Innovation & Cooperation

国际华人科技工商协会二零一一年年刊 Chinese Association for Science and Business 2011 Year Book

出版：国际华人科技工商协会 主编：李大西 执行编辑： 赖蔡东、陈峰、潘逸航 Presented by: Chinese Association for Science and Business Chief Editor: Daxi Li Editor: Caidong Lai, Feng Chen, Yihang Pan To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

目录

序：创新与合作的一年 3

成思危: 中国从世界金融危机中学到的教训 11

诺贝尔经济学奖得主罗伯特•恩格尔与成思危的对话 22 孙国祥总领事在中美创新与合作峰会上的致辞 25

杰瑞•赫廷：技术开创了一个新的黄金时代 27 约翰•艾伦、庞阳、郭胜北、史蒂芬•张：金融创新和人民币国际化 34 卡尔•科斯特、罗纳德•蓝斯登、邓勋明，潘建翔：中美共赢的创新合作模式 42

大卫•穆尼奥斯：全球经济中的中国：价值链的提升 44 邓文中、马佐平、鲁格罗•桑蒂利、罗伯特•阿尔法诺、王兆凯专家主题讲演 45 李大西：纳斯达克敲钟仪式讲话 47

萨思力、卡琳•麦金内尔、陈小敏、黄伟庆、哈里•埃德尔森：美国上市还是中国上市？50

贺信选登 51 主要媒体报道收录 55 特别鸣谢 65

1

TABLE OF CONTENTS

Preface: The year of Innovation & Cooperation 3

Cheng Siwei: The Lessons China Learned from the World Financial Crisis 11 Dialogue between Prof. Robert Engle and Mr. Cheng Siwei 22 Remarks by Ambassador Sun Guoxiang at the US-China Innovation & Cooperation Conference 27

Jerry Hultin: Technology Ushers in a New Golden Age 27 John Allen, Yang Pang, Shengbei Guo and, Stephen Chang: Financial Innovation and Internationalization of the RMB 34 Karl Koster, Jianxiang Pan, Xunming Deng and, Ronald N. Langston: China-US Win-win Cooperation Model of Innovation 42

David Munoz: China in the Global Economy: Moving up the Value Chain 44 Man-Chung Tang, T.P. Ma, Ruggero M. Santilli, Robert Alfano and, Jaw-kai Wang: Scientists and Experts Speeches Series 45 Daxi Li: Speech at the NASDAQ Closing Bell Ceremony 47 Selig D. Sacks, Karin McKinnell, Xiaomin Chen, Weiqing Huang and, Harry Edelson: IPO in the U.S. or China? 50

Selected Congratulation letters 51 Media Coverage 55 Acknowledgement 65

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 2 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

序：创新与合作的一年

Preface: A year of Innovation and Cooperation

李大西博士

苑”这样包容，解放，产生激情的地方，就有可 2011 年对国际华人科技工商协会是十分重要 能把希望变成事实。同时，“海南国际科技与艺 的一年，是推动创新与合作的一年。在推动千人 术苑”将对海南发展创新能力起重大作用，使海 计划方面，我们认为中央组织部直接抓海外人才 南成为集聚世界创新顶尖人才之地，促进海南的 问题，显示了一个战略性的飞跃，影响是十分深 高新科技产业的发展。中央组织部领导以及全国 远的，2011 年我们继续组织了千人计划代表团访 政协有关方面都热情支持。我们计划乘中共中央 问中国。很感谢李源潮，汪洋，张高丽，俞正声， 关于深化文化体制改革的决议的东风，趁热打铁 万钢等领导人的热情接见和支持，使我们顺利引 ，率团到海南访问。 进顶尖人才在广东建立了生物能源与高空风能研 发基地，在上海正在建立创新科技园，在北京建 2011 年 10 月 30-31 日国际华人科技工商协会 立了第三代半导体存储器产业化研发基地 和美国纽约市大学亚洲亚裔研究所在纽约举办的 中美创新与合作峰会非常成功。作为大会筹委会 2011 年我们重点推动的另一重要项目是海南 主席，我深感欣慰。这是国际华人科技工商协会 国际科技与艺术苑项目。协会顾问柳怀祖先生， 历史上举办的最为成功的重要国际会议之一，会 副会长庞阳博士和我与国内一些著名的科学家， 议也是对协会重要成功的一个检阅和展示。2011 艺术家一起提出了建立海南国际科技与艺术苑的 年的国际华人科技工商协会年刊将以这次峰会内 建议。我认为这个海南国际科技与艺术苑的项目 容作为特刊是顺理成章。 可以作为千人计划的支持措施的一部分。让回国 的，未回国的千人计划入选者或候选人有个交流 会议聚集中美科技金融精英、杰出企业家和 的平台，可以放松而又可激发灵感的地方。 政府有关领导人在世界金融科技政治中心纽约， 面对面交流对话，探讨创新与合作的重要问题， 同时也可以作为落实中央关于深化文化体制 为双方急需解决的经济问题发展出中美双赢的合 改革的重要项目。中国正处于与 19 世纪末美国类 作方式。受到中美双方政府有关部门的重视和支 似的地位。但要达到当年美国超越英国的类似情 持，取得了相当大的影响。中外媒体给以相当密 景，中国最缺乏的还是创新的能力和创新的激情。 集的覆盖报道， 凤凰卫视，美国中文电视都做了 当年美国涌现象爱迪生，怀特兄弟等一批发明创 长篇报道。CBNC，Bloomberg TV，NASDAQ 等 造的英雄，正是由于当年美国社会雄心勃勃，敢 国际主流媒体做了实时转播。包括华尔街日报， 于创新的风气。我也特别注意到，目前世界科技 路透社等都做了报道，新华社，中国日报，美国 的发展与 19,20 世纪相交时期十分类似，科技在呼 侨报，21 世纪经济报道，深圳特区报，香港商报 唤着大突破。我也注意到了一些有可能带来全新 都做了专版或专题报道。 技术的科技理论突破，例如无放射性污染的中温 可控核聚变技术。 我特别感谢中国 10 届人大常委会副委员长 成思危先生。他作为主题演讲嘉宾，演讲“全球 中国有可能成为这些新技术的诞生地和成长 经济危机对中国的启示”，他指出，2008 年底为 地。如果我们能有一个象“海南国际科技与艺术

3 了应对全球金融危机，中国启动了 4 万亿人民币 思危先生主题演讲后与成思危的精彩对话更是把 的经济刺激计划，使经济保持高速度增长。但是 峰会推上高峰。恩格尔教授对比了中美两国应对 这个计划的副作用于 2010 年逐渐发酵，其主要副 金融危机的措施，认为方法不同，效果也大相庭 作用为：产能过剩；存货增加；投资效率降低； 径。他特别推崇成思危先生强调教育的做法。紧 环境问题增加。他特别提到 2011 年六月底地方政 接的关于金融创新和人民币国际化的专题讨论， 府债务达到 10 万 7 千亿人民币。据国家审计署调 继续成思危先生的观点，大中华集团 CEO 爱伦（ 查，近三分之一的地方政府无力偿还债务。这将 John Allen）先生关于成立全球证券交易中心和全 可能成为中国的次贷危机。他认为中国不得不改 球货币的想法引人注目。联和金融 CEO 庞阳博士 变以往的发展模式。他指出，中国发展的方向是 对金融创新的深刻分析，引起热烈反响。 ：促进国内消费；发展绿色经济；改善开放政策 ；改革教育体系。国际竞争的核心是人力资源竞 午餐在万豪酒店美丽的空中餐厅，研讨会同 争，而人力资源竞争的关键是人的创造力。教育 时举行，世界最大的资金管理集团黑岩集团（ 要提高人口素质和创新精神。他的演讲有深度的 BlackRock ）的董事总经理穆尼奥斯（David 研究做基础，高瞻远瞩，敢于暴露问题，又能提 Munoz）作了《全球经济中的中国：价值链的提 出解决方法。作为一个国家领导人，殊为难得。 升》的演讲。精彩生动，使与会者几乎忘记了午 中国有这样的领导人乃国家之福也。这也是中国 餐。他对中国情有独钟。他告诉我，虽然他和太 式民主的一个成功知名。他在记者招待会回答很 太都不是华人，但他的五岁女儿每天学习一小时 困难的问题，也是直截了当，旗帜鲜明，有理有 中文，目前已经可以说流利中文。他看到的是中 据，深受记者欢迎，美国中文电视全文转播了记 国将在世界上发挥巨大作用。 者招待会全过程。在 10 月 30 日晚上游船上的开 幕式，他庄严宣布峰会开幕后，继续留在游船上 下午多名资深科技专家作了精彩的专题演讲 ，与民同乐，和大家一起度过 3 个小时的欢乐时 ，其中包括美国国家工程院三位华裔院士邓文中 光，使与会者非常兴奋，也非常感动。 、马佐平、王兆凯。这些讲演者级别之高真是让 人叹为观止。主持过世界一百多重要座桥梁设计 我对这次峰会方式的创新和效果很满意。 的世界著名桥梁专家邓文中，通过自己的实际案 例，将科技创新的要点归纳为——“Why? Why 开幕式在游船“棕榈滩之星号”上举行，“ Not? What if?”(“为什么? 为什么不? 假如…又 棕榈滩之星号”是船主萨尔斯博格设计的，是纽 如何？”)，一下子将科技创新的话题变得通俗易 约第一艘用生物能源推动的绿色游船。绿色，时 懂。获得多项国际科技大奖的耶鲁大学教授,半导 尚，又给了与会者长达 3 个多小时的交流时间， 体专家马佐平院士，提出了“硅时代”的概念， 给了很多年轻人接触世界顶级大师的机会。纽约 他认为人类已经进入“硅时代”，这个时代将会 大学理工学院院长赫廷（Jerry Hultin）在船上的 延续 1000 年。马教授指出相变存储器(PCM)将是 精彩讲话《技术开创了一个新的黄金时代》也使 信息储存技术的未来，而 PCM 开发和生产的国家 大家受益良多。他说他当过美国海军部的副部长 ，将是中国。马佐平教授的科技团队研发的“时 ，知道怎样在船上讲话。我们这个主讲嘉宾选得 代全芯相变存储器芯片”已经在北京面世，成为 真妙。接下来，平时严肃的毛中颖科技参赞的致 中国第一家取得高密度相变存储器芯片的公司， 辞也讲得风趣幽默。徐亚南大使，李建英大使夫 将帮助中国成为半导体强国。马佐平教授的报告 妇也在徐亚南大使将从联合国离任前专程前来参 吸引了很多大投资机构的瞩目。生物工程专家王 加，使我们倍感温暖。 兆凯院士，作了《从硅藻到盈利的生物原油》， 为世界能源生产提出了新的理念。 会议的主体在纽约时报广场的万豪酒店举行 ，会场豪华大方，气氛活跃。主讲者是世界著名 会议的重要主题之一，中美共赢的模式很 的大师，听众也是人才济济，高手如云。2003 年 受关注，麻省理工学院的全球工业联盟主任科斯 诺贝尔经济奖得主恩格尔（Robert Engle）听完成 特(Karl Koster)报告了麻省理工的先进技术，以及

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 4 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

和中国合作共赢的计划，很多在科技研发和生产 务部座谈。美国商务部有关负责人都表示非常赞 第一线的专家也作了精彩发言，美国迅力光能公 成中美创新合作共赢的模式，并表示将帮助我协 司首席执行官、美国 Toledo 大学终身教授邓勋明 会建立与驻中国大使骆家辉的直接沟通渠道。希 博士，将他应用在时报广场 Ricoh 大型广告牌的 望大家共同努力，创新合作共赢。 新颖太阳能产品在大会上展示，引起了与会者的 强烈兴趣。南大苏富特科技的 CEO 潘健翔报告了 为筹备这次会议，我们付出了巨大的努力。 他们中美合作共赢的成功例子和今后计划，引人 能够取得这样的成功，如毛中颖参赞说的我们作 注目。桑提利教授（R. Santilli）关于中温可控无 为一个民间组织，能把峰会办成这种水平，难以 辐射核聚变的报告更是引起相当的震动。这也可 想象。对此我们深感欣慰。我也再次深深的感谢 能是一个中美合作共赢的成功例子。 各位朋友，伙伴，赞助单位的大力支持和奉献， 感谢筹办团队和义工们夜以继日，不畏艰辛的努 会议的最后一段在我们的合作伙伴纳斯达克 力。 在时报广场的纳斯达克市场举行。与会者成为纳 斯达克收市敲钟仪式的嘉宾。把纳斯达克收市敲 许多与会者情犹未尽，强烈希望尽快筹备下 钟仪式作为峰会的一部分，可以说也是一种创新 一届，有的甚至已经表示马上寄来对 2012 会议的 ，把峰会推到了一个新高潮。在敲钟仪式上讲话 赞助费。我们深受鼓舞，将尽快决定下次峰会的 时我非常兴奋，激动，差点把要讲的话都忘了。 筹备计划，希望能再创高潮。 我的讲话和敲钟仪式全球做了现场直播，我们峰 会的标志，协会的标志，峰会演讲嘉宾的巨幅头 像，我们参加峰会人员的巨幅相片和录像，连续 一小时在时报广场纳斯达克 7 层楼高的巨型显示 屏上反复连续播出，大大地加强了峰会的影响力 以及我们协会的影响力，也表明了我们中美创新 ，合作共赢的模式深得美国人民支持。

会议的最后一个议题“在美国还是在中国上 市”的讨论在纳斯达克举行，专家与第一线业者 共同切磋，切合实际，深受关注，对中国来的几 十个企业总裁很有参考价值。

这次会议的成功举行也和中美两国政府有关 部门的支持与帮助分不开。会议前，中国全国政 协副主席，科技部部长，中国致公党主席发来了 贺信，高度评价峰会说，此次峰会的成功召开是 两国有识之士的共同创举，为中美两国对话提供 了新的舞台。使我们受到极大鼓舞与激励。美国 宾州州长科贝特（Corbett），广州市长万庆良都 给大会发来了热情洋溢的贺信。我宣读了万庆良 市长的贺信，邀请大家到广州发展，也代表广州 留学人员科技交流会邀请大家到广州参加会议。 深圳市长许勤提前到了纽约，也亲切会见了峰会 的参加者代表。中国驻纽约总领事孙国祥大使发 表了精彩热情的讲话，科技组的参赞，领事全程 参加了会议。我于峰会后第二天到华盛顿美国商

