Speaker: Dr. Carl E. Walter, Author of “Red Capitalism”
Moderator: Michael Harris, President of Finance, Ambow Education
Until China began its highly successful reform effort in 1978, banks as institutions hardly existed, they were mostly a channel to provide funding to state enterprises. Yet after the economic reform in the 1980s, there was a rush of banking privatization and this enthusiasm to drive economic growth led to excessive bank lending and high rates of inflation in the 1990s. Following the Asian Financial Crisis and the collapse of Guangdong International Trust and Investment Co., a single party committee for each of the big state banks was created. The objective was to build relatively independent banking institutions with centralized management structures, thus forming special bond between the Party and Banks in China. Dr. Walter will discuss the modern evolution of China’s banks and the challenges in transiting to a more open, consumption-based model of economic development.
Carl E. Walter has worked in China′s financial sector for the past 20 years, participating in many of the country's financial reforms. He played a major role in China′s groundbreaking first overseas IPO in 1992 as well as the first listing of a state–owned enterprise on the New York Stock Exchange in 1994. He held a senior position in China′s first joint venture investment bank where he supported a number of significant domestic stock and debt underwritings for major Chinese corporations and financial institutions. More recently, he helped build one of the most successful and profitable domestic security, risk and currency trading operations for a major international investment bank. He holds a PhD from Stanford University and a graduate certificate from Beijing University.
Stanford Center at Peking University
Carl E. Walter
Author of "Red Capitalism"
Speaker
Michael Harris
President of Finance
Moderator
Ambow Education
Stanford opened a research and education center at China’s Peking University, strengthening an already close academic bond and building a stronger tie to one of the world’s fastest-growing countries.
“Globalization is the defining characteristic of the 21st Century,” Stanford President John Hennessy said during an opening ceremony on March 21 that drew hundreds of academics, donors and government officials to the opening of the Stanford Center at Peking University.
“It is increasingly important for our students to understand what it means to be citizens of the world, to bring a more international perspective, to be able to communicate with others from different backgrounds or with different expertise,” he said. “Both Peking University and Stanford are stepping up to that challenge and moving to become more global institutions to address the challenges of this century. This new center exemplifies that.”
"It is increasingly important for our students to understand what it means to be citizens of the world, to bring a more international perspective, to be able to communicate with others from different backgrounds or with different expertise," Stanford President John Hennessy said at the opening of SCPKU.
Designed as a resource for the entire Stanford community and administered by the university’s Freeman Spogli Institute for International Studies, 10 programs and departments – including the School of Medicine’s Asian Liver Center, the Bing Overseas Studies Program and the Rural Education Action Project – will locate operations at SCPKU.
FSI faculty already doing research in China showcased their work during conferences held in conjunction with the opening of the center.
The new building is available to the several hundred Stanford scholars studying, researching and conducting university activities in China each year. It also offers the opportunity for Stanford faculty to work with academics from Peking University and other universities throughout China.
“Stanford is one of the most valued partners of Peking University,” PKU President Zhou Qifeng said. “The center will create more opportunities through collaborative research, student and faculty exchange programs, joint teaching and other activities.”
The center makes Stanford the first American university to construct a building for its use on a major Chinese university campus. SCPKU will allow current educational programs to expand, but will not grant Stanford degrees.
The center’s distinctiveness is reflected in the building that houses it – a 36,000-square-foot structure that combines Chinese and Western architecture. The courtyard building was constructed with interlocking mortise-and-tenon joinery – a classic Chinese technique that eliminates the need for nails or glue.
Hand-painted scenes depicting typical Chinese landscapes and views from Stanford’s campus are featured on the building beams. At the point where beams and columns meet, artists added Chinese symbols for teaching, learning and scholarship.
State-of-the-art classrooms, conference rooms and meeting spaces fill out the two floors below the courtyard. Skylights, interior gardens and a reflecting pool invoke a natural setting.
The melding of styles brings as much substance as symbolism.
The SCPKU opening drew hundreds of academics, donors and government officials.
SCPKU “marks a new era of collaboration between two outstanding universities,” Gary Locke, the U.S. ambassador to China, said during the opening ceremony. “It also represents a new bridge of understanding between our nations – and most importantly – our peoples.
