Breakfast Seminar on China's Economic Stimulus Package Go back »
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Time2009-02-17 | 08:00
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Venue:Sofitel Hyland Hotel
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Address:505 Nanjing Road East, Shanghai
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Fee:Members: 240 RMB |
Non Members: 480 RMB
For event presentation & APCO's Think Piece please log in and scroll down this page to the Review section.
China's Economic Stimulus Package: "What To Do With Rmb 4trn?"
The European Chamber is delighted to invite you to a high profile breakfast seminar at Sofitel Hyland Hotel on 17th February, 2009 where Alastair Campbell, vice chairman of APCO Worldwide and former head of the corporate finance department of Bank of China International in London and Beijing, will analyze and assess the Chinese government's RMB 4 trillion economic stimulus package, along with a range of other recently-announced stimulatory actions. Alastair, will help explain the shape of the stimulus package and the likely impact it will have on China's economy, focusing on the opportunities for foreign business in China. Join us in this unique opportunity to exchange views with one of China’s most highly rated political and economic analysts.
For Mr. Alastair Campbell's CV, please click here
About APCO Worldwide:
APCO Worldwide is a global consulting firm and a leading provider of corporate advisory, government relations, strategic communication and corporate responsibility services in China. APCO opened its first office in China in 1989. Today, their China team includes over 100 professionals from a diverse range of backgrounds, including business, government, journalism, academia and civil society. They are based in well-established offices in Beijing, Shanghai, Guangzhou and Hong Kong. http://www.apcoworldwide.com/china/index.cfm
Agenda:08:00 - 08:30 Registration
08:30 - 08:40 Introduction by Shanghai Board Member Marcus Wassmuth
08:40 - 09:20 Presentation by Mr. Alastair Campbell
09:20 - 09:50 Q & A Session
Event Terms & Conditions
Please be advised that the media is normally allowed to attend all EUCCC public events unless otherwise stated, on the condition that no one attending these events quotes participants by name (the "Chatham House Rules").
To register for this event please register online by 14:00 Monday, 16th February. Please note that we will send you a registration confirmation. We require 24 hours notice for cancellations, no-shows who fail to cancel before this time will be invoiced for the event. Registrations done after the deadline will be accepted only if space permits and are charged an additional 50 RMB walk-in fee. For any further enquiries please contact Mr. Manuel Medeiros at mmedeiros@euccc.com.cn
Please note that registration starts at 08:00. The seminar starts at 08:30 and the door will close at 08:40. Fees will be collected in cash at the entrance.
Event review
Please click:
here for APCO's "Think piece - China's stimulus package and oportunities for FIE's" presentation
here for PCR WG presentation
here for "An analysis of the Chinese government’s economic stimulus package" presentation
Breakfast Seminar: China’s Economic Stimulus Package
17th February 2009, Sofitel Hyland Hotel, ShanghaiOn the morning of the 17th February 2009 the European Union Chamber of Commerce in China invited Mr. Alistair Campbell of APCO Worldwide to give his analysis of the widely-publicised RMB4trillion China Government stimulus package which was announced on 9th November 2008.
Mr. Campbell firstly examined the rationale behind the stimulus package: there is evidence of a slowdown in Chinese GDP (9% in 2008 – the first time in ‘single-figures’ since 2003) which is at least partly the result of a massive drop in export growth from the slump in global demand. The property market has dropped dramatically and Chinese urban unemployment is at its highest level since 1980. On top of this there are a number of significant anniversaries to come over the course of 2009 (the 50th anniversary of Tibetan uprising, 20 years since the Tiananmen Square protests, as well as the one year mark since the Sichuan earthquake, amongst others) and there is concern from the Chinese government that the combination of these factors may impact on social stability.
The stimulus package therefore has the goal of increasing employment and restructuring the economy to stimulate domestic demand. The target of 8% growth in annual GDP has been cited as the figure which will ensure that enough new jobs are created every year (10-12 million) and help China have a soft landing from the current global economic slowdown.
In examining the make-up of the package, Mr. Campbell noted that only around RMB1.3trillion is new. Much of the rest is a restatement of previously pledged spending. As for where it will go, around 45% is to be allocated to infrastructure projects. It was also pointed out that the stimulus package is just one of a number of measures put in place by the Government since September 2008 (along with interest rate cuts, RMB depreciation, VAT reform, land use reform etc).
Mr. Campbell examined the request process that has to be undertaken by the provincial governments to be granted some of the package’s funding. It was noted that currently requests for around RMB18trillion far exceed what is available and the likelihood is that a further package will be announced in the near-future. Also, foreign-invested enterprises may struggle to be direct beneficiaries of the package with the high-tech sector possibly being the one area where there may be an opening for non-Chinese firms.