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The disruption of the 2020 pandemic, coupled with significant economic tensions between China and the US, have resulted in global companies rethinking their supply chains.  Many have called for drastic changes - reshoring, near-shoring, regionalization of vertical supply chains, increasing redundancies, or diversification of Chinese manufacturing to Southeast Asia, South Asia, Africa or Latin America, etc.  Empirical data, however, reveal that many are taking a more cautious approach.  Leading companies are continuing to develop innovative ways to redesign their supply chains that still preserve China as their key supply source.  This talk will share some of these innovative ways that, in the end, may provide better long term values.

Portrait of Hau L. LeeHau L. Lee is the Thoma Professor of Operations, Information and Technology at the Graduate School of Business at Stanford University.  He was the founding faculty director of the Stanford Institute for Innovation in Developing Economies (SEED), and is the current Co-Director of the Stanford Value Chain Innovations Initiative.  Professor Lee’s expertise is on global supply chain management and value chain innovations.  He has published widely in top journals on supply chain management.  He was inducted to the US National Academy of Engineering, and elected a Fellow of MSOM, POMS; and INFORMS.   He was the previous Editor-in-Chief of Management Science.  In 2006-7, he was the President of the Production and Operations Management Society.  His article, “The Triple-A Supply Chain,” was the Second Place Winner of the McKinsey Award for the Best Paper in 2004 in the Harvard Business Review.  In 2004, his co-authored paper in 1997, “Information Distortion in a Supply Chain: The Bullwhip Effect,” was voted as one of the ten most influential papers in the history of Management Science.  His co-authored paper, “The Impact of Logistics Performance on Trade,” won the Wickham Skinner Best Paper Award by the Production and Operations Management Society in 2014. In 2003, he received the Harold Lardner Prize for International Distinction in Operations Research, Canadian Operations Research Society.  Professor Lee obtained his B.Soc.Sc. degree in Economics and Statistics from the University of Hong Kong, his M.Sc. degree in Operational Research from the London School of Economics, and his M.S. and Ph.D. degrees in Operations Research from the Wharton School of the University of Pennsylvania.  He was awarded an Honorary Doctor of Engineering degree by the Hong Kong University of Science and Technology, and an Honorary Doctorate from the Erasmus University of Rotterdam.


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This event is part of the 2021 Winter/Spring Colloquia series, Biden’s America, Xi’s China: What’s Now & What’s Next?, sponsored by APARC's China Program.


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Hau L. Lee Thoma Professor of Operations, Information and Technology, Stanford Graduate School of Business
Jean C. Oi
Christopher Thomas
Xue (Xander) Wu
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Industries all over the world are grappling with new protocols and adaptations needed to safely reopen amongst changes the COVID-19 pandemic has wrought on the global economy. Nowhere have these changes been more apparent than in China, the original epicenter of the pandemic. Now, China is one of the countries leading the way in reopening its national economy.

To explore how business leaders and entrepreneurs in China responded to the lockdown and how they’re planning for the future, the China Program conducted a survey in coordination with the Stanford Center at Peking University and Stanford Business School alumni Christopher Thomas and Xue (Xander) Wu. Though taken from a small sample, the results are one of the best samples to date of how businesses in China are responding to the uncertain geopolitical environment the pandemic and current U.S.-China relations are creating.

High-tech firms and firms with a digital presence or the ability to quickly adapt to a digital environment have faired the best, as might be expected. Less expected are the indications that many of the business leaders surveyed are planning for some degree of 'decoupling' or economic separation from U.S.-based suppliers and markets. Both the pandemic and fluctuating U.S.-China relations have made access to global technologies uncertain and both factors are accelerating desires to create localized supply chains. While the long-term implications of these findings are still unknown, the survey provides a valuable snapshot of the current economic landscape within China. 

Read an excerpt from the article below, and find the full article at The Diplomat. A Chinese language version is available on Caixin.

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From, "After COVID-19: Rebooting Business in China"

China was the first country to experience the ravages of COVID-19, having lost 4,634 people to the pandemic with 83,565 confirmed cases to date. Draconian measures were used to bend the curve and essentially stop the spread of the disease, although reports indicate that recently new cases have emerged, including those stemming from a Beijing market. For the most part, however, China has loosened restrictions and re-opened large parts of its economy. Individuals scan government-mandated QR health codes with their smartphones, and daily life has been restored to some sense of normalcy with restaurants serving customers and retail shops open to shoppers.

In this pivotal and important time, with streams of foreign policy arguments and opinion pieces sharply analyzing current U.S.-China geopolitical tensions continuing to pour forth, we at the Stanford China Program wanted to take stock of how businesses and the overall economy are coping as China tries to reopen its businesses and reboot its economy. Toward this effort, we conducted a collaborative survey of 135 senior executives in China from May 13-26. The survey was designed to help us better comprehend the variation in how Chinese businesses are reopening as well as how Chinese business leaders are viewing their prospects for the future. The research findings, based on one of the largest surveys to date of senior executives in China, helped us explore the following types of questions: What kinds of businesses have done better and what kinds have done worse? What role has the government played in economic assistance and business reopening? And how do China’s business leaders view the deterioration in U.S.-China relations, the possibility of decoupling, and even future access to technology?

Read the full article at The Diplomat.

Watch the panel discussion on the survey led by Jean Oi, Christopher Thomas, and Xue (Xander) Wu with Alvin Shiqi Wang (王世琪), Xiang Wang (王翔), Simon Yang (杨士宁), and Zhiqiang (ZZ) Zhang (张志强).

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Shiran Shen (left) and Lizhi Liu (right)

Former Doctoral Students Win Prestigious Dissertation Awards

Interdisciplinary environmental scholar Shiran Victoria Shen is the recipient of the Harold D. Lasswell Award and political economist Lizhi Liu is the recipient of the Ronald H. Coase Award in recognition of their outstanding doctoral dissertations.
Former Doctoral Students Win Prestigious Dissertation Awards
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The survey reveals mixed progress in reopening different sectors of China's economy, but also shows that many business leaders in China are planning for some level of decoupling as access to global technology and supply chains remains uncertain.

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On March 30 and 31, 2017, Stanford held two events at SCPKU featuring the latest developments in quantitative finance and financial technology. 

On March 30, the university co-organized with SCPKU, Tsinghua University’s School of Economics and Management and the Department of Mathematics, and Peking University’s  (PKU) Guanghua School of Management and Department of Financial Mathematics, a conference featuring new developments in quantitative finance and risk management with a particular emphasis on trade execution, financial technology, data analysis, and insurance.   This event was the third biennial conference following previous ones at PKU in 2013 and Tsinghua in 2015. Following opening remarks by Stanford Professor of Statistics and Director of Stanford's Financial and Risk Modeling Institute (FARM) Tze Lai, experts from academia and industry including J.P. Morgan, PKU, Tsinghua, Renmin University of China, Daokoudai and the Southwest University of Finance and Economics in Chengdu, shared the latest developments in a wide spectrum of quantitative finance topics ranging from conditional quasi-Monte Carlo methods to China’s peer-to-peer lending market. 

FARM and SCPKU also co-organized a forum on financial technology and portfolio management on March 31.  Due to advances in artificial intelligence and big data technologies, the financial industry is facing tremendous pressure to develop and implement solutions yielding improved operational efficiencies.  This forum convened distinguished academic and industry speakers from quantitative trading, wealth management, asset management, financial consulting, and credit rating firms and agencies to explore the current development and future for financial technology and portfolio management.

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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
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