The 21st Regular Seminar ended.
The University of Kitakyushu
Center for Chinese Business Studies＆the Institute for Regional Strategy
The Kitakyushu Chamber of Commerce & Industry
The 21st Regular Seminar
Theme: The Future Direction of China’s Economy and Global Supply Chain in East Asia
Speaker: Professor Tomoyuki FUKUMOTO, Faculty of Economics, Osaka University of Economics; Former Director of International Department, Former General Manager of Kitakyushu Branch, Bank of Japan
Commentator: Professor WANG Xiaoping, Director of the Center for Chinese Business Studies, University of Kitakyushu
Date: Thursday, December 02, 2021 (14:30-16:30)
Place: Hisho Room, Hotel Kokura, JR Kyushu Station
In the afternoon of Thursday, December 2, Prof. Tomoyuki Fukumoto of the Faculty of Economics, Osaka University of Economics, gave a presentation on “The Future Direction of China’s Economy and Global Supply Chain in East Asia” at Hotel Kokura, JR Kyushu Station. The seminar was co-sponsored by the Center for Chinese Business Studies, the Institute for Regional Strategy of the University of Kitakyushu and the Kitakyushu Chamber of Commerce & Industry. The seminar was held in a successful manner.
Prof. Fukumoto has been the Director of the Bank of Japan’s Beijing Office, the Kitakyushu Branch, the Deputy Director-General of the International Department. He has been involved in Japan’s international financial cooperation for a long time, and has a broad perspective and deep insight into the Asian economy in general.
The presentation is divided into three main parts. The first part explains the trajectory of China’s economic development and its structural characteristics and challenges. The second part explains the background and impact of the U.S.-China trade frictions, and the current state of the two countries economic relations. The third part explains the comparative advantages, competitive and complementary relationships among international industries such as semiconductor industry, and trends of global supply chain adjustment in East Asia. In particular, Prof. Fukumoto focused on the interrelationship between the real estate sector, which is crucial to China’s economic development, and the fiscal and financial policies of local governments, which are inextricably linked to it. He provided a very detailed analysis and insights based on examples of business crises suffered by major real estate developers, very detailed statistical data, and local Chinese news reports. Including the U.S.-China trade frictions, most of the media reports highlight the aspects of the conflict while the imports and exports volume between the U.S. and China has increased significantly, which shows that the industries are still strengthening the business contacts, as evidenced by the information released by both the U.S. and China. Regarding to the global supply chain adjustment trends in East Asia, using the semiconductor industry as an example, Prof. Fukumoto suggested Japan to devise ways to maintain and expand its business with China in order to maintain its competitiveness while paying attention to technology preservation.
Commentator Prof. Wang Xiaoping began by highly praising Prof. Fukumoto for his systematic, logical, and easy understanding way of structuring and proceeding with his presentation, and for conveying the latest trends and meaningful proposals with a keen empirical intuition. Prof. Wang also pointed out: the Chinese economy has significant regional differences and rich diversity; China’s reform and opening-up policy has achieved high growth with a gradual progress through repeated trial and error, but it has also created problems such as income inequality and environmental problems; the U.S.-China relationship has never been purely competitive. He believes that it is necessary for Japanese industry to develop its own relationship-building strategy.
Mr. Kazuhito Uchiyama, Chairman of the International Exchange Committee of the Kitakyushu Chamber of Commerce & Industry, and Prof. Kazunari Kudo, Dean of the Kita-Kyushu Business School (K2BS), gave opening remarks on behalf of the organizers; Prof. Hiroshi Minami, Deputy Director of the Institute for Regional Strategy, gave closing remarks and concluded. While it has been difficult to hold face-to-face events during the COVID-19 pandemic, the seminar was well attended by 80 participants from various sectors of the community. This turned out to be a meaningful seminar with a question-and-answer session that filled the entire time limit.