on the global economy have been known to shape the policy debate from Beijing to Washington. His forthcoming book, Unbalanced: The Codependency of America and China, examines the risks and opportunities of what is likely to be the world's most important economic relationship of the 21st century. Mr. Roach holds a Ph.D. in economics from New York University.