5

序： 创新与合作的一年

C Preface: A year of Innovation and ooperation

Dr. Daxi Li

2011 has been an extremely important year for the 19th century. However, in attempting to the Chinese Association for Science and reach the stage when the U.S. overtook the Business (CASB). It was the Year of Innovation United Kingdom back then, what China lacks and Cooperation. In promoting the most are its capacity and passion for implementation of the One Thousand Talented innovation. It was the trend for ambitious People Plan (OTTPP), we are of the conviction innovation in American society of the time that that the direct leadership of the CPC produced a surge of invention and innovation Organization Department in attracting overseas heroes such as the likes of Thomas Edison and talent represents a strategic quantum leap and the Wright brothers. I have taken particular has far-reaching significance. In 2011, we note of the fact that the current state of scientific continued to organize an OTTPP delegation to and technological advancement bears great China for the recruitment of experts similarity to that of the late 19th and early 20th worldwide. We are grateful to Chinese leaders centuries when science and technology ushered Li Yuanchao, Wang Yang, Zhang Gaoli, Yu in major breakthroughs. Zhengsheng ， Wan Gang, among others, for their gracious meetings and support. Their I have also noticed some recent breakthroughs support helped us bring in top talented in scientific and technological theories, such as experts to create bio-energy and wind power intermediate temperature-controlled nuclear research centers in Guangdong, a science and fusion technology without radiation, which may technology innovation park in Shanghai, and a bring with them brand-new technologies. China third-generation semiconductor memory chip is likely to become the birthplace and breeding R&D base in Beijing. ground for these new technologies With a place like the Hainan International Science and Arts Another priority project for 2011 was the Hainan Park that tolerates, encourages and releases International Science and Arts Park. CASB passion, it is possible to turn hopes into advisor Mr. Liu Huaizu, Vice President Dr. Pang reality. Besides, the Hainan International Yang and I joined hands with some renowned Science and Arts Center will go a long way in Chinese scientists and artists in proposing the developing Hainan’s development of establishment of the Hainan International innovation, turning the province into a magnet Science and Arts Park. I believe that this project for world-class innovators and promoting the can form part of the measures in support of the development of its new and high-tech One Thousand Talented People Plan by industries. With enthusiastic support by the providing an exchange platform and a place for CPC Organization Department and the Chinese relaxation and inspiration for selected and People’s Political Consultative Conference applying candidates under the Plan who have (CPPCC), we plan to take advantage of the tail returned or are considering returning to wind provided by the CCP Central Committee's China. The Park can also be operated as an resolution on restructuring of the cultural important project for implementing the Central system by organizing a delegation to Hainan, Government’s policies on deepening the reform “striking while the iron is hot”. of China’s cultural system. China is in the midst of an era akin to that of America at the end of

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 6 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

During October 30-31, 2011, CASB and the and mounting environmental problems, were Asian/Asian-American Research Institute of the gradually surfacing in 2010. He stressed the fact City University of New York (AAARI-CUNY) that by the end of June, 2011, local government hosted the highly successful US- debt had reached the 10.7 trillion yuan mark. China Innovation & Cooperation Conference. It According to a survey by China’s State Audit became a source of great relief and satisfaction Administration, close to one third of the local for me as co-chair of the Organizing Committee governments did not have the ability to repay for the Conference. As one of the most their debts. This is likely to turn into a sub- successful international events CASB has ever prime crisis, Chinese style. He believed that run in its history, the Conference represents a China has to change its previous mode of review and demonstration of CASB’s great development. He outlined the direction for successes. It is only natural, therefore, that the China’s development: encouraging domestic Conference is featured in this special edition of consumption, developing a green economy, CASB’s 2011 Yearbook. improving the open policy and reforming the education system. According to Mr. Cheng, at The Conference brought together elites from the the core of international competition is the scientific, technological and financial competition for human resources which, in turn, communities, outstanding entrepreneurs and has human creativity as the key. Education is government leaders to have a face-to-face expected to help improve population quality exchange and dialogue in New York, an and an innovative spirit. Based on in-depth international financial, scientific, technological studies, his presentation shows great vision, the and political center, on important innovation courage to expose problems and the ability to and cooperation issues, and to explore come up with solutions. This is a hard-find for approaches to win-win cooperation between the an international leader. The fact that China has a U.S. and China. The conference attracted great leader of his caliber is a blessing for the country attention and support from relevant government indeed. He is also a living example of the departments of the two countries and made a successful pursuit of Chinese-style democracy. considerable impact. Both international and In fielding some challenging questions at the Chinese media had extensive coverage of the press conference, he was, true to character, event. While Phoenix Television and Sinovision forthright, clear-cut and rational, a combination reported at length, international mainstream which made him highly popular among the media such as CBNC, Bloomberg TV and journalists. Sinovision broadcasted the entire NASDAQ had livecasts. Wall Street Journal and press conference. Reuters reported the event while China Daily, 21st Century Economic Report, Shenzhen I am very happy with the innovative and Specialized Zone Daily and Hong Kong effective way the conference was organized. Commercial Daily devoted special or full-page coverage to the conference. The Opening Ceremony took place on the “Star of Palm Beach”, a cruise designed by her owner I am particularly grateful to Mr. Cheng Siwei, Steven Salsberg as the first green cruise former Vice Chairman of the Standing propelled with bio-energy in New York. Green- Committee of the 10th Session of the National fuelled and fashionably decorated, the Star of People’s Congress of China. As our keynote Palm Beach provided an ideal venue and speaker, he delivered a speech entitled ambience for more than three hours for Revelations to China of the Global Financial networking and exchanges and a rare Crisis. He pointed out that at the end of 2009, opportunity for many young people to mingle China had launched a 4 trillion RMB economic with the world’s top masters. Mr. Jerry Hultin, stimulus package to cope with the global President of the Polytechnic Institute of New financial crisis and kept the country on the track York University, enlightened the participants of high-speed growth. But side effects of the with an eloquent opening remark under the title package, including surplus production capacity, of “Technology Ushers in a New Golden Age”. increased inventory, lower investment efficiency He prefaced it by describing how, as a former

7 Under Secretary of the U.S. Navy, he knew how participants had almost forgotten about their to speak on board a vessel. In hindsight, the lunch. Mr. Munoz has a special love for China. selection of the keynote speaker for the opening He told me that though he and his wife are not was a sagacious move. The intervention by Mr. Chinese, his five-year-old daughter spends one Mao Zhongying, the usually serious-looking hour on Chinese learning everyday and is now science counselor from China, was equally able to speak Chinese fluently. What he foresees interesting and humorous. On the eve of her is a huge role for China in the world in the days departure from her UN post, Ambassador and years ahead. Yanan Xu also attended the event with her husband Ambassador Jianying Li, which was During the afternoon session, several veteran truly a source of encouragement to us. I was also scientists and technology experts, including touched deeply by Mr. Cheng Siwei when he three members of the National Academy of spent three hours happily conversing with the Engineering (NAE) Dr. Man-Chung Tang, Prof. participants after declaring the conference open. T.P. Ma and Prof. Jaw-Kai Wang, gave excellent thematic talks that amazed the audience with The main part of the Conference took place at their high professional level. A world-famous the Marriot Marquis Hotel, Times Square on bridge building expert who had presided over October 31, 2011. The lively atmosphere was the design of more than 100 major bridges on palpable in the grand, well-decorated earth, Dr. Man-Chung Tang used his own conference hall. Among the main speakers were special cases to illustrate the three keys to world-renowned masters who attracted a large scientific and technological innovation, attentive audience composed of many top summarized as “Why? Why Not? What if?” professionals in various fields. The excellent They helped render the topic readily dialogue between Professor Robert Engle, 2003 understandable. Professor T.P. Ma of Yale Nobel laureate for Economics, and Mr. Cheng at University, a semi-conductor guru who had the end of the latter’s keynote speech pushed the garnered many international science and conference to a climax. Professor Engle technology awards, set out the concept of “the compared the measures taken by China and the Silicon Age”. In his view, humankind has U.S. in response to the world financial crisis and entered “the Silicon Age”, a period that will last concluded that their different approaches had a millennium. He pointed to phase change led to vastly different results. He particularly memory (PCM) as the future for information endorsed Mr. Cheng’s emphasis on education. storage technology. China, he asserted, will be the PCM developer and producer. Prof. Ma and The ensuing panel discussion on Financial his R&D team have now come up with the Innovation and Internationalization of the RMB BAMC PCM chips, with his company as the first followed the direction set out by Mr. Cheng. Chinese producer of high-density PMC chips to John Allen, CEO of Greater China Corporation, help build the country into a semiconductor attracted a lot of attention with his idea of powerhouse. Prof. Ma’s report was appealing to establishing a global security trading center and many institutional investors. In his presentation introducing global currencies. The in-depth entitled From Diatom to Bio-crude with Profit, analysis of financial innovation by Dr. Yang NAE Member and bio-engineer Jaw-Kai Wang Pang, CEO of Shanghai Alliance Financial introduced his new concept for world energy Services Co., Ltd., evoked a warm response. production.

Lunch was served in the beautiful Sky Lobby As one of the themes for the Conference, US- atop the Marquis Marriott. Mr. David Munoz, China win-win models attracted a great deal of Managing Director of BlackRock, the largest attention. Mr. Karl F. Koster, Executive Director financial management group in the world, of the MIT Office of Corporate Relations, delivered his speech entitled “China in the introduced MIT’s cutting-edge research and its Global Economy: Moving up the Value Chain”. win-win cooperation initiative with China. The vividly illustrated and research-based Many experts in the R&D and manufacturing presentation was so engrossing that the arenas also delivered insightful speeches.

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 8 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

Xunming Deng, CEO of Xunlight, Inc. and Chinese governments. Prior to the conference, professor of Toledo University, aroused great Mr. Wan Gang, CPPCC Vice Chairman, Minister interest with his display of a brand-new solar of Science and Technology of China and energy product used for the giant Ricoh Chairman of the Chinese Zhigong Party, sent us billboard on Times Square. Jianxiang Pan, CEO a letter of congratulations speaking highly of the of Nandasoft Technology Corp., enthralled the conference, describing it as “a fruit of joint audience with his report on the company’s creation by personages of vision in our two successful example of win-win cooperation countries”, “setting a new stage for Sino-U.S. between the U.S. and China and its blueprint for dialogue”. We were greatly encouraged by his the future. Prof. Ruggero M. Santilli created inspiring words. Pennsylvania Governor Tom quite a stir with his progress report on Corbett and Guangzhou Mayor Wan Qingliang Intermediate Controlled Nuclear Fusion without also sent heart-warming felicitation messages. I Radiation. This may very well be yet another read Mayor Wan’s letter in which he invited us successful case of US-China win-win all to develop our businesses in Guangzhou and, cooperation. on behalf of the Guangzhou Convention of Overseas Chinese Scholars in Science and The Conference culminated in the NASDAQ Technology, invited us to attend the annual MarketSite event at Times Square, with convention. Shenzhen Mayor Xu Qing arrived in NASDAQ serving as a partner for the New York a couple of days earlier to meet with Conference and with conference participants the conference participants. Ambassador Sun invited as distinguished guests at the NASDAQ Guoxiang, Consul General of the People’s Closing Bell Ceremony. Incorporating the Republic of China in New York, delivered an NASDAQ Closing Bell Ceremony as part and excellent upbeat speech. The counselor and parcel of the two-day event was in itself an consul of his science section were present innovation, one that helped push the throughout the conference. The conference also proceedings to yet another crescendo. When it received attention from the U.S. Department of came my turn to speak at the ceremony, I was so Commerce. I was invited to participate in excited and exhilarated that I almost forgot all discussion in the U.S. Department of Commerce that I had wanted to say. The closing ceremony, in Washington D.C. the day after the conference. my speech included, was broadcasted live all Leaders of the Department of Commerce also over the world. For one hour nonstop, the logos endorsed the win-win model of US-China of the conference and our Association, images of innovation and cooperation and told me that conference speakers and video clips of the they would help establish a direct proceedings were shown again and again on communication channel between CASB and NASDAQ’s seven-storied giant screen at Times Gary Lock, U.S. Ambassador to China and Square. This went a long way in increasing the former Secretary of Commerce. They expressed impact of the Conference and CASB. And it the hope that through our concerted efforts, demonstrated the American people’s popular both countries would come out as winners in the support for our effort to promote US-China innovation and cooperation exercise. innovation and win-win cooperation models. We have made colossal efforts and even sacrifice NASDAQ became the venue for discussions on preparing for this event. As Counselor Mao put the last item on the agenda-- IPO in the U.S. or it, one could hardly imagine that an NGO such China? Experts and frontline practitioners joined as ours could have staged and run a successful in intense and intriguing exchanges, focusing on conference at such a high-level and with such the real issues facing them. The session was high quality. We are happy and humbled with particularly helpful for the visiting CEOs of over these encouraging words. 30 Chinese businesses. Once again, I would like to express my The tremendous success of the Conference profound gratitude to all my friends， partners would not have been possible without the and sponsors for their generous support and support and endorsement of the U.S. and contributions. I thank, in particular, my

9 colleagues on the Organizing Committee and expeditiously. Some even made clear that they the volunteers for their unflagging efforts, day would send sponsor fee to us immediately for a in and day out. conference in 2012. With such strong encouragement, we will soon decide on our Many of the participants are so interested that preparation plan for the next event. I hope we they have made strong appeals for starting will generate yet another climax. preparations for the next conference

