On December 17, 2018, “Future is Here: Global Leaders on the Changing World” lecture series, jointly hosted by the PBC School of Finance of Tsinghua University (PBCSF) and National Institute of Financial Research (NIFR) of Tsinghua University, welcomed Lawrence H Summers, formerly Chief Economist of the World Bank, U.S. Secretary of the Treasury, and President of Harvard University, for a lecture entitled “An American View of China and the Global Economy after 40 Years of Reform”. By invitation of Dr. Min Zhu, Chair of National Institute of Financial Research (NIFR) of Tsinghua University and former Deputy Managing Director of IMF, Lawrence H Summers delivered a speech on Sino-USA relationship.

Professor Lawrence H. Summers is currently a consultant to Citigroup. He was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation.  He is a member of the US National Academy of Sciences, the US Econometric Society and a member of the American Academy of Arts and Sciences. From 1999 to 2001, he served as the US Secretary of the Treasury. In 2001, he returned to Harvard University as President. In 2006, he became a member of the Panel of Eminent Persons and oversaw the work of the United Nations Conference on Trade and Development. In the 2008 US presidential election, he served as an economic advisor to the Obama campaign. After Obama took office, Professor Summers served as the Director of the White House National Economic Council.

In his lecture, Summers recalled his numerous visits to China from 1979, his initial visit, to today. He witnessed the huge economic progress obtained by China through its 40 years’ reform and development. He expressed that such great achievement is very rare in human history and will greatly influence the global economy and the international order. Thus, China and the U.S. need to adopt efficient methods to deal with future changes.

Professor Summers said that as China and the U.S have different interests and pursuits, to avoid destructive results, they need to mind the following things: 1) China could reasonably expect the fairness of the U.S. in the international trade regime; 2) China has the right to choose its own political system and social structure; 3) developed countries should shoulder broader international obligations.

Professor Summers proposed two paths of China and U.S. relationship in the future. He emphasized that the choice of paths by China and the U.S. is influencing both the economic growth of the two countries, and the global economy, peace as well as safety. He hoped that the two countries could cooperate with each other, seek solutions for common development and jointly contribute to the prosperity of human kind.

In his dialogue with Dr. Min Zhu, Professor Summers mentioned the involvement of politics with the economy during global business management. In the Q&A session, Professor Summers exchanged ideas with the audience on heated China and U.S foreign policies.

“Future is Here: Global Leaders on the Changing World” lecture series invites world-renowned leaders from economic, financial, social and academic circles to project and contemplate on global development trends, with the aim of building a first-class exchange platform for Tsinghua students, faculty and alumni and helping them grasp the latest trends and develop the habits of lifelong learning.

Past guest speakers include Maurice Obstfeld, Economic Counsellor and Research Department Director of IMF, Peter Maurer, President of the International Committee of the Red Cross (ICRC), Harvey Schwartz, former President and COO of Goldman Sach, Jacob Frenkel, Chairman of JPMorgan Chase International, Douglas Peterson, CEO of S&P Global, and Masahiko Uotani, CEO of Shiseido.