What Are Asia's Economic Challenges?

L to R: Professor Richard Wong, Professor Kevin M. Murphy, and Ronnie C. Chan speaking in an evening panel discussion at Asia Society Hong Kong Center on September 1, 2014. (ASHK)

HONG KONG, September 1, 2014 — Emerging markets like Asia have been sustaining their growth after the financial crisis yet obstacles that they may confront with are also ahead of their long way to catch up the developed economies. Moderated by Ronnie Chan, Chairman of Hang Lung Properties and Co-Chair of the Asia Society, an evening panel discussion at Asia Society Hong Kong Center put a close eye on economic challenges facing in Asia and the world.

During the panel, Kevin M. Murphy, the George J. Stigler Distinguished Service Professor of Economics at the University of Chicago Booth School of Business, pointed out that China must decentralized as they progress and a transition from an obvious road to an unclear path will be a crucial issue for the country to develop in the future. As to the regional development, Richard Wong, Professor of Economics and the Philip Wong Kennedy Wong Professor in Political Economy at the University of Hong Kong, held the opinion that China will be in a significant position in the prosperity of Asia as a whole.

“China dominates my horizons,” said Professor Wong, “What will happen to China will have a huge impact on the rest of Asia.”

Video: Watch the complete program (1 hr., 26 min.)