中美创新与合作峰会开幕式游艇晚宴 Opening Dinner Cruise of the US-China Innovation & Cooperation Conference

纳斯达克收盘敲钟仪式 NASDAQ Closing Bell Ceremony

峰会主体部分在万豪酒店举办 Main Part of the conference in Marriott Hotel

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 10 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

全国人大十届副委员长成思危先生在中美创新与合作峰会上作主题演讲 Mr. Cheng Siwei, vice Chairman of 10st Standing Committee of NPC, delivered a keynote speech at the US-China Innovation & Cooperation Conference 成思危：中国从世界金融危机中学到的教训 Cheng Siwei：The Lessons China Learned from the World Financial Crisis

今天我要演讲的是，中国从世界金融危机中学到 演讲全文 的教训。

大西的做法给了我一个新的想法。

女士们,先生们: 我今天演讲的前半部分将用普通话，但我会为你 很高兴能在这里向大家演讲。 们提供英文的 PPT，作为补偿。然后，我在演讲 的后半部分将用英文，但我会使用中文的 PPT， 首先，我必须向大家宣布一下：既然为我已经正 作为给那些不懂英文的朋友的补偿。我认为我这 式从全国人大退休，所以我不再代表全国人大发 样做是为了满足双方的要求。并且，这给那些不 言。所以，我今天所要讲的内容只是基于我作为 懂普通话的朋友一个学讲普通话的机会。 一名经济学家的研究和看法。

11 在投入以后，就变成了一种沉没的投资，因为他 不能再产生效益。

第二个负面作用就是过剩的库存，那么由于过剩 的生产能力以及外需的减少，所以很多企业就有 过剩的库存。这些过剩的库存的问题在我们 GDP 的计算里，是反映不出来的。为什么呢？因为我 们的 GDP 的计算法是生产法，生产出来就算， 然而现在大多数国家用的支出法，是真正用了才 会场座无虚席 算，所以过量库存的问题在我们的 GDP 里呢是 Conference was well attended 反映不出来的。

我今天就是上半截用中文讲，用英文讲下半截 。 再有一个，就是投资效益的降低，投资效益我们 所以我想这样可以满足双方的要求。我的演讲分 有一个最直观，最简单的判断，就是，你的投资 为两部分：第一部分是金融危机对我们的影响， 增长 1%，你能拉动 GDP 增长多少。根据理论上 第二部分就讲我们怎么改变我的经济发展方式。 说，最少应该 0.5，一般搞得比较好的国家，可以 到 1 以上。那从这个图你可以看到，我们也曾经 大家知道，2008 年中国政府启动了 4 万亿人民币 有到 1 以上的时候，但是近年来，特别是 2009 年， 的经济刺激计划，就是为了对付这个全球金融危 这个数字降到了 0.275，就是说投资增长 1%只能 机，根据我的研究，如果没有这个 4 万亿元的经 拉动 GDP 增长 0.275%。 这说明投资效益的下降。 济刺激计划的话，中国 2009 年的经济增长速度，

只会有 2.4%，但有了这个刺激计划，使我们达到 了 9.2%的增长速度，如果没有这个刺激计划，将 再有一个就是环境问题的增多。因为大量的投资， 投资热，所以对于环境的保护呢，通常就会比较 会有 853 万人失业。当然，任何事情都有两面性， 忽视。在 2009 年有 2 个大的水电站项目没有经过 所以这个大量经济刺激计划的负面效应，从 2010 环保部门的批准，就开工了，最后被叫停。根据 年开始显示，这就使得我们必须要改变我们的经 环保部门的报道，大概 2010 年有 1600 个环境污 济发展方式！ 染的个案发生，就因为我们大量投资，集约项目

那么有那些负面效应呢？ 上马造成的。

那么由于货币供 首先，是大量投资造成的负面效应，2009 年，中 应超发所造成的 国的投资达到了 22.5 万亿人民币，就是增长了 那些负面效应呢？ 30.1%比 2008 年，那么他造成的负面效应，就包 2009 年，大家都 括了过剩的生产能力，产能过剩，库存增加，投 资效率降低，和环境问题的增多。根据报道，在 知道中国银行的 贷款增加了 9.6 24 个行业中，有 21 个产能过剩，例如我们钢铁 万亿人民币，那 工业的产能过剩大概是 2 亿吨，大家知道中国是 么它造成的负面 钢铁生产的第一大国，但是我们过剩的生产能力 效应呢，一是增 2 亿吨。以每吨钢铁投资 5 千元计算的话，那大 加了地方政府的 概就是有 1 万亿人民币的投资。在投入的时候， 是拉动了 GDP 的，因为投入的时候，要拉动了 债务，一是股市 和房市的泡沫， 钢材，水利，木材这些需要，另外有一部分的投 再有一个就是通 资，会通过工资转化成为消费，拉动 GDP。但是 货膨胀的威胁。 聚精会神的听众 Audience in the Conference

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 12 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

根据报道，地方政府为了得到银行贷款，成立了 中国必须依靠更多的国内消费，以避免大量投资 将近 8000 个投资平台，这些投资平台都是为了能 所带来的负面效应，减少需求下降所带来的冲击， 够从银行取得贷款而成立的。根据审计署的审计， 因为你知道，大量的投资会造成我刚才所提到的 2011 年 6 月底，地方政府的总债务达到了 10.7 万 那些负面效应，同时也因为发达国家正在进行杠 亿人民币，大概是我们 GDP 的三分之一。根据 杆化反向操作，进而造成中国减少产量。所以在 审计署的审计，大概有三分之一的地方政府，没 这种情况下，我们不应该再依靠大量的投资和国 有能力还债。这个问题，也是比较严重的，当然， 外的需求。但更多地依靠国内消费并非易事，因 有些地方就不想还，反正是最后有问题，找中央 为如果我们想要刺激国内消费，首先我们必须通 政府来解决。 过增加提高人民的收入来提高人民的购买力，从 而让人们有能力消费。我提出三个制度安排。 再有一个呢，就是股市和房市的泡沫，我们经过 研究测算，2009 年大概有 2.5 万亿人民币进入了 第一个是使人民的收入与经济发展同步，这一点 房市。所以 09 年，我们房地产销售量增长了 我们去年差点就做到了。去年，中国人民的城乡 42.1%，但是地价，房价快速上升，09 年我们测 收入分别增长了 8.5%和 9.8% 。 算了一下，大概有 7700 亿人民币的贷款，进入了 股市，所以在 2009 年上半年，股市急骤上升，上 第二个制度安排是将工资水平与通胀率挂钩。当 升到 3600 多点，当然下半年股市情况不好，有部 前情况下，中国已经有 30 个省份实行了最低工资 分资金又从股市撤出来。但是，房市价格是迅速 与通胀率挂钩。 上涨，特别是在一些一线城市，这就是有造成泡 沫的危险，所以中央政府下了很大的力量来遏制 第三个是根据生产率增长来提高工人的工资水平。 部分城市房价的快速上涨。 这点真的很重要。如果我们无法提升我们的生产 率，我们怎么能提升工人的工资水平？根据我的 再有一个呢，就是通货膨胀的危险。大家知道， 研究，现在中国是最大的制造国，但我们的生产 通货膨胀的定义，就是货币供应超过了实际经济 率远远低于美国。在美国，制造业平均生产率是 的需要，从而造成货币购买力的持续性下降，或 每人每年 18 万美元。但在中国，每人每年只有 者说物价总水平的持续上升。 20 万人民币。这意味着中国制造业的生产率只是 美国的五分之一，这意味着我们必须提高我们的 从这个图，绿的线是通货膨胀的同比增长率，就 生产率，然后才能提升工人工资。 是说和去年同期相比，比如说今年 6 月和去年 6 月同期相比，CPI 的同比增长率。这个红的是环 除此之外，我们还有两个其它办法： 比增长率，就是 6 月跟 5 月比，从这个图上我们 一个是提升个人所得税起征点。实际上，我们已 可以看到，通货膨胀从 2009 年的这个下半年开始， 经实施了好几次了，从 800 元人民币提高到 1600 迅速上升，而这个环比呢，实际上从 2009 年的， 元，再提高到 2000 元，而最近我们将起征点提高 甚至更早一点，就开始上升了。 到 3500 元。所以现在只有百分之九的中国人需要 付个人所得税。 所以面对这些负面效应，中国政府付出了很大的 努力去处理这些刚才我提到的问题。去年年底， 我曾调侃我的美国朋友：如果我是总统候选人， 十一届全国人大第 5 次全体会议作出一项决议， 我将在 9-9-9 的税法改革案之后加个 9—只有 9% 即改变我们的发展计划。第 12 个五年计划非常庞 的人需要缴个人所得税。 大，所以我无法谈及所有细节，但我想指出其中 四个亮点： 另一个办法，或增加的办法，是促进信用消费。 目前，中国的银行贷款中只有百分之十五的个人 第一个亮点是促进国内消费。 贷款。但在发达国家，这个数字是百分之六十到 七十。所以我们想鼓励中国人少存款，多消费。

13 这刚好与美国相反。我总是调侃我的美国朋友： 理解：第一，中国是一个发展中国家，因此我们 你们借着明天的钱用来今天消费，但中国人则存 的二氧化碳排放量还在增加，但我们将要做的是 着今天的钱给明天消费。这就是为什么你们会有 降低二氧化碳对 GDP 的比率--中国政府已经宣布 金融危机…当然这只是开玩笑而已。 到 2020 年截止，我们将要将二氧化碳排放量对 GDP 比率降低至 2005 年的百分之四十五。有些 人责怪我们说：你们还要增加二氧化碳的排放量 啊？我想我们可以这样来反驳：因为从历史上， 中国的二氧化碳排放量只占世界的 9%。这意味着 当你们在发展的时候，你们排放了很多的二氧化 碳，但你们现在却要限制我们的二氧化碳排放。 这是第一点。第二，我们的人均二氧化碳排放量 是美国的四分之一。如果我们讲人权，难道不是 每个人都有平等排放二氧化碳的权利吗？对吧？ 但我们不以此作为借口。我们仍然愿意作出很大 努力来与其他国家共同承担对付全球变暖的责任。 幽默风趣的演讲 但在短期内，中国必须重点关注低能源消耗、低 Speech with sense of humor 排放和低污染。就长期而言，中国将重点关注绿 色产业的发展，如新能源产业、现代服务业和文 所以，我们必须提高人民的收入，从而让人民能 化产业。 够消费。然后第二点就是，我们必须改善我们的 社会保障制度，让人民敢去消费，让他们花钱时 正如各位所知道的，中国现在是新能源的第一大 减少犹豫。 投资国。我们开始了雄心勃勃的新能源计划。到 2020 年，对新能源的总投资额将达到 5 万亿元人 最后一点也很重要，要提供更多的新的产品，让 民币。而我们现在的水力发电水平是大概是 2 亿 人民愿意消费。我总是说，我们需要更多的人， 千瓦装机容量。到 2020 年，我们将增加到 3 亿千 更多像史蒂夫∙乔布斯那样的有创新能力的人。就 瓦。我们的核电现在是略高于 1 千万千瓦，而到 像苹果公司那样，他们总是创造出新的产品并吸 2020 年，我们本来希望增加到 6-7 千万千瓦，但 引你去花钱去买，从 Ipod、 Ipod Nano、 Ipod 因为日本的福岛核电站事故，我们现在正在重新 Touch、Iphone 2、Iphone 3G、Iphone 4 到 Iphone 考虑我们的核电发展计划。依我看，我们仍然需 4S。到 Ipad 1 和 Ipad 2。它总是吸引你去买，去 要发展核能，因为我们正处于发展阶段，所以我 花钱。它总是在瞄准着你的钱包。但愿中国能有 们必须增加我们的能源供应。但我们必须把安全 更多这类创新型人才。不过当然，我并不是在鼓 放在第一位。目前，我们的风力发电量略为超过 励学生放弃获得学士学位的努力，去退学。我认 2 千万千瓦。到 2020 年，我们将增加到 1 亿 2 千 为史蒂夫∙乔布斯和比尔∙盖茨是其中的一些非常特 万千瓦时。我们现在的太阳能发电能力是 6 百万 殊的个人案例，绝大部分学生还是需要在大学里 千瓦。到 2020 年底，我们将增加到 1 千 3 百万千 完成学业的。 瓦。所以你能看到我们的新能源计划是多么地雄 心勃勃。但由于中国大量依靠化石能源，因此目 第二个重点是发展绿色经济。 前大概百分之七十左右靠煤，百分之二十靠石油 和天然气。到 2020 年，我们只能将我们的化石能 我的观点是，绿色经济包括低碳经济、循环经济 源消耗比从百分之九十降低到百分之八十五。这 和生态经济。正如你们所知，因为全球变暖，低 意味着我们仍然有很长的路要走，但我们正在正 碳经济成了一个热门话题。 中国一直将处理这个 确的轨道上。我认为，帮助我们发展新能源，将 问题为己任，但因为中国是一个高度依靠化石能 为许多美国的商人和研究人员提供许多新的商业 源的发展中国家，所以在这种情况下，你们必须 机遇。

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 14 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

