Former World Bank Senior VP Professor Justin Lin Yifu discusses China's opportunities at CityU
The College of Liberal Arts and Social Sciences of City University of Hong Kong (CityU) hosted a seminar on 12 September in collaboration with the Youth of Guangzhou and Hong Kong Association, featuring distinguished guest speaker Professor Justin Lin Yifu, former Senior Vice President of the World Bank and Dean of the Institute of New Structural Economics at Peking University. The seminar, titled “How to Understand the Opportunities and Challenges in Mainland China”, drew an audience of over 500 CityU faculty, students and members of the public.
The seminar was chaired by Professor Jennifer Lin Fen, CityU’s Associate Vice-President (Global Strategy) and Associate Professor of the Department of Media and Communication. Presiding over the question-and-answer session were Professor Isabel Yan Kit-ming, Associate Provost (Student Life) and Associate Professor in the Department of Economics and Finance, and Professor Linda Li Che-lan, Director of CityU's Research Centre for Sustainable Hong Kong, and Professor of the Department of Public and International Affairs.
During his keynote presentation, Professor Justin Lin shared his profound insights on China’s position in the international landscape. He drew parallels between historical events of the past century and contemporary global dynamics, highlighting President Xi Jinping's visionary theory, unveiled in 2018, which refers to “the world is undergoing a once-in-a-century great transformation.” Professor Lin emphasised the enduring dominance of the Group of Eight (G8) in global economic affairs, dating back to the era of the Eight-Nation Alliance a century ago. This status quo, he noted, remained largely unchanged throughout the 20th century.
However, the equilibrium was disrupted in 2008 when a global financial crisis shook the world. China's rapid economic growth emerged as a pivotal force, shattering the established global order. This shift had a cascading effect, ushering in a recalibration of Sino-American relations and posing a major challenge to China's ongoing economic development. Professor Lin underscored the gravity of this situation, stating, "The outbreak of a war between China and the United States would pose challenges to the entire world, constituting an unprecedented global paradigm shift within the past century."
To tackle these formidable challenges, Professor Lin recommended that China should further its economic development by advancing innovative technology in existing industries, fostering the growth of high value-added sectors, and nurturing the development of a new digital-based economy. He stressed that when the United States recognises the Chinese market’s indispensable role for economic stability, global tranquillity can be restored. “Where challenges emerge, opportunities also flourish,” he concluded.
Seminar attendees posed pertinent questions, including concerns about the rising youth unemployment rate in China, juxtaposed with the shortage of skilled labour. In response, Professor Lin urged the Chinese government to implement policies that support investment and boost confidence among consumers and private enterprises. He expressed optimism that the youth unemployment rate would improve in the latter half of the year.
Professor Lin is a world-renowned economist. He is a member of the Standing Committee of the Chinese People's Political Consultative Conference (CPPCC) National Committee and vice-chairman of the Committee on Economic Affairs of the CPPCC National Committee. He also participates in various committees and working groups on development policy, agriculture and poverty in China and overseas. In 2008, he was the first person from a developing country to be appointed Senior Vice President and Chief Economist of the World Bank. He returned to Peking University to continue his teaching and research work after his term at the World Bank.
He was a Councillor of the State Council, vice-chairman of the All-China Federation of Industry and Commerce, a member of the 7th to 10th CPPCC National Committee, vice-chairman of the 10th, 12th and 13th Committee on Economic Affairs of the CPPCC National Committee, deputy to the 11th National People's Congress, and member of the 12th to 13th Standing Committee of the CPPCC National Committee. Professor Lin has been engaged in longstanding collaboration with CityU and was awarded an Honorary Doctor of Social Science degree by the University in 2009.
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