“There are virtually no problems in the world today that cannot be solved if the people – the scientists and engineers, and the business people – of the United States and China join together,” Locke said. “And this center will help make that happen.”
Stanford’s relationship with China dates to the late 1970s, when the university began accepting Chinese graduate students. Students from China have accounted for the largest number of Stanford’s foreign graduate students for the past decade, with about 600 enrolled last year.
Those scholars are part of the 160,000 Chinese students studying in American colleges and universities every year, a number that eclipses the 16,000 American students taking classes in China, Locke said.
“We have to know much more about each other’s cultures, customs, traditions, values and languages so we can build a mutual trust and understanding that will allow us to face all of the challenges we face,” he said. “The way to build that trust starts with building people-to-people interactions. It starts with more student exchanges…and it most certainly starts with the Stanford center here at Peking University.”
Over the last 30 years, Stanford’s bond with Peking University has grown from an initial collaboration between the schools’ Asian language departments to a wide range of joint research and academic exchanges.
In 2004, Stanford’s undergraduate study abroad and internship programs began at Peking University. The study abroad program continues to be managed by the Bing Overseas Studies Program, which hosts roughly 60 undergraduates every year on the Peking University campus. The internship programs are coordinated by the International, Comparative, and Area Studies Program.
The overseas studies program offers a broad curriculum taught by a Stanford faculty-in-residence who spends a 10-week quarter with the students in Beijing. A range of topical and language courses are taught by Peking University faculty.
“The new center at PKU allows us to continue this dynamic program in a new environment designed to encourage interaction across disciplines and with graduate students and faculty from both universities,” said Irene Kennedy, the program’s executive director. “We also plan to continue supporting and developing interactions between Stanford and PKU students through language partnering and by including Chinese students in classes taught by Stanford faculty and associated field trips.”
Jean Oi and Andrew Walder – both senior fellows at the Freeman Spogli Institute – began building on that relationship in 2006 by envisioning a way to bolster Stanford research, teaching, training and outreach activities in China. Their ideas led to the creation of SCPKU and several new academic programs, including a law school exchange program.
The $7 million project is funded entirely from gifts made to the Stanford International Initiative. The lead donor was the charitable foundation of the family of Chien Lee, a Hong Kong-based private investor and Stanford emeritus trustee who received his bachelor's and master's degrees from the university in 1975 and his MBA from the Graduate School of Business four years later.
The SCPKU building is named for his father, the late Lee Jung Sen, who attended Peking University in the mid-1930s when it was Yenching University. Lee’s mother, Leatrice Lowe Lee, graduated from Stanford in 1945.
A bust of Lee Jung Sen sits in SCPKU’s courtyard, one level above the modern facility and surrounded by the more familiar, traditional Chinese architecture.
Gi-Wook Shin is the William J. Perry Professor of Contemporary Korea in Sociology; senior fellow at the Freeman Spogli Institute for International Studies; the director of the Walter H. Shorenstein Asia-Pacific Research Center since 2005; and the founding director of the Korea Program since 2001, all at Stanford University. As a historical-comparative and political sociologist, his research has concentrated on social movements, nationalism, development, democracy, migration, and international relations.
Shin is the author/editor of twenty-five books and numerous articles. His recent books include Korean Democracy in Crisis: The Threat of Illiberalism, Populism, and Polarization (2022); The North Korean Conundrum: Balancing Human Rights and Nuclear Security (2021); Shifting Gears in Innovation Policy from Asia (2020); Strategic, Policy and Social Innovation for a Post-Industrial Korea: Beyond the Miracle (2018); Superficial Korea (2017); Divergent Memories: Opinion Leaders and the Asia-Pacific War (2016); Global Talent: Skilled Labor as Social Capital in Korea (2015); Criminality, Collaboration, and Reconciliation: Europe and Asia Confronts the Memory of World War II (2014); New Challenges for Maturing Democracies in Korea and Taiwan (2014); Asia’s Middle Powers? (2013); Troubled Transition: North Korea's Politics, Economy, and External Relations (2013); History Textbooks and the Wars in Asia: Divided Memories (2011); South Korean Social Movements: From Democracy to Civil Society (2011); One Alliance, Two Lenses: U.S.-Korea Relations in a New Era (2010); Cross Currents: Regionalism and Nationalism in Northeast Asia (2007); Rethinking Historical Injustice and Reconciliation in Northeast Asia (2006); and Ethnic Nationalism in Korea: Genealogy, Politics, and Legacy (2006). Due to the wide popularity of his publications, many have been translated and distributed to Korean audiences. His articles have appeared in academic and policy journals including American Journal of Sociology, World Development, Comparative Studies in Society and History, Political Science Quarterly, Journal of Asian Studies, Comparative Education, International Sociology, Nations and Nationalism, Pacific Affairs, Asian Survey, Journal of Democracy, and Foreign Affairs.