货运来运输，对吧？所以，不要将这些贸易问题 另一方面，现代服务业也是产业，而且不排放二 政治化，这是正常和自然的现象，没什么好奇怪 氧化碳或者排放很少二氧化碳，如现代金融服务 的，对吧？”第三点是，我们需要通过磋商而不 业、现代信息产业、现代物流行业、展览行业、 是对峙来解决这个问题。我认为打贸易战不会有 咨询行业、管理行业和旅游业。所以我认为我们 赢家。我们需要达到双赢的结果而不是双输。可 必须发展现代服务业。 以肯定，我们需要通过双方的努力来改善贸易平 衡。 最后一个也是非常重要的产业是文化产业。随着 人民收入的增长，人民对文化产品和服务的需求 第二方面，就是要保持合理的外汇储备。坦率地 正快速增长。文化产业有着其自身的重要性，不 说，我们现在有超过 3 万亿美金的外汇储备。这 仅因为国内的需求，也更因为它对促进中国人民 对我们来说是一个沉重的负担。你们知道，第一 与外国朋友、中国与其他国家间的共同理解十分 是因为我们买了很多美国国债。我认为我们买了 重要。所以我认为在这方面，我们需要做大量工 1.4 万亿美元。这意味着什么?这意味着我们平均 作。当前，文化产业只占 GDP 的百分之三，但 的债券利率大概是 4%，但美国的平均投资收益是 在发达国家则超过了百分之十。所以，我们将要 8%。这意味着我们借钱给我们的美国投资者，但 做的是在各推进文化产业的发展。实际上，最近 投资者只给我们一半的利润。但当然会有另一种 中共中央在第六次全体会议上做出了一项发展文 看法--有些人可能认为我们更喜欢百分之四的无 化的决议，其中包括发展文化产业。我自己访问 风险回报率，而不是有风险的百分之八的回报率。 过很多过国家并发现——我自己是一个太极拳爱 但总的来说，我认为这对我们来说是一大负担。 好者——在国外太极拳并不像印度的瑜伽一样流 另一方面，我们必须承担美元贬值的风险。所以 行。所以我想鼓励大家去练太极拳，你看我 76 岁 根据我的研究，外汇储备只需占 GDP 的百分之 了，但我还保持着良好的状态，对吧？因为我在 二十就足够了，所以对中国来说，1.2 万亿储备应 练太极。 该就是足够的了。但我们现在却有 3 万多亿的美 然后，第三点是，我们需要改进我们的开放政策。 元外汇储备。这意味着我们需要减少我们的贸易 当然，我们需要改善贸易平衡。昨天晚上在游艇 顺差，从而减少外汇储备。 上，我想是邓教授问了我一个关于贸易平衡的问 题。实际上，我认为中美之间的确存在贸易不平 第三方面，我们必须鼓励到海外投资。当前，对 衡的问题。但如果你想解决这个问题，就必须靠 中国的国外直接投资大概是 1.15 万亿美金，而中 双方的努力。举个例子，现在中国出口到美国的 国对外的直接投资--最近我们一直鼓励公司走出 主要是低端产品，但美国出口到中国的主要是高 去--我想现在还是少于或大概是 4000 亿美元。所 端产品。在这种情况下，我们不可能买你们低端 以我们需要鼓励到海外投资。实际上，问题在于 的产品，因为我们产品的价格远低于你们的。但 你们需要减少对中国投资的限制。否则，就很难 如果你不卖给我们高端的产品，贸易怎么能平衡 呢？实际上，我刚调侃我的美国朋友：“如果你 能卖一架航天穿梭机给我们，我们就能使中美贸 易变的平衡一些了，但你不会卖的，对吧？”所 以，这就意味着你们必须减少贸易的限制，否则 我们不能使贸易平衡。第二就是我们不能将贸易 问题政治化。几年前，一个朋友告诉我，有美国 国会议员说“你看所有从中国来的船都是满载的， 但回去的都是空的。”我说：“这没什么好奇怪 的，因为我们卖给你们的都是鞋子、玩具和衣服， 都是需要用船来运输的，对吧？但你们卖给我的 成先生回答与会者提问 东西，都是芯片和高科技产品，都可以通过空中 Mr. Cheng in Q&A

15 鼓励我们的公司在美国进行投资。我们已经有了 重要。国际竞争的核心在于人力资源的竞争，而 一些这样的案例：甚至一台洗衣机也跟国家安全 其中的关键是人力资源的创造力。所以，通过教 有关？我不以为然。所以实际上，我们的温家宝 育提高中国人口素质和培养人才创新能力非常重 总理最近在大连达沃斯夏季论坛上说：“我们想 要。我刚才提到中国需要更多的史蒂夫∙乔布斯， 要把我们部分对美国的债权转化为投资。”这是 需要提高人口素质。这意味着我们需要提升他们 个好想法。但如何实施呢？还需要靠双方的努力， 的文化、科学、道德以及其他方面的层次。所以 否则我们应该投资什么？另外，需要改革我们的 在我看来，现在人们总是在说什么中国在 2016 或 汇率制度。我不会详谈这个问题，否则需要再花 2025 或者 2030 年能赶上美国。我并不这么认为， 一个小时。 这只是个 GDP 的问题。但中国的人口是美国的 5 倍，所以这并没有很重要的意义。即使我们的人 最后一点也是很重要的--推动自由贸易区。各位 均 GDP 能跟美国一样了，我们仍然需要提升人 知道，随着经济的全球化，区域一体化也在不断 口的教育水平。在这方面，我们可以说，我们真 推进。现在有北美自由贸易区和欧盟，还有从去 的需要赶上。星期天晚上，我提到中国拥有世界 年年初开始的中国加 10 东盟成员国，即我们称为 六分之一的人口，应该培养出占全世界六分之一 10 加 1 自由贸易区。现在我们正在推进 10 加 3， 的诺贝尔奖获得者,这意味着我们仍有很长的路要 即中国加日本加韩国再加 10 个东盟成员国。这是 走。作为一名经济学家，我常提到：经济能为我 一个很好的进步。最近，我们有两项进展：第一 们的今天提供保障，科学技术能为我们的明天提 是我们为 10 加 3 建立了储备基金，一共有 1200 供保障，但只有教育才能为我们的后天提供保障。 亿美元，中国和日本分别出资 32%，韩国出 18%， 所以对教育进行投资，就是对我们的未来进行投 其余 10 个国家出剩下的近 20%。这个储备基金是 资。 为了帮助 10 加 3 国家应付一些金融问题。而且， 我们在新加坡建立了 AMRO，即监控储备基金使 现在是结论。全球金融危机爆发以后，中国无意 用情况的亚洲宏观经济研究办公室。该办公室的 追求高增长率和大的贸易顺差，中国将要改变其 第一位负责人是中国人，也是孙国祥大使的同事。 发展方式，把重点放在国内消费、发展绿色经济、 下一年，办公室负责人将会是一位日本人。所以 改善开放政策和改革教育制度。 这是 10 加 3 最近的进展情况。如果 10 加 3 能够 实现，将会是世界第三大自由贸易区。目前，北 谢谢。 美自由贸易区占了世界的 GDP 的 27%， 欧盟占 了 25%，而东盟 10 加 3 占了世界 GDP 的 23%。 一个多极的世界将会更加安全，并且更有利于世 界和平与发展。

最后一点是要改革我们的教育系统，这一点非常

会场气氛热切，与会者踊跃提问 Attendees in Q&A

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 16 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

成思危：中国从世界金融危机中学到的教训

Cheng Siwei：The Lessons China Learned from the World Financial Crisis

people would have lost their jobs. Of course, Speech Transcript everything has two sides. The negative effects of the stimulus plan started appearing in 2010. This has forced us to change our economic development pattern. Ladies and gentlemen, So negative effects do we have? I am very glad to be here to talk to you. Firstly, the negative effect caused by huge investment. First of all, I have to make an announcement: since I am officially retired from the National People’s In 2009, investment in China increased to 22.5 trillion Congress, I no longer speak on behalf of the NPC. So RMB, or up by 30.1% compared with that of 2008. The what I am saying here is just based on my research negative effects it caused included over-capacity, and my thinking as an economist. increased inventory, lowered investment efficiency and increasing environmental problems. According to reports, 21 of the 22 sectors face over-capacity. For Today， I am going to talk about the lessons that instance, the over-capacity of China’s steel industry is China learned from the global financial crisis. 200 million tons. You all know that China is the

largest steel producer, but it is 200 millions tons over Daxi’s way gave me a new idea. capacity. Calculated at 5000 RMB of input for each ton

of steel produced, it requires about 1 trillion RMB of I would like to talk in the first half of my speech in investment then. When invested, the money did boost Mandarin. But as compensation, I will give you the our GDP as the input increased the demand for steel, PowerPoint in English. Then, I will talk in my second water and timber. And part of the investment was part in English and as compensation, those who do translated into consumption through wages, boosting not understand English will have my PowerPoint the GDP. However, after the investment, it became a copy in Chinese. I think I will do it in this way to sunken investment since it could no longer produce satisfy both sides. And also, this is a very good any effect. opportunity for those who don't speak Mandarin to learn how to speak Mandarin. The second negative effect is inventory redundancy.

Well, I will speak Mandarin in the first half of my Because of over-capacity and falling external demand, speech, and English in the second half. By the time I many companies had overstocks. However, our GDP get to the second half, you can get my Chinese calculation does not reflect these overstocks in the PowerPoint. So I think this will meet the needs of inventory. Why not? This is because we are using the both sides. production method in calculating the GDP--it counts

when it is produced. However, what most countries My speech will be divided in two sections: the first is use is the expenditure method--it counts what has about the impact of the global financial crisis on us. really been used. So our GDP does not reflect And the second is about how we are changing our excessive inventory. economic development patterns.

Yet another negative effect is the decease of As you know, in 2008 the Chinese government investment efficiency. launched a 4 trillion RMB economic stimulus package For investment efficiency, we have a most simple and to deal with the world financial crisis. According to direct measure for judgment, namely, Observing by my research, if we had not had this 4 trillion RMB how much the GDP has grown for a one per cent economic stimulus package, China’s economic increase of investment. Theoretically, the GDP should growth in 2009 would have been at the rate of 2.4%. increase by at least 0.5 per cent. Generally speaking, it But with this stimulus plan, our growth was brought can go above one per cent for countries that have to 9.2%. Without this stimulus plan, 8.53 million

17 done pretty well. From this graph, you can see that purchasing power or, in other words, the continual we did go above one per cent before but higher. Buy increase of overall commodity prices. in recent years, in particular in 2009, the figure declined to 0.275 per cent, which means a 1% increase On this chart, the green line shows the inflation in investment growth managed to pull only 0.275% of growth year on year, which means comparing with GDP growth. It shows the decline in investment the same period of last year. For example, the CPI on efficiency. this past June is compared with the CPI on June last year. Then the red line is relative comparison, namely, Still another concern is the increased in the number of comparing June’s figure with that of May. From this environmental problems. So, with huge investment in graph, we can see that inflation stated growing this spree, a lot of environmental protection issues are rapidly from the second half of 2009. But the relative often neglected. In 2009, two large hydro power comparison shows that it actually started at the station projects were started without authorization by beginning of 2009, and even earlier than that. the environment department and then forced to stop. According to the environment regulatory department, there were about 1,600 cases on environmental So facing these types of negative effects, the Chinese pollution in 2010, mainly because massive government paid a lot of effort to deal with the investments went to finance-intensive projects. problems that I mentioned. By the end of the last year, the 5th plenary session of the 11th NPC made a Then, what about the negative effects caused by the resolution, which is changing the development plan. excessive issuance of money? As we all know, in 2009, The 12th Five-year Plan is so huge, so I cannot cover Chinese banks increased the loans they issued by ¥9.6 all of the details, but what I want to do is to mention trillion. And the negative effects? It bumped up local four highlights: government debts, expanded the stock and real estate market bubbles, and brought the threat of inflation. The first highlight is promoting domestic consumption. According to some reports, nearly 8,000 investment trusts have been set up to get bank loans. According China should be relying more on domestic to the National Audit Office of China, by the end of consumption in order to avoid the negative effect of June, 2011, local government debt had reached a total huge investment and reduce the impact of falling of ¥10.7 trillion, about one third of our GDP; one third demand because, you know, huge investment will of the local governments had no ability to repay their cause the negative effects as I mentioned and because debt. This is a very serious problem. Naturally, some the developed countries now are deleveraging, so it of them don’t want to pay back in the belief that, in will cause China’s de-capacity. So in this case, we any case, they can turn to the central government to should not rely more on huge investment and foreign address the problem if it remains unresolved in the demand. But to rely more on domestic consumption end. is not an easy job because if we want to stimulate domestic consumption, firstly, we have to raise Also, the stock and the real estate market bubbles. people’s purchasing power by raising their income to According to our studies and estimate, in 2009 ¥2.5 let people have the ability to consume. I propose three trillion were plunged into the real estate market. institutional arrangements: Consequently, sales in housing shot up by. But with the spiraling land and housing prices, our estimate First is to synchronize people’s income with economic found that in 2009, about ¥770 billion of loans went growth. We almost did this last year. Last year, our into the stock market. Thus, in the first half of 2009, people’s income increased 9.8% and 8.5% respectively the SSE Composite Index surged to 3,600 points, in the rural areas and in the urban areas. though in the second half some of the money was pulled out of the stock market due to poor And the second institutional arrangement is to link performance. But the rapid increase of housing prices, the salary with inflation rate. At this time being, 30 particularly in some first-tier cities, brought with provinces in China have already linked the minimum them the huge risk of a bubble. So the central wage with inflation rate. government has made great efforts to curve the rapid increase of housing prices in some cities. And third is to raise workers’ wages along with the increase of productivity. So this is really important. If Still another one is the risk of inflation. As we know, we cannot raise our productivity, how can we raise inflation, by definition, means the oversupply of the wages of the workers? According to my research, money vis-à-vis actual economic demand, which now China is the largest manufacturing country, but results in a sustained decrease of monetary our productivity is much lower than that of the U.S.

