HOUSTON, January 18, 2024 — Asia Society Texas welcomed Bloomberg Chief Economist Tom Orlik to discuss key trends driving the economies of Asia. Orlik was joined in conversation by Edward R. Allen, Ph.D , Eagle Global Advisors co-founder and Senior Partner, and Martyn Goossen, J.P. Morgan Private Bank Vice-Chairman. Deborah Byers, nonresident fellow at the Baker Institute Center for Energy Studies, moderated the discussion.

The speakers delved into topics including China's impact on the Asia–Pacific region, U.S.–China relations, the recent Asia-Pacific Economic Cooperation (APEC) Summit meeting, the property crisis in China, investment trends in consumption and production, and the energy industry's outlook. 

Examining the November APEC Summit meeting in San Francisco between U.S. president Joe Biden and Chinese president Xi Jinping, the panel cited the two leaders’ dialogue as a potential positive sign of improving bilateral relations. They underlined certain takeaways such as agreements to resume military-to-military communication, advancements in climate change discussions, and an understanding to reduce China’s export of chemicals used in fentanyl production.

The panel also addressed current investment and consumption trends in China. From their perspectives, U.S. investment in China has dropped over the last five years amid limited consumption and an aging population. The speakers highlighted potential consequences of the housing crisis in China, noting the Chinese economy’s dependency on infrastructure and real-estate spending for economic growth over the last several decades. They also acknowledged the liberalization of interest and exchange rates as a positive measure of the current economic state.

The speakers reflected on Vietnam's role as a major U.S. trade partner, the potential impact of China's demographic challenges on international trade, and India's economic growth and investment opportunities. The conversation went on to explore the topics of renewable energy and battery production where the panel referred to China's leadership in technological innovation and electric vehicle production, a point of interest that the panelists considered to be a driver of continued growth.

About Asia Society Texas

Asia Society Texas believes in the strength and beauty of diverse perspectives and people. As an educational institution, we advance cultural exchange by celebrating the vibrant diversity of Asia, inspiring empathy, and fostering a better understanding of our interconnected world. Spanning the fields of arts, business, culture, education, and policy, our programming is rooted in the educational and cultural development of our community — trusting in the power of art, dialogue, and ideas to combat bias and build a more inclusive society.