Shin’s latest book, Talent Giants in the Asia-Pacific Century, a comparative study of talent strategies of Japan, Australia, China, and India, will be published by Stanford University Press in 2025. In Summer 2023, Shin launched the Stanford Next Asia Policy Lab (SNAPL), which is a new initiative committed to addressing emergent social, cultural, economic, and political challenges in Asia. Across four research themes– “Talent Flows and Development,” “Nationalism and Racism,” “U.S.-Asia Relations,” and “Democratic Crisis and Reform”–the lab brings scholars to produce interdisciplinary, problem-oriented, policy-relevant, and comparative studies and publications. In May 2024, Shin also launched the new Taiwan Program at APARC.
Shin is not only the recipient of numerous grants and fellowships, but also continues to actively raise funds for Korean/Asian studies at Stanford. He gives frequent lectures and seminars on topics ranging from Korean nationalism and politics to Korea's foreign relations and historical reconciliation in Northeast Asia and to talent strategies. He serves on councils and advisory boards in the United States and South Korea and promotes policy dialogue between the two allies. He regularly writes op-eds and gives interviews to the media in both Korean and English.
Before coming to Stanford in 2001, Shin taught at the University of Iowa (1991-94) and the University of California, Los Angeles (1994-2001). After receiving his BA from Yonsei University in Korea, he was awarded his MA and PhD from the University of Washington in 1991.
Michael McFaul is Director at the Freeman Spogli Institute for International Studies, the Ken Olivier and Angela Nomellini Professor of International Studies in the Department of Political Science, and the Peter and Helen Bing Senior Fellow at the Hoover Institution. He joined the Stanford faculty in 1995. Dr. McFaul also is as an International Affairs Analyst for NBC News and a columnist for The Washington Post. He served for five years in the Obama administration, first as Special Assistant to the President and Senior Director for Russian and Eurasian Affairs at the National Security Council at the White House (2009-2012), and then as U.S. Ambassador to the Russian Federation (2012-2014).
He has authored several books, most recently the New York Times bestseller From Cold War to Hot Peace: An American Ambassador in Putin’s Russia. Earlier books include Advancing Democracy Abroad: Why We Should, How We Can; Transitions To Democracy: A Comparative Perspective (eds. with Kathryn Stoner); Power and Purpose: American Policy toward Russia after the Cold War (with James Goldgeier);and Russia’s Unfinished Revolution: Political Change from Gorbachev to Putin. He is currently writing a book called Autocrats versus Democrats: Lessons from the Cold War for Competing with China and Russia Today.
He teaches courses on great power relations, democratization, comparative foreign policy decision-making, and revolutions.
Dr. McFaul was born and raised in Montana. He received his B.A. in International Relations and Slavic Languages and his M.A. in Soviet and East European Studies from Stanford University in 1986. As a Rhodes Scholar, he completed his D. Phil. In International Relations at Oxford University in 1991. His DPhil thesis was Southern African Liberation and Great Power Intervention: Towards a Theory of Revolution in an International Context.
International Working Group on Russian Sanctions
The International Working Group on Russian Sanctions aims to provide expertise and experience to governments and companies around the world by assisting with the formulation of sanctions proposals that will increase the cost to Russia of invading Ukraine, and support democratic Ukraine in the defense of its territorial integrity and national sovereignty.
"It is increasingly important for our students to understand what it means to be citizens of the world, to bring a more international perspective, to be able to communicate with others from different backgrounds or with different expertise," Stanford President John Hennessy said at the opening of SCPKU.
The SCPKU opening drew hundreds of academics, donors and government officials.