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 18 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

In the U.S., average productivity in the manufacturing sector is around $180,000 per worker per year. But in In my opinion, green economy includes low-carbon China, it is just 200，000 RMB per worker per year. So economy, recycling economy and eco-economy. As that means the productivity in the manufacturing you know, the low-carbon economy is a hot topic sector is around 1/5 comparing with that of the because of global warming. China always takes it as United States. That means we have to increase our our own responsibility to deal with this problem, but productivity, then to increase the workers’ wages. because China is a developing country heavily relying on fossil energy, so in this case, you must understand: Besides, we have two more methods: firstly, China is a developing country, so our CO2 emission is still growing, but what we are going to do One is to raise the floor of the personal income tax. is to reduce the CO2 emission to GDP ratio -- the Actually, we did this for several times from 800 RMB government has already announced that by 2020, we to 1,600 RMB to 2,000 RMB and recently we raised it will reduce CO2 emission to 45% on the basis in 2005. to 3,500 RMB. At this time being, only 9 per cent of Some people blame us: Are you still increasing your Chinese people need to pay personal income tax. CO2 emission? I think we can argue for this: because historically our CO2 emission was only 9% of the I just teased my American friend: If I were a world’s, that means when you were in development, presidential candidate, I would like to add one more you emitted quite a lot of CO2 and now you want to nine to the three-nines--only 9% need to pay the limit our CO2 emission. This is first. The second is that personal income tax. our CO2 emission per capita is only ¼ comparing with that of the United States. If we talk about human And the other method, or additional method, is to rights, isn’t everyone to have the same right to emit promote credit consumption. At this time being, same amount of CO2, right? But we do not take this as Chinese bank loans, only 15% of them, are personal an excuse. We still want to make a lot of efforts to loans. But in the developed countries, it is 60% to 70%. share the responsibility with other countries to deal So we would like to encourage Chinese people to save with global warming. But in the short term, China less and to spend more. This is just in contrast with should focus on low energy consumption, low the U.S. I always tease my American friends: you emission, and low pollution. So in the long term, guys borrow tomorrow’s money for today’s China will focus on developing green industries, such expenditure and the Chinese save today’s money for as new energy industries, modern service industries, tomorrow. That’s why you got the financial crisis… and culture industries, etc. Just kidding. And as you know, China is now the No. 1 investor in So we should raise/increase people’s income to let new energy. We launched a very ambitious new people consume. Then, secondly, we need to improve energy plan. By the year 2020, the total investment in our social security system to let people dare to new energy will be 5 trillion RMB. And our consume, and to let them have less hesitation about hydropower at this time is around 200 million KW spending their money. installed capacity. By the year 2020, we will have increased to 300 million KW. And our nuclear power And last but not least, it is to provide more and new at this time being is a little over 10 million KW, and products to let people have the willingness to by the year 2020, originally we would like to increase consume. I always said, we need more people, more to 60-70 million KW, but because of the Fukujima innovative persons like Steve Jobs. Just like Apple, accident in Japan, we are now reconsidering our they always innovate new products and attract you to nuclear development plan. In my opinion, we still spend money to buy, from Ipod, Ipod Nano, Ipod need to develop nuclear power because we are in Touch, Iphone 2, Iphone 3G, Iphone 4 to Iphone 4S, development and we have to increase our energy and Ipad 1 and Ipad 2. You know, it always attracts supply. But we should put the safety issue as our first you to buy and to spend your money. It’s always priority. At this time being, our wind power is a little aiming at your purse. I wish China could have more over 20 million KW and by the end of 2020, we will this kind of innovative persons. But certainly, I am have increased to 120 million KW. And our solar not encouraging students to give up their efforts to power now is 6 million KW; by the end of 2020, we get their bachelor’s degrees or to leave universities. I will have increased to 13 million KW. So you can see think Steve Jobs and Bill Gates are some of the how ambitious our new energy plan is. But because individual special cases. Most students still need to China heavily relies on fossil energy, at this time there finish their study in the universities. are 70% of coal and 20% of petroleum and natural gas. So by the end of 2020, we can only reduce our fossil The second is developing green economy. energy in our energy consumption from 90% to 85%. That means that we still have a long way to go but we

19 are on the right track. So I think this will provide told me that an American congressman said, “you see many new business opportunities for American all ships coming from China are fully loaded and all businessmen and researchers to help us to ships going to China are empty.” I said, “Nothing development new energy. surprising because what will be sold to you are shoes, toys and clothes, which have to be shipped by vessels, On the other hand, modern service industries are also right? But what you will sell to us are chips and high- industries, which do not emit CO2 or emit a very tech products, which they will be shipped by air small amount of CO2, like modern financial service cargo, right? So do not politicize these issues. It is industry, modern information industry, modern normal and it is natural, nothing surprising, right?” logistics industry, exhibition industry, consulting The third point is that we need to solve this trade industry, management industry, and tourism problem by consultation in stead by confrontation. I industry. So I think we need to develop the modern believe there will be no winner in a trade war. We service industry. should get win-win results rather than lose-lose results. Certainly, we need to improve the trade Last but not least is the culture industry. Along with balance by the efforts from both sides. the increase of the Chinese people’s income, the demand for cultural products and services is growing Secondly, it is imperative to keep a reasonable foreign rapidly. And the culture industry has its importance, reserve. To speak frankly, we have now over $3 not only because of the domestic demand, but also it trillion of foreign reserve. This is a heavy burden on is very important to promote the mutual us. You know because, firstly, we bought a lot of understandings between Chinese people and foreign American treasury bonds. I think we bought $1.4 peoples, and between China and other countries. So I trillion. So what does it mean? It means the average think in this regard, we have a lot of work to do. At bond interest rate is 4% and the average investment this time being, the culture industry only consists 3% return in the United States is 8%. That means we lent of the GDP but in the developed countries it is over our money to the American investors and you just 10%. So what we are going to do is to promote the give us half of your profit. But certainly, this is some culture industry in different aspects. Actually, kind of thinking. Some people may think we prefer a recently the sixth plenary session of Central 4% risk-free rate return rather than a risky 8% return. Committee of CPC made a resolution to develop But generally speaking, I think, this is a heavy burden culture in China, including to develop the culture to us. On the other hand, we have to bear the risk of industry in China. I myself visited a lot of foreign devaluation of the US dollar. So according to my countries and I found out—I am a Taiji practitioner— research, for foreign reserve, 20% of GDP will be Taiji is not so popular as Indian Yoga in foreign enough. So in China’s case, $1.2 trillion of foreign countries. So I would like to encourage you to reserve should be enough. But we have over $3 practice Taiji. You know I am 76 year old and I am trillion US dollars of foreign reserve. So that means still in good shape, right? Because I am playing Taiji. we need to reduce our trade surplus, to reduce our foreign reserve. And then, thirdly, we need to improve our open-door policy. Certainly, we need to improve the trade Thirdly, we would like to encourage investment balance. Yesterday evening in the boat, Prof. Deng, I abroad. At this time being, FDI to China is around think, asked me a question about the trade imbalance $1.15 trillion US dollars, and FDI from China-- problem. Actually, I think certainly there is a trade recently we are encouraging the companies to go out- imbalance between China and United States. But if - but it is still less than FDI to China, I think at this you want to solve this problem, firstly, it should be time, around $400 billion. So we need to encourage solved by the efforts from both sides. For example, investment abroad. Actually, the problem is that you now China exports to United States mainly on the need to reduce the limitations on China’s investment. lower end, and the Unite States exports to China Otherwise, it is very difficult to encourage our mainly on the higher end. So in this case, we cannot companies to invest in the U.S. We have already had just buy your lower-end products because our some of these cases. Even a washing machine is products are much cheaper than yours, but you don’t related to national security? I don’t think so. So want to sell your higher-end products to us. How can actually, our premier Wen Jiabao recently said in you make the trade balanced? Actually, I just teased Dalian at the Summer Davos, “ We would like to my American friend, “if you can sell a space shuttle to convert part of the debt by the United States into us, we will make the trade more balanced, but you investment.” This is a good idea, I think. But how can won’t, right?” So that means you have to reduce the we implement it？ It should be by the efforts from limitations on trade, otherwise, we cannot make it both sides. Otherwise, what should we invest? And balanced. And the second one is that we need not then, to reform our exchange rate system. I am not politicize the trade issue. Several years ago, a friend

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 20 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

going to discuss it in detail. Otherwise, it will take to improve the quality of China’s population and another hour. foster the innovative ability in China through education is very important. I just mentioned we need Last but not least is to promote free trade areas. As more Steve Jobs in China and need to raise the you know, along with economic globalization, population’s quality. That means we need to raise regional integration is also progressing. So we have their culture, scientific, moral, and other levels. NAFTA and we have the European Union. And the China plus 10 ASEAN countries, we call 10+1free So in my opinion, now people are talking about trade zone, have already started since the beginning catching up with the United States in 2016, or 2025, or of last year. And now we are promoting 10+3, which 2030. I don’t think so. This is just a GPD issue. And is China plus Japan plus South Korea and plus 10 the Chinese population is 5 times larger than that of ASEAN Countries. This is in good progress. Recently, the United States. So this doesn’t have a very we have two progresses: one is that we established a important meaning. Even if our GDP per capita is the reserve fund for 10+3, totaling $120 billion. China and same as the United States’, we also need to raise our Japan contributed 32% respectively and South Korea people’s education level. In this case, we can say we contributed 18%, and the other 10 Asian countries really need to catch up. On Sunday evening, I just contributed about 20%. So this reserve fund is to mentioned that the Chinese people have about, at this support the 10+3 countries in dealing with some time being, 1/6 of the world’s population, and that financial problems. And also, we established an the Chinese should foster 1/6 Nobel Laureates. That AMRO in Singapore. That is an Asian means we still have a long way to go. As an Macroeconomics research office to monitor the use of economist, I often say that economy can guarantee the reserve fund. The first head of the office is our today, science and technology can guarantee our Chinese, a colleague of Ambassador Sun. Next year, tomorrow, but only education can guarantee our day the head will be a Japanese. So this is the recent after tomorrow. So investing in education is investing progress in 10+3. If 10+3 can be realized, there will be in our future. the third largest free trade area in the world. At this time being, NAFTA accounts for around 27% of the Now it comes to the conclusion. After the global crisis, world’s GDP and the European Union is around 25% China has no intention to pursuit a very high growth of the world’s GDP and the 10+3 is around 23% of the rate or a high trade surplus. China is going to change world’s GDP. A multiple world will be safer and it its development pattern, focusing on domestic will be better for world peace and development. consumption, developing a green economy, improving its open-door policy, and reforming its And the last but not the least is reforming our education system. educational system. The core of international competition is the competition of human resources. Thank you very much for your attention. And the key is the creativity of human resources. So

纽约市大学亚洲亚裔研究所梅邓妙兰女士 成思危先生与大会主席合照 Joy Moy, Executive Director of Asian American/ Asian Photo of Mr. Cheng and chairs of the conference Research Institute - CUNY

21 诺贝尔经济学奖获得者罗伯特•恩格尔与成思危先生的精彩对话

Dialogue between Prof. Robert Engle, 2003 Nobel Laureate in Economics, and Mr. Cheng Siwei

2003 年诺贝尔经济学奖获得主罗伯特•恩格尔 成思危先生演讲结束后与恩格尔教授进行深入交流 向成思危先生提问 Mr. Cheng Siwei dialogued with Prof. Robert Engle Prof. Robert Engle, 2003 Nobel Laureate in Economics , in Q&A

绘了蓝图，而我 对话全文 们的规划则是为 大西：我想把第一个问题留给恩格尔教授。恩格 了下一届的选举 尔教授是诺贝尔经济学奖得主，昨天专程坐夜间 ，用相对复杂的途径，我不知道这些方案有没有 航班从英国赶过来参加我们的论坛，所以请大家 注意并利用到您今天讲到的对未来的远见。唯一 以热烈的掌声感谢并欢迎恩格尔教授的到来！ 相同的是我们都有着具有脆弱的银行系统。这是 需要我们共同着力的地方。其中一个议题便是对 JOYCE：感谢恩格尔教授！ 银行及金融系统规范进行协调来防止未来金融危 机扩散至全球。所以我很感兴趣您对提高金融系 恩格尔：我非常感谢并很高兴能够有机会来到这 统协调程度的看法。同时，我非常欣赏您在讲话 里。这是一次非常重要的论坛，感谢成委员长今 中提到对教育的关注，因为教育对于全球的未来 天早上的精彩演讲。中国和美国经济的协调和互 是非常重要的。 补对于全球金融系统是非常重要的，您对于金融 危机的阐述使我们清楚看到在应对金融危机方面 成思危：谢谢。您刚刚去过中国，我在中国接待 ，我们是如何的不同。中国过度地刺激经济，而 了你，所以我想您应该比之前对中国有更多的了 我们则在刺激经济方面力度不足。中国做的是长 解。事实上，您提出了一个非常重要的话题，这 期规划，制定了宏伟的五年计划，为长期发展描 就是，我们需要对全球金融危机后的国际货币体

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 22 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

系进行改革。去年十二月份我参加在巴黎举行的 们需要让人民币完全可兑换。不然连货币都不可 “环球金融体系改革峰会”并作了主题演讲。我 自由兑换谈何成为一种储备货币。这是一点。 提到我们需要的是一个平衡，公平以及高效的国 际化币体系。 在微观层面，我们需要通过合作来规避金融风险 ，包括系统性风险和非系统性风险。您在这方面 首先，平衡必不可少。平衡必须反映各国不同的 是专家，我就不多赘言。但是这很重要，因为当 发展趋势。目前，特别提款权主要由美元和欧元 你观察欧债危机的时候你会发现，主要的问题是 构成。但是在未来，我认为人民币应在在特别提 除了希腊和葡萄牙，其他国家包括意大利，西班 款权中占据一定的比例来反映中国经济的发展。 牙，爱尔兰，甚至是冰岛同样存在问题。主要原 因是他们的银行系统存在问题。这在美国也一样 事实上，我的另一个朋友罗伯特.蒙代尔提出了一 。所以如何改善我们的银行系统并规避系统性风 个方案，美元和欧元在 ADR（特别提款权）中占 险是非常重要的，我们需要找到一种国际合作新 80%，人民币，日元和英镑各占 5%。这只是他的 模式来将这种风险最小化。 看法，不过我同样认为人民币应该在 ADR，在世 界货币体系中占有一席之地。当然另一方面，我 谢谢！我希望你能在该领域提出更多建议。

Daxi: Ok. I would like to reserve the first question, to professor Engle. As I said, professor Engle is a Nobel Prize winner in economics, and he made the trip via the night airplane from Dialogue Transcript England last night to here to participate in our conference. We would like to thanks Professor Engle and welcome his question.

