President’s Circle Members Lunch
Registration 12:30pm
Lunch Discussion 12:45pm
Close 2:00pm

Long embraced in an ever-deepening codependency, the economic relationship between the United States and China faces new and important challenges. By restating its “principal contradiction” at the 19th Party Congress, China has doubled down on rebalancing — adding ideological support to its economic strategy. The U.S. also faces its own set of contradictions — especially a lack of national saving that undermines domestic investment and competitiveness while fostering large current account and trade deficits. The contradictions of Trumponomics are all the more acute in light of expanded budget deficits masquerading as tax reform. As Chinese rebalancing shifts the nation from surplus saving to saving absorption, the United States will lose an important source of capital inflows. The contradictions of such an asymmetrical adjustment could prove especially problematic for the U.S. economy.

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. 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, heading up a highly regarded team of economists around the world. Mr. Roach’s current teaching and research program focus on the impacts of Asia on the broader global economy. His writing and research also address globalization, trade policy, the U.S.-China economic relationship, and the challenges of post-crisis economic policy strategies. Mr. Roach has long been one of Wall Street’s most influential economists. His latest book is Unbalanced: The Codependency of America and China (2014). His work has appeared in academic journals, books, and congressional testimony, and his opinions on the global economy have been known to shape the policy debate from Beijing to Washington. Mr. Roach holds a Ph.D. in economics from New York University.

Regular Menu
Poached Prawn Salad with Lemongrass
Roasted Chicken Breast with Spinach Risotto, Baby Vegetables and Tarragon Jus
Apricot and Walnut Crumble with Toasted Brown Sugar and Vanilla Sauce

Vegetarian Menu
White Asparagus Gratin with Parmesan Cheese and Baby Cress
Roasted Vegetable Napoleon Stick of Portobello Mushroom, Eggplant and Herbs Oil
Apricot and Walnut Crumble with Toasted Brown Sugar and Vanilla Sauce

Click here for more upcoming events