[PATRONS–ONLY EVENT] Financial Cold War: A View of Sino-U.S. Relations From the Financial Markets
VIEW EVENT DETAILSCocktail Reception and Discussion
***This is a Patrons-only program and registration is required***
6:30 p.m. Discussion
7:30 p.m. – 8 p.m. Cocktail Reception
Live Webcast
Watch Live on YouTube
In the midst of financial and economic tensions, the term “new cold war” emerged, as speculation of intensifying financial conflicts continue. Yet, James A. Fok, author of Financial Cold War, rejects the notion by injecting the definition of “new cold war” and what defines “financial cold war.” The book provides background of the U.S. financial system, China’s economic policy and the nature of the current Sino-U.S. conflict. Fok dissects the financial and economic factors that led to the current predicament, and analyzes the geopolitical realities underlying financial markets and solutions to balance varying interests, offering fascinating insights to policymakers in both the East and West.
Join us in-person for a Patrons-only cocktail reception and discussion with Asia Society and veteran financial and strategic advisor, James A. Fok.
To register for this special opportunity or join as a Patron of Asia Society, please email [email protected] or call 212-327-9369.
James A. Fok is a veteran financial and strategic advisor to corporations and governments. He served as a senior executive at Hong Kong Exchanges and Clearing (HKEX) from 2012 until 2021, during a period of rapid internationalization in China's capital markets. While there, he played a major role in a number of landmark financial markets initiatives, including the launch of the Shanghai-Hong Kong Stock Connect programme (2014), Bond Connect (2017) and the Hong Kong market's Listing Reforms (2018). Prior to HKEX, Mr. Fok worked as an investment banker in both Europe and Asia, specializing in the financial services sector. Mr. Fok has written and spoken extensively about market structure issues and the intersection between geopolitics and international finance. He serves or has served on a number of financial industry bodies, including Ireland for Finance's Industry Advisory Committee (2021-), the Executive Board of the International Securities Services Association (2018-21), and the Financial Services Advisory Committee of the Hong Kong Trade and Development Council (2014-21). He is also a member of the Advisory Board of Hex Trust (2021-).
Zachary Karabell is the founder of the Progress Network at New America, president of River Twice Capital, an investor in Shakespeare & Co. bookstores and other small businesses, host of the podcast “What Could Go Right?” and an author and columnist. Previously, he was Head of Global Strategies at Envestnet, a publicly traded financial services firm. Prior to that, he was President of Fred Alger & Company. Educated at Columbia, Oxford and Harvard, where he received his Ph.D., Karabell has written widely on history, economics and international relations. His most recent book, Inside Money: Brown Brothers Harriman and the American Way of Power, was published by Penguin Press in May of 2021, and his last book was The Leading Indicators: A Short History of the Numbers That Rule Our World. His is currently writing a global history of corn. He is the author of eleven previous books, and he sits on the board of New America, Heyday Books and PEN America. Once upon a time, in 2003, the World Economic Forum designated him a "Global Leader for Tomorrow."
As a commentator, Karabell is a regular columnist for Time and Contributing Editor for Politico. Previously he wrote “The Edgy Optimist” column for Slate, Reuters, and The Atlantic. He is a LinkedIn Influencer, and has been a commentator on CNBC, Fox Business and MSNBC. He also contributes to such publications as The New York Times, The Washington Post, Wired, The Guardian, The Daily Beast, The Atlantic, The Wall Street Journal, The Los Angeles Times, Foreign Policy and Foreign Affairs.
Book Excerpt
Since the 2008 global financial crisis, tensions between the United States and China have risen rapidly. The rhetoric escalated further when the Trump Administration imposed significant new tariffs on Chinese goods and, despite a transition to a new administration in the White House, a near-term thawing of relations does not appear to be in the cards.
In Financial Cold War: A View of Sino-US Relations from the financial markets, market structure and geopolitical finance expert James Fok examines Sino-U.S. relations through the lens of the financial markets, helping readers understand how imbalances and nuances in the structure of the global financial system have contributed to the current geopolitical tensions between America and China.
The book traces the history of the development of financial markets in both countries and of the current U.S. dollar-based global financial system. It goes on to explain why the structure of world financial markets is fanning the flames of global tensions. Alongside a presentation of geopolitical developments between China and the West from the 18th century to the present day, the author examines the role of technology, innovation, regulation, taxation, and politics in markets. At the same time, he explores how the markets have impacted politics and policy.
Drawing on over two decades of hands-on experience in financial markets, including a decade on the frontline negotiating the integration of mainland Chinese and international capital markets, Fok offers an in-depth analysis of the global financial system and questions the enduring assumptions that underpin it. He highlights the growing risks of dependence on the U.S. dollar and worldwide fiscal competition, the challenges posed by China’s gradual financial market opening, and the role played by Hong Kong as an intermediary for capital flows between China and the rest of the world. He also suggests ways for Chinese and American policymakers to address key financial sources of conflict in order to de-escalate geopolitical tensions.
Event Details
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