Joyce: Thank you Professor Engle

Engle: I wanted to be here and I am very glad that I was able to be here because I think it is so important and I really appreciate your talk in this morning. The coordination and complementarity of US and Chinese economy is so important for the whole global system. Listening to the way you described the financial crisis makes it clear how different experience we had in the financial crisis. China over stimulated the economy, we under stimulated our economy. China plans for the long term with the wonderful Five-Year Plan, we plan for the next election, in relatively complex ways which I don’t know whether take advantages of the long-run foresight that you show today. The only similarity really is that we all have fragile banking system, and I think that’s the thing that we need to both address, and I think one of the issue is the coordination of bank and financial system regulation to prevent future financial crisis from engulfing the planet the way that last we did. So one thing I guess I am interested in is how you see this kind of coordination of the financial systems evolving. I also want to thank you for focusing on education as your last remark because I think that it is just such an important part of the long run future in our planet, and I just want to thank you for that.

Cheng Siwei: Thank you, and since you’ve just visited China, I hosted you in China, I think you understand china a little more than the past. Actually, you raise the very important question, is that we need to reform the international monetary system after the global financial crisis. Last December in Paris, in the Conference of Reforming Global Financial System, I made the keynote speech. I mentioned what we want is a balanced, fair, effective international monetary system. First, there should be balanced, that should reflect the relative trends of different countries. So at this time being, the SDR is mainly consisted by the American dollar and the Euro. But in the future, I think RMB should have a certain percentage in the SDR to reflect the situation, to reflect China’s economic growth.

Actually, Bob Mundell, my other friend, makes a proposal, that US dollar and Euro take 80% totally (in SDR system), and RMB, Japanese Yan, and British Pound take 5 percent each. This is just his proposal,

23 but I think, nevertheless, RMB should have certain percentage in SDR, in the world monetary system. But on the other hand, certainly, we need to make RMB fully convertible, otherwise how can you become reserve money if your currency even cannot convert. And in the micro level, we need to cooperate, to prevent the financial risks, systematic risk and non-systematic risk, both. You are a specialist in this area, so I don’t want to say more in this area. But it is very important because if you look about the European debt crisis, main problem is except the Greek and Portugal, other countries, Italy, Spain, Ireland, even Iceland have problems mainly because of the banking system that have some problems. It is the same in United States. So how to improve our banking system and prevent systematic risks is very important, and we need to find out some ways in international cooperation to minimize the systematic risks.

Thank you. And I wish you make more proposals in this area.

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 24 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

孙国祥总领事在中美创新与合作峰会上的致辞

女士们、先生们，朋友们：

早上好！

感谢中美创新与合作峰会筹委会、国际华人科技工商协会的邀请，我很 高兴与在座的诸多中美科技金融界的杰出人士会面。在此，我谨代表中 国驻纽约总领事馆对中美创新与合作峰会的召开表示热烈的祝贺！

中国政府高度重视中美关系的发展，并一直致力于推进互利共赢的中美 经济合作。此次峰会聚集了中美科技金融精英、杰出企业家和有关政府 官员，就加强中美两国在创新方面，特别是科技创新、金融创新和商业 模式创新方面的交流与合作，进行广泛的探讨。我相信，通过这次会议 的深入交流，将有助于增进相互了解，推动中美经济的发展。

自金融危机爆发以来，中国政府及时调整宏观经济政策方向，实施了应 对危机的一揽子计划，较快地扭转了经济增速下滑态势。但是同时，中 国经济回升的基础还不稳定、不巩固、不平衡，一些深层次矛盾和问题仍然突出，经济发展还存在不确定 因素。为此，中国政府在“十二五”期间，把经济结构战略性调整作为主攻方向，大力改善民生，扩大内 需，坚持实施互利共赢的开放战略，在经济全球化和区域经济合作的大趋势下，不断完善开放型经济体系， 积极参与国际分工，参与全球性问题治理，力所能及地承担更多国际责任。中国始终秉承开拓进取、开放 包容、同舟共济的精神，反对贸易保护主义，致力于创造公平有序的投资环境，同时中国政府大力鼓励各 类企业有序开展境外投资和合作经营，支持在境外开展技术研发投资合作，深化国际能源资源开发互利合 作。随着中国企业更广泛地参与到全球经济一体化的进程当中，必将更深层次地促进世界经济的复苏与繁 荣。

朋友们，此次峰会的召开，必将为促进中美双方的相互理解、加强双方的合作与信任，为创新思维、创新 模式的发展提供一个更为广阔的平台。

最后，预祝此次峰会圆满成功。

谢谢大家！

25 Remarks by Ambassador Sun Guoxiang at the US-China Innovation & Cooperation Conference

Distinguished Guests, Ladies and Gentlemen, Dear friends,

Good Morning!

I am very pleased to be invited to attend the US- China Innovation & Cooperation Conference and to have the opportunity to meet with the outstanding figures of the scientific and financial communities of both countries. On behalf of the Chinese Consulate General in New York, I would like to extend my warm congratulations on the opening of this conference.

The Chinese government attaches great 成思危先生与孙国祥领事深入交流 importance to the development of China-US Mr. Cheng Siwei in dialogue with Ambassador Sun Guoxiang relationship and closer business ties based on mutual benefit. Today’s conference brings together the scientific and financial elites, prominent entrepreneurs and government officials for an extensive discussion on scientific, financial and business innovation. I believe that the in-depth discussion will contribute to mutual understanding and promote our economic development.

Since the outbreak of the international financial crisis, China has made decisive adjustment to its macroeconomic policies and put in place a package plan to ensure a steady and relatively fast economic growth, which reversed the economic downturn swiftly. However, the basis of our economic uptrend is still unstable and unbalanced. We still see some salient underlying problems and uncertainties in the economic development. Therefore, during our Twelfth Five-Year Plan, which starts from this year, the Chinese government will put top priority on the strategic adjustment of the economic structures, further improve people’s livelihood, expand domestic demand and follow an open strategy of mutual benefit. In the era of economic globalization and regional economic cooperation, China will improve its open economic system, actively participate in the international division of labor and global governance and undertake our due international obligations. China remains committed to the spirit of entrepreneurship, innovation, openness, inclusiveness and mutual accommodation. We foster a fair and orderly investment environment rather than pursuing trade protectionism. At the same time, the Chinese government encourages companies to make overseas investment and engage in joint operations in an orderly way, to make R&D-related investment and to deepen mutually beneficial cooperation with other countries in the fields of energy and resources. With the extensive integration into the global economy, China will better promote the economic recovery and prosperity of the world.

Ladies and gentlemen, I am convinced that with all your active participation, this conference will enhance our mutual understanding, mutual trust and cooperation and bring about new ideas and new models.

To conclude, I wish the conference a full success.

Thank you!

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 26 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

赫廷：技术开创了一个新的黄金时代

纽约大学理工学院院长、美国前海军部副部长 杰瑞•赫廷在峰会开幕式上作主旨演讲

Jerry M. Hultin, President of Polytechnic Institute of New York University, and former Under Secretary of the U.S. Department of the Navy, delivered the keynote speech on the conference opening ceremony

Hultin: Technology Ushers in a New Golden Age

Remarks by Jerry MacArthur Hultin, President of Polytechnic Institute of New York University, and former Under Secretary of the U.S. Department of the Navy

the western Pacific, Hong Kong, along the coast 演讲实录 of China, the South China Sea and Vietnam. Speech Transcript

Here's a news flash: Following a global trend,

Daxi, thank you and congratulations for leading China has joined the US, India, and Europe in a this important, ground-breaking conference on innovation and cooperation between the United States and China.

It is an honor to be here tonight with Cheng Siwei, the father of venture capital in China. At New York University and NYU-Poly, we are leading the city in creating new incubators, angel funds, and venture funds to support new companies and jobs in emerging industries. I feel a close affinity with Siwei and all he is doing for innovation in China. 富有创意的开幕式在豪华游艇“棕榈滩之星号”上举办 Thank you, also, to Steven Salsberg for letting The Innovative Opening Ceremony held on the vessel me relive my young life as a naval officer sailing “The Star of Palm Beach”

27 new innovation -- vending machines which strong in this coming century, the red of China-- dispense gold. You can use your debit card or a reflection of China's role in the global economy cash to obtain amounts of gold coins as high -- will more and more dominant the color over $150,000. Some claim gold is becoming the scheme of power. defacto currency of China. Tonight, I'd like to set the stage for this Gold has been associated with power and important conference -- the US-China wealth for centuries. In crowns and scepters it Innovation and Cooperation Conference -- by has a remarkable hue, catching colors around it discussing how technology is the real gold of the and radiating majesty and power. 21st century -- and to tell you why I believe -- as men and women who care about the growth of Gold is where the action is! innovation and cooperation between China and the United States – you can maximize your own For most of the past 3000 years, with China -- growth and success. and India -- being the dominant economic powers of the globe, gold often was marked by a So to do that, I'll speak briefly about three key touch of imperial or saffron yellow. subjects:

For the past two centuries, Europe and the 1. Technology -- where it’s headed and its United States ruled the oceans and our impact on society commerce, and gold during most of the century has reflected large swatches of red-white-and 2. Technology trends -- which technologies will blue for the United Kingdom and the United have an impact and make you richer and change States, and rapidly fading blue and yellow of the the world for the better European Union 3. The people surrounding technology Now with the rise of China in the global economy -- and with India rising -- we see 21st Let me start with the last century gold with an increasingly red hue. First, people And, while red-white and blue will remain

科技参赞毛中颖领事宣读中国全国政协副主席、科技部部长、 致公党主席万刚向峰会发来的贺信 Ambassador Mao Zhongyin, Counselor of Science and Technology, presented the Letter of Congratulations from Mr. Wan Gang, Vice Chairman of CPPCC, Minister of Science and Technology, and Chairman of Zhigong Party

成思危先生庄严宣布中美创新与合作峰会开幕 Mr. Cheng Siwei grandly announced the opening of the conference

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 28 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

左图：全美华裔共和党联盟主席苏丽凰博士（右 2）向大会展示并宣读美国宾夕法尼亚州州长汤姆科•比特的贺信； 右 1 为美国前商务部少数族裔企业署署长朗奴•蓝斯登 Left Picture: Dr. Grace L. Shu (Second from Right), Chairman of the Chinese-American Republican National Federation, presented the Greeting Letter from Tom Corbett, Governor of Pennsylvania; Ronald N. Langston (First from Right), former National Director of the Minority Business Development agency, U.S. Department of Commerce

右图：船主及游艇设计者史蒂文•萨尔斯伯格致欢迎辞 Right Picture: Steven Salsberg, owner and designer of the vessel was giving the welcome remark

Barack Obama / Hillary Clinton / Steven Chu -- York and New Jersey's major port facility. Over be sure to read Hillary Clinton's speech to the the past 30 years, the flow has dramatically Economics Club of NYC. In it she declares that shifted to "in-bound" trade, so propose to Pat economic development is an essential pillar of Foye the ideas you have for increasing the flow the diplomatic strategy of the United States. of goods to "out-bound" trade.

Hu Jintao and Central Party School President NYESD, Kenneth Adams. New York State has a and future President of China, Xi Jinping. As number of new programs to support economic evidence of the importance of innovation, a growth. Check them out. friend in China was with Hu Jintao recently when President Hu used the Chinese word for Bloomberg EDC, Robert Steel and Seth Pinsky -- innovation a total of 32 times in a speech of New York City is organizing a major trade less than 10 minutes. mission to Beijing and Shanghai in early December. If you are a CEO of a company with Ambassador Gary Lock and Counsel General in ideas about increasing trade to China, the EDC HK, Stephen Young. Both very supportive of may well ask you to join this mission. If you are strengthening the economic ties of China and interested, let me know. the United States. NYU in Shanghai and Nanjing. We are opening Ex-Im Bank, Fred Hochberg, a New Yorker who a new campus in Shanghai and have a major has just signed a major new commitment to center of innovation in Nanjing. In Beijing, we finance the purchase of commercial aircraft in are partners with the Central Party School in China. I recommend you propose to the Ex-Im research related to innovation and the future of bank new ways of financing American products cities. In all of these projects, we are eager to in China and other global markets. team with you in bringing great science and innovation to China. Port Authority, with a new director, Pat Foye. The Port Authority needs a new way to boost Daxi and this organization, the Chinese the export of American goods through New Association for Science and Business. A

29 Computing and communications

Computing technology -- high speed chips, computing everywhere with MEMS, BOTS, and sworn technology,

Human language interface, especially 协会主席李大西博士宣读 translation 广州市市长万庆良先生发 来的贺信 Machine vision -- beyond the human eye Dr. Daxi Li, Chairman of CASB, presented the Robot technology, taking more and more of our greeting letter form Mr. jobs from humans -- more about this later Wan Qingliang, Mayor of city of Guangzhou Telecommunications revolution

Chaos Theory and Complexity Models conference like this leads to major gains in cooperation and innovation. Thank you, again, Bio, chemical, and medical Daxi. Fullerene chemistry / nanotubes Second, technology Multi level coding systems in DNA Four big themes, of which the first three are top of the charts for NYU and NYU-Poly: Bio-tech Analysis instrumentation

1 Urban. We are creating a new industry based Human biogenetic-chemical computer model here in NYC that develops new intelligent infrastructure and the future of cities. Treatment of hereditary diseases This is a major opportunity for you to join with NYU in designing, developing, and building the Control of bio-metabolic disorders cities of China, where 400 million people will move to urban environs and India, where over Blood and tissue matching drugs 200 million will do the same. Tissue engineering 2 Bio-med. This will change the world and science in America has the potential to lead the Neurotechnology way to whole new breakthroughs in the quality of life that will create opportunity around the Neuropharmacology world. Cellulose to Glucose Process 3 Computing and Communications Nanotechnology 4 Energy And for five over the horizon bets So let me give you a Top-20 list. This list is from a bright Navy team, headed by James Irvine, an Superconductivity at room temperature engineer who leads the Revolution in Military Affairs program at China Lake Naval Air Low cost space life Station, as his co-director, Sandra Schwarzbach. Here's what they see – and it look good to me. Artificial intelligence in computers

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 30 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

Celluose to liquid hydrocarbon path clear that innovation in science and technology is a key to the future of China. Improved medicine and life span Nearly every Chinese government, business, Finally, where we are headed? and education leader who we work with in China asks me to help increase innovation in First, Innovation and cooperation versus conflict China. This includes assisting with innovative and conquest education, business incubators, venture capital support, and new research centers in China -- as As one young military leader advised Hu Jintao: we are doing in Shanghai, Nanjing, and Beijing. "Mr. President, you can find enemies. You should be looking for partners." More and more these same leaders are seeking not just efficiency but fairness in their strategies. The same message was recently given to As one leader in Nanjing told me: My hardest President Obama by a leading proponent of problem is understanding what people need and global trade: "Mr. President, make wealth not want, and being sure I deliver it. war in Asia." Technology combined with innovation needs to Speaking as a former Under Secretary of the solve these challenges, because little in human Navy, the opportunity for mistake or malice in nature says we will greatly reduce our desire to the Pacific is high. As strong as ties of business consume, to live well, and to push off current are across the Taiwan Strait, or between the US problems to future generations. and China across the Pacific Ocean, the forces of national military power combined with each Third, technology is a positive force that at the country's desire to dominate the western Pacific same time is eating our jobs. We saw this with ocean, is a recipe for mistake or malice to can agriculture starting in the 19th century in the lead to warfare. US.

