The “2018 Global World New York Forum” co-sponsored by Yicai and Asian Financial Society was held on October 16, 2018 at the Yale Club in Midtown Manhattan. The forum invited a number of well-known personalities from the Chinese and American financial circles to discuss the theme of “Innovation and Openness – The Future of Global Economy and Trade”. At the beginning of the event, Jack Xu, chairman of Asian Financial Society, Susan Feng, YiCai Global’s Chief New York Correspondent, and Dorinda Elliott, SVP/Director of China Institute’s Center For Business, made the opening speeches to welcome nearly 150 guests and wish the complete success of this forum.
Robert Hormats, the current vice chairman of Kissinger Associates and former Under Secretary of State during the Obama era, delivered a keynote speech on Sino-US economic and trade relations. He said that Sino-US economic and trade frictions is not a recent phenomenon, so it is impossible to resolve them through a single negotiation or agreement. Instead, they need to gradually reach consensus in key areas and promote the establishment of an effective global trading system. He also cited that, as China’s position in technological innovation continues to rise, China itself needs domestic and international intellectual property protection. This is the same as the needs of the US government and enterprises. Therefore, the goals of the two countries are aligned. However, the Chimerica relationship has to mend from the top.
In the following session, Yale University economist Stephen Roach, Nasdaq senior vice president Robert McCooey Jr., Bank of America Global Economic Research Director Ethan Harris, Cheung Kong Graduate School of Finance Professor Huining Cao, and Bloomberg economist Carl Riccadonna discussed China-US trade and globalization.
Roach said that it is undoubtedly a difficult period for Sino-US trade, but the lack of savings in the United States is the main cause of today’s trade and fiscal deficits. It is absurd to blame this problem on a single bilateral economic and trade relationship. This increase in tariffs on Chinese goods acts as a tax on American consumers. Furthermore, a reversal of the US position on trade with China will hinge more on intellectual property protection and opening of Chinese markets than on trade deficit reduction
According to McCormick, who has long been involved in the listing of Chinese companies in the United States, although Sino-US economic and trade relations are tense, Chinese companies have maintained a strong momentum in the US market. This year, 17 Chinese companies have been listed on NASDAQ.
At the forum, the guests also enjoyed the Charming Shanghai” photo exhibition and learned about the first China International Import Expo to be held in Shanghai next month.