2019 is an important year for the development of US-China relationship. We hope to strengthen the communication and facilitate cooperation between top students, professionals and corporations from both countries, and contribute to the long-lasting friendship between the United States and China. The theme for 2019 Penn Wharton China Summit is Paving the Global Road. Amidst disorder, the world order is being reshaped in 2019. Forty years after Chinese economic reforms opened up the country, we have reached a crossroads where history is crucial.
In the past 40 years of Chinese economic reform, the spirit of innovation has benefited citizens and brought about the prosperity and rejuvenation of the nation. The transformations brought about by development continue to shock the world, and the dichotomy between the exploitation of the resources and technological innovation is sharp. The increasing popularity of Western entertainment culture corresponds with the decline of traditional Chinese culture. Deleveraging and economic slowdown cannot be ignored, and China is experiencing an unprecedented challenge. Since the entrepreneurial spirit has defined this era, the 2018 Penn Wharton China Summit “Our Generation” invited more than 30 important figures such as Fu Ying, Guo Guangchang, Zhu Baoguo and Cui Tiankai. Guests, leaders, and over 1,500 American and Chinese top students across walks of life discussed the status quo as it relates to social and economic development.
The 2017 Summit aimed to build the United States’ most influential exchange platform for overseas elites by inviting leaders from all walks of life to shed light on the developmental prospects of Chinese enterprises, and to divulge the many opportunities as China found its place on the global track.We invited a number of distinguished guests from all walks of life to converse with elite Chinese and American students at the second Penn Wharton China Summit. These leaders talked about the opportunities in global strategic integration and the challenges brought by the supply-side reform with respect to the seven themes of real estate, healthcare, financial markets, culture and the arts, business reform, science and technology, and education.
After decades of high-speed growth, China's economy is running out of steam. Traditional drivers including export, infrastructure investment and real estate are losing their momentum. In response, the Chinese Central Bank has slashed interest rates, but the effect is limited by the not-quite-liberalized nature of China’s financial system. The Government is additionally wary of fiscal stimulus because local government debt has grown to dangerous levels. In other words, the old period of high speed growth is over, and China's economy is entering a ‘New Normal’. Going forward, everyone, from government officials to businessmen, academics to investors, is looking for the next driver of growth. Is it innovation and entrepreneurship in tech sector, or a booming entertainment and media industry? Will it be the liberalization in the financial system, or reform in state-owned Enterprises?