The tinder boxes of Taiwan, North Korea, and In 1790, agriculture accounted for 90% of the US the South China Sea are capable of generating workforce. the fires of global war. Today, we produce more food than we need Second, energy / waste – with just 1.5% of the US workforce.

Students around the world tell me they want to Production -- indeed production is so strong do two things: make a cleaner world and reduce that jobs are disappearing faster than our poverty. population is growing

Yet, if we use today's habits of consumption and Look at the recent report by SUNY Levin waste, we will strip the world of resources and Institute and the Center for an Urban Future's pollute its air, land and water beyond our leader, Jonathan Bowles. New York lost more capacity to live. manufacturing jobs than any state in the nation over the last 40 years. And these lost jobs did not As one brilliant Japanese executive noted, "It's all go to China, many were taken over by not the earth that has a problem, it will survive - computers and robots. - it has for 4.5 billion years. It's human's who are in trouble." Small business start with fewer employees than a decade ago: in 2000, the average for a new Innovation is essential -- and China recognizes company was 7.5 employees, now in 2010 its this. Read the Chinese Academy of Sciences down to 5. That's good news for start-ups, but "Science and Technology in China: A Roadmap bad news for employees. Jobs are getting harder for 2050." You can get it from Amazon. It makes and harder to find.

31 needs -- and they are at the top of the Maslow Yet production needs consumers. And scale. consumers need jobs and income. So I hope you what I see: a golden age of The problem was identified by US auto workers technology ready for you and me to turn into labor leader, Walter Reuther, more than 50 years new products, services, companies, and jobs. ago. During a demonstration of new welding Doing this will be good of you – and good for robots, Reuther asked: "So how many of these the United States and China. robots buy cars?" So in summary: We need to find the Yinyang of technology and people: not that one is good and the other evil, 1 People but a balance between the human and the technological --- 2 Where is technology headed: The new inventions and innovations Looking back over 50 years ago, Richard Feynman famously said "there's plenty of room 3 Growth based on technology -- and its likely at the bottom" pointing to quantum physics and impact on society nano-technology. And this is still true for technology. Indeed, I am sure you see, as do I, a golden age for technology -- and its ability to create new But as for jobs, I say "There's plenty of room at companies, jobs, and wealth for you, our two the top." nations -- and all the people of the world.

Here I mean the top of the Maslow scale: But, with the rise of China -- and the leadership products and services related to education / role of Chinese-Americans in this future -- I medicine / tourism / film-making / electronic suspect you see, as do I, a strong vein of Chinese games / sports / aging / cities / culture. red in this golden future.

These all satisfy higher level human wants and Thank you.

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 32 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

哈德逊河上美好的夜晚 --中美创新与合作峰会开幕游船晚宴

成思危先生与民同乐 Mr. Cheng spent 3 hours cruising with all attendees

成思危先生与徐亚南大使，李建英大使夫妇 成思危先生与部分赞助商合照 Mr. Cheng Siwei and Ambassador Xu Yanan and Li Jianying Mr. Cheng Siwei and some of the Sponsors

与会者尽兴的交流，船外是迷人的曼哈顿夜景 Attendees were social networking while enjoying the charming night view of Manhattan

33

《金融创新与人民币国际化》研讨小组

Panel Discussion: Financial Innovation and Internationalization of the RMB

研讨小组成员 (从左到右) 史蒂芬•张，LBCW控股公司董事总经理兼首席 投资官 庞阳，上海联和金融信息服务公司总裁 郭胜北， GSB奖台基金总裁 约翰•爱伦（John Allen），大中华有限公司 CEO(主持人)

Panelists (From Left to Right) Stephen Chang, Managing Director and Chief Investment Officer of LBCW Holdings Yang Pang, CEO of Shanghai Alliance Financial Services Co., Ltd. Shengbei Guo, President of GSB Podium John Allen, CEO of Greater China Corporation （Moderator)

执行官庞阳，LBCW 控股董事长总经理兼首席投 主持人开题演讲 资官史蒂芬•张，而我本人是约翰•艾伦。

Opening Speech 在金融架构方面，我想提出两个某种程度上有些 争议性的想法：第一是关于一个新的全球储备货 约翰•爱伦： 币。这个想法源于中国人民银行行长周小川的一 篇网络文章。他主要提出世界需要一种不从属于 祝贺您和大西举办如此成功的一个会议。我在会 任何具体国家的储备货币。我完全同意这个观点 议上学到了很多。事实上，我刚才没有机会向成 。他的想法是对约翰•凯恩斯于 1944 年在布雷顿 思危先生提出我希望提的问题。他对中国和美国 森林会议上所提出的观点产生了共鸣。凯恩斯创 都非常了解。我想提的问题是：有对中美有如此 造了一种叫“凯恩斯国际货币单位”的共同货币 多的共识，你将会给奥巴马总统和美国提什么样 。该共同货币基于五揽子的商品，包括：所有主 的可以解决美国所面临的问题的建议？因为我们 要的正在交易的货币、金银铂金等我们所知道的 非常需要成先生的帮助。但我非常高兴能够主持 贵金属、钢铁铜锌铅等工业用金属、能源商品、 这个小型会议。 稍后，我将一一介绍这个小组三 粮食商品。所有这些将被归类进入一揽子。在 位重要的演讲者。每一位演讲者将提出一个深刻 1944 年，那是不可能实现的事情。但今天我们可 的想法或见解，然后我们将集思广益，与听众一 以实现。现今我们有实现共同货币的 5 个条件：1 起讨论这些想法和见解。我们希望激发您的思考， ）运用计算机，我们能够 7 天 24 小时不间断实时 最重要的是创造与创新，最后提出一些新的想法。 计算共同货币的价值；2）我们能够计算组成共同 我们三位演讲者，从我右边开始分别是： GSB 奖 货币的一揽子商品及其他货币的价值，从而计算 台基金总裁郭胜北，上海联合金融服务公司首席 共同货币的价值；3）因为有衍生品的交易，能计 算除共同货币的收益率；4）因为粮食、能源、贵

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 34 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

金属都非常有用，所以共同货币对人类有实际的 audience. We want to stimulate your own 意义；5）共同货币可以被转换为任何相关的货币 thinking, you know, the whole temple is 储备，如刚才成思危先生提到的 1.3 万亿美元外 creativity and innovation and we want to come up with some innovative ideas. So our speakers, 汇储备，而不影响货币市场，并且在国际货币基 from my side going to the other, are Shengbei 金组织的保护下，这一揽子商品和货币可以得到 Guo, President of GSB Podium Advisors, on my 很好的维护。同时我们也看到，一个便于货币自 right, Yang Pang, the CEO of Shanghai Alliance 由买卖的交易系统也是存在的。这是我想提出的 Financial Services Company, and Stephan 第一个具有争议性的想法 。 Chang, the Managing Director and Chief Investment Officer of LBCW Holdings. And I

am, once again, John Allen. 另一个是，世界应当建立一个全新的世界金融中 心。原因是：它就如联合国一样，我们需要作的 The two sort-of controversial thoughts on 只是一个不从属于任何国家的区域，而在那个区 financial structures that I am going to throw out: 域，公司、IP 地址都可以登记注册，国际的会计 the first is on a new global reserve currency. 准则、法律系统以及国际对话的平台都可以很好 And this idea came out of a web posting of Zhou Xiaochuang, the head of the China Central 的建立起来。洛克菲勒家族捐献了纽约的一块地 Bank. He basically said we need a new global 给了联合国，也许现在中国、香港、新加坡、百 reserve currency that is not tied to any particular 慕大或者其他任何地方可以提供这样的一块地方 nation. I fully agree. And his idea is resonated 来实现这一切。当然，这两个想法如何联系起来 from what the John Maynard Keynes’s said in ？在共同全球储备货币系统下，财务报表、薪酬 Bretton Woods in 1944. He created something called the ‘Bancor’. And the Bancor is the 协议、国际贸易的标示将变得非常容易。 common currency, a reserved currency based on five pools of commodities. Five pools were 我的讲话到此结束，现在轮到我的同事。郭胜北 currencies, including all the major trading 将是下一位演讲者。让我们拭目以待。 currencies; precious metals, including all the ones we know about, gold, silver and platinum; industrial metals, iron, steel, copper, zinc and, lead; the fourth was the energy commodities, and the fifth is the food commodities. All of 演讲全文 these are wrapped into one basket. In 1944, that Speech Transcript was not possible. Today it is. So the five criteria that makes that work today are 1) you can calculate the value of those baskets anytime, John Allen: instantaneously, 24/7, with computers we can; 2) you can calculate the value of that basket, that Congratulations to you as well as to Daxi Li for those combined baskets, into or out of any other hosting such a fine conference. I learned so currency; 3) they have a yield, they do and much. In fact, I didn’t get a chance to ask Cheng particularly if you have directives sold against Siwei the question I wanted to ask. He knows so them; 4) they are useful for humanity and much as about both United States and China. certainly you know food, energy, precious The question I wanted to ask him is: you have so metals are all useful. 5) they could be exchanged much common sense, what advice would you into or out of underlying currency reserve, like give to President Obama and to the Unites States 1.3 trillion that Cheng Siwei just mentioned on what to do with our problems? Because we without disrupting the currency markets, and need his help. But I am delighted to be hosting under the auspices of the IMF where the baskets or chairing this little conference. We have three would be maintained and a free trading system distinguish speakers and I will introduce them where they would be bought and sold, that is in a second. Each speaker is going to present an also visible. This is one controversial idea I want idea or a critical thought and we will brainstorm to comment on. that thought here and then throw open to the

35 And the other one was, it’s time that the world despite all that, so clearly observed that if you created a really new global financial center. And look at the equity performance in 2010, US came the reason for that it’s just like the United out to be quite strong versus any other markets. Nations. What we need is a location that is not And if you look at it in 2011, which is this year, linked to any nation state, and in that location, that discrepancy is even more striking and of companies can be registered, IP can be course, we got, at least as of today, a positive registered, global standards of accounting, performance year-to-day to the US, though we global legal systems, and global conversation don’t know where to go at the end of the year systems can be all developed. As I said, the but at least for now, that compared very Rockefeller family donated the land here in the favorably to many emerging markets including New York for the United Nations, perhaps it’s China, which has been down quite a bit. I want time for China, Hong Kong, Singapore or to use that as an example, not only we need to Bermuda or wherever to come up with an focus on the economic growth but also focus on international territory where these things can be the financial system behind that and how that developed. And of course, the way these two two things together. If you go back, you can comments link together is there is nothing better actually see many such examples. If you just go than to denominate financial statements, back to few years, 2008, at the beginning of that compensation agreements, and trade in this year, when the crude oil trade at $150 and common global reserve currency. Let me just everybody was obsessed of fighting inflation. stop right there and turn it over to my Many governments and many central banks colleagues. Shengpei Guo is going to be our next regarded that as a top priority. But in a few speaker. And see what idea he has. months after that, especially after Lehman Brother collapsed, basically the whole world Shengpei Guo: started going to a huge fear of deflation. That period of time is actually incredibly short. Soon Thank you John. I think some of the ideas John after that, about a year later after the market just proposed are very interesting. And I myself recovered nicely, and everybody thought we are was actually coming to this place thinking about more or less on the same page, but then we went similar issues, about the reserve currency. This to another hard-to-explain problem, at least is also related to what Cheng Siwei mentioned based on the beginning of that time, that was earlier. Because when you broadly look at the very strong inflation in almost all the emerging economic transition from what Mr. Cheng markets, but in the meanwhile still no inflation mentioned about for China to go from the in fact very bad economic growth in the investment and expert-driven economy to one developed world. And also in some peripheral that is more consumption-driven, and also of countries, such as some peripheral European course in the process to achieve higher countries, there are some continuous dead productivity. But it’s very obvious that you problems, which are still unresolved until today. cannot just look that economic aspect alone. I I only used that as a background to talk about want to briefly mention to support an agreed the financial system, the Bretton Woods system. economic system even Mr. Cheng also I really want, I know we are going to limit mentioned that we need a very strong financial ourselves to a few minutes as an opening reform. So basically I just want to link the topic remark, but I really want to point out the issue to what John just mentioned about the reserve here, and at the core of the issue is: what has currency. been working very well? It is the Bretton Woods system for many years. At the core of this To open up that conversation, I was actually system, we got US dollars as reserve currency thinking about one observation a lot of people and essentially the majority of the countries had in early 2010. Almost everybody assumed, more or less use US dollars as their hard in fact correctly assumed, that emerging market currency, both as a way for their foreign reserve economy would do much better that the accumulation, which is kind of form of the developed economy for a long time, and nobody wealth accumulation. They can take the doubted that and still nobody doubts that. But advantages of US dollars reserve currency status

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 36 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

as well as the deep financial market we have here. That combination offered other countries a Financial Innovation and Globalization of RMB great way to use the dollars as hard currency to is a very timely subject. I came to US in 1982 to expand their own credit expansion. So that study and have been in US for most of the past actually has worked very well over the years. 30 years. During the past five years, I have And that process, however, came to a stop in started spending more time in China. I have 2008. So today we still talk about a lot of founded and managed several companies both countries having huge reserve in fact Mr. Cheng in the US and in China, all related to the also mentioned that’s becoming an issue. A lot financial sector. While working in China, I have of reserve accumulations by many countries observed and encountered many problems with today are not as much as from the traditional the Chinese financial industry. If I list them all, it currency surplus, versus US, rather they are will fill many pages. The reason that I continue becoming more like international money flow. to work in China is that I believe there are good So because of the disparity, basically very deep, business opportunities in coming up with strong financial market in US and more or less innovative solutions to some of these problems. in Europe versus other countries, which have Compared to US and other advanced relatively more shadow financial systems, in economies, two phenomena stand out about the China’s case, more of less it’s dominated by Chinese financial market: the first is the near banking system, so it is very easy to get to the total lack of credit industry, and the second one problem in many emerging markets including a lack of systematic risk-based investment China – when you grow, you often have a very activities. strong inflation expectation, in many case very strong inflation. You will have a hard choice of Building a robust credit industry and either grow with inflation or not grow up to the developing systematic risk-based investment potential. I think the core of this issue is this strategies will present many unique financial system really anchored around the opportunities for people interested in Bretton Woods system, which will essentially participating in the Chinese financial market. have a strong incentive from the global point of view to modify that. So I do feel over time there For the Chinese financial industry to be more is going to be a strong transition toward a integrated with global financial market and for system I think Chinese RMB may play a very the Chinese financial institutions to be important role in that case. I don’t envision, in competitive on a global scale, many things need my own view, that RMB would basically replace to done. The top two items on my list are: have a dollar. I don’t think that is realistic. I don’t think legal and regulatory structure that is more that would happen. On the other hand, I think conducive to modern financial services, and the for the RMB to play a leadership role in the second one is have a comprehensive and global reserve currency system, which transparent information infrastructure. potentially China may maintain a kind of system that it more or less functions like a Currently, it is difficult to create an acceptable developing country currency, like we still hold a and enforceable contract for a Chinese service lot foreign reserve of US dollar, Euro; it is going provider providing high-end services to a large to be around fro many year from today. In the overseas financial institution. I propose that for meanwhile, Chinese RMB may also be viewed cross border business contracts, including as foreign reserve by many other countries. So financial contracts, Chinese government should essentially that type of system would be what I encourage the use of Hong Kong law and Hong envisioned to be very functional, which solve Kong jurisdiction, and create a mechanism so China’s problem, many developing countries’ that the judgment of a Hong Kong judicial problem and also developed countries’ problem. system on business contracts enforceable in Eventually as time allows we are going to more Mainland China. Hong Kong is a part of details, which I view is a good solution. Chinese territory, so there should not be an issue of sovereignty. Yang Pang:

37 The weakness in the financial information the words, you know, internationalizing the infrastructure a major factor in the lack of credit RMB and China generally, we’re looking at industry in China. At this moment, collection maximizing the pool of investable opportunities, and distribution of the financial information, period. And I think when you kind of look at it, both personal and enterprise level, is tightly the world, the ratio of talk about China to controlled. For all intends and purposes, this can number of investable China opportunities is only be done by the government. I suggest to astronomical. allow private enterprises to participate in the collection, organizing, and distribution of Everyone wants to talk about China but there financial data. Without reliable information, are not that many things as a principal investor there cannot be a robust credit industry and that you can do. As an institution, absolutely, there is no basis for systematic risk analysis on you can trade amongst big banks but as wealthy other investments. individuals, it’s very difficult for us to find commercial opportunities that are investable in John Allen: China. You know, when we start talking about internationalization for us that comes down to It’s interesting one of the proposals that Yang really three things. It comes down to a common Pang is mentioning is that Hong Kong has a language, and that’s both a spoken language very important role to play in terms of and a financial, legal, accounting format. developing legal systems between China and Second is predictability of outcomes and that’s the rest of the world because Hong Kong is a not just when it succeeds. A lot of people talk part of China but Hong Kong has an acceptable about Hong Kong, but to us what happens when infrastructure of the rule of law so that along it fails. Who gets screwed? Who gets left with the deeper open credit agencies, are very holding the bag? Understanding the world of good suggestion. Now I would like to turn to failures is really, really important for predictive our last panelist, Mr. Stephen Chang. Stephen. ability of outcomes. Thirdly for us it’s about trust. Principals deal with principals. We are Stephen Chang: really not an institutional investor. We do not allocate LP money. We go and find partners, Thanks. First of all, I should apologize in and for us, the peer investment or the co- advance of being the most naked capital investment model with like-minded or with ambition up here. I manage a private people with like objectives, really drives our investment company on behalf of ultra high net core business and really drives capital formation worth individuals, and we are largely focused at least in the US, particularly in times of great on economic and commercial outcomes, a lot stress. In the last three years, we’ve been very less on, you know, kind of macro government active building partners and investing here in policy objectives. It’s fascinating to hear, you the US. How could we do more of that in know, some of my fellow panelists because I China? I actually echo some of Yang’s think we should probably do more of that, comments, which is building really more frankly. My background to go with the naked financial infrastructure in China. But for me, it capitalism, to confess, is I’m a recovering comes down to finding more principals that we investment banker. I specialized in basically can interact with, more co-investment corporate transactions and special solutions, opportunities. In our case, we typically try to very active in the securitization markets over the invest with government entities. In our view, last ten years, primarily though not the high China wants to develop their financial velocity stuff, you know, but off the run assets. I infrastructure. Well, we can help. was a software entrepreneur by kind of training and sold out to Wall Street for fifteen years and But we’d really like to do that rather on behalf of then have been running LBCW on behalf of the private enterprise. We’d like to do with the Hamlin family and select, you know, kind of government. We obviously are private ultra high net worth individuals here in the US. enterprise. We would like to benefit from that, Given that’s my posture, when we think about but we’re looking to try to create structures that

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 38 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

the government can have, some saying. So my perform. In a fast pace context, I think we will solution is actually somewhat you know related be able to develop that history very quickly and to Yang’s but something we work very, very then use some of the things that we’re talking hard on. I respectfully disagree that about here whether they be common law, securitization market is inactive. We are common accounting standards, common extremely active. It’s just, it’s not the big billion currency. I’m indifferent to the currency. What dollars securitizations. We’re doing private I want to know is how these assets work. So I’m securitizations in largely in high velocity finance a big advocate and what we try to do from a assets of consumer assets, small ticket business private perspective is to say well look. Let’s lending. Given your comments about lack of work with the existing resource on the ground credit industry in China, I’m a believer that in China, which is people, party infrastructure, ought to take place there for a couple of reasons. government infrastructure. I think your One is we will then be originating financial government is the best partner here because assets in china. The more financial assets we can they have infrastructure. They have resource. develop in the form of whether they be What they don’t have is this capability and consumer loans, small business loans, regional know how, and what we say is look you guys loans, to SMEs. kind of own it, but we’ll help you develop these small business loans. We’ll help you develop I think that just creates a world of paper that the information systems. We’ll also help frankly can become a common language. When develop the servicing capability. The truth is the we start talking about investing in China, people infrastructure already exists. It’s just not being start thinking about venture capital and this is a used in this way. And in our view that would be good business and this is a good manager and something that would rapidly attract all kinds of it’s ten thousand miles away and I don’t offshore investment, and it’s investment that understand the accounting. For us, we all could easily controlled by the government understand paper. So if there was a more active because you could sort of say well look these are central sort of credit origination capacity financial transactions. They’re lending whether it be regional or central, where we’re transactions, and offshore investors could lend creating paper loans, SME loans, consumer against the pool, and we can just decide how loans, whatever they’d be. These pools of loans much of that we want to do annually. And so not only would be interesting to us as a private all the work that’s being done today in China securitization, but also I think it will build that with regard to QFLP, qualified foreign limited body of predictable outcomes. The nice things partnerships. about loans, particular consumer loans, as they are what we call high velocity or fast pace. They Rather than just bring one more Blackstone into either pay or they don’t. china. You know why don’t we help create a domestic specialty finance industry in China If you do a series of thousand-dollar loans, using all the same things that are already being whether they be millions of them or hundreds or put into place. Today we’re working hard in thousands of them, which in China would be China to get the ability to have fifty percent quite conceivable and you can get quite a lot of foreign invested limited partnership. And region diversity and quite a lot of industry wouldn’t that be nice if the other fifty percent diversity. The point is these things will either was the Chinese government or regional perform or they won’t. We’ll rapidly build a principals? And wouldn’t that be nice if the pool history in China of certain credit performance of assets than be blind and counting on the on types of paper and to your information point, connectivity Guanxi of certain regional company if we could keep that all in one place, suddenly investors, but wouldn’t it be nice if these were everyone would understand how Chinese assets financial assets that you would just look at? And perform. Okay, I’ve worked in you know Brazil, we already have a well-developed language in Korea, Argentina. I know how those assets securitization markets that people could rapidly perform. I’d like to know how Chinese understand. consumer and small business assets would

39 John Allen: pools of assets that were fundamentally bad assets. And to me it wasn’t the securitization Okay, thank you very much Stephen. These are that failed. In fact, we have been an active wonderful exciting topics and just going back to secondary buyer of securitizations at 20 cents a what Stephen said, I want to throw out a dollar. Those paid pretty well. They’re just not question to the panel and to the audience and worth a hundred cents on the dollar. And so my that is he’s talking about securitization of assets comment is this is exactly the kind of and he’s talking about basically high-speed predictability or loss experience or performance trading and also derivatives markets, if you look experience and I think we need to understand at what got the West into trouble, it was over out of Chinese loans. If we securitize financial securitization of every kind of asset you could assets and find out that for the most part imagine. And in terms of high speed trading, Chinese small business, SMEs, don’t pay their right now it is measured in microseconds and loans, then I think we’ll be able to then price the percentage of trading, automated trading, them more correctly at 20 cents just like we do, computer trading on most exchanges was about you know, the broken CMBS and RMBS that sixty percent in 2008 and 2009, and now it’s we’re seeing today in the US. If we find that for about 50%. If you look at derivatives, in the the most part, the Chinese are extremely Western markets, derivatives according to the hesitant about leveraging, and perform Bank of International Settlements is past one extremely well, then we’ll develop a body of loss gazillion. Now what’s a gazillion? A gazillion is experience there that may merit actually more a thousand trillion, passed that in 2008, but now aggressive securitization. Again so I’m not as we begin to open up these financial markets above controlling it but in fact I’m an advocate for new instruments in China in throughout that the government should be, you know, Asia, those could accelerate, and derivatives actively involved in tracking. But I just don’t already are ten times the size of the entire world think that there’s any history of the data in GDP. My question to the panel and also to the China, and I think that’s something that we audience is should we try to control some of should start sort of building toward. these high speed trading, securitization, and derivatives markets before they really get totally out of hand. And I will ask my panelist first to respond to that and then we’ll see what the John Allen: audience has to say. Any comments on this? Thank you Stephen. Yang Pang, you, I think, Stephen Chang: had some suggestions on how to deal with high speed trading in some of these other markets Yeah I’ll take a first crack at that. First I separate that it could be out of control. securitization and high speed trading. I don’t believe in high speed trading. I know it works. Yang Pang: We don’t do it. I’m talking about instruments that are untraded. You buy them and they First, thanks to Stephen for your earlier perform again. You have a series of loans that comment too and I have one comment is to what either pay or do not pay, and that determines Stephen just said earlier is I do think the your outcome. Whether high speed trading activities Stephen is doing in China, from should be regulated or not is beyond my pay quantifying risks to properly price the risk is the grade. But when I talk about securitization kind of investment activity that is desperately originated financial assets, you know, I agree needed in order to move the Chinese financial that it cost a lot of problems in the US but I market to forward. The high speed trading does submit that what cause the problems was play a role, i.e. providing liquidity to the market. fraudulent mortgages, mortgages that did not I think this should only be limited to market pay. And what further, you know, sort of makers who are required to provide liquidity exacerbated the problem was banks lending under all circumstances. On securitization, I against fraudulent mortgages and leveraging agree with Stephen that securitization itself is

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 40 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

nothing strange and also it’s not really the root securitization process can actually allow things cause of the financial crisis. Taking a private to be present better all the things, but the key equity to the stock market is one form of function can typically play in most countries is securitization. Securitizing other assets should not much needed in China. My concern is more be no different. Compared to the stock market, about when you open up at the speed, let’s say, the securitization market needs to be more if you allow very sophisticated things to come standardized and better regulated, and there in. Then the whole domestic financial systems also needs to be better mechanisms for are not capable of dealing with sudden providing liquidity in the secondary market. complexities that come up from such a process. So basically my view about reserve currency John Allen: process, rather I do agree with the control process, in fact, through economic cooperation Good, thank you very much Yang. Shengbei, through improving diplomacy. So I think that is would you like to make a comment? a process you open up the market that tend to be easier to control such as a government bond Shengbei Guo: market. A lot of that can be done through, in fact, negotiation. And a lot of people do need As a trader and also a money manager for many Chinese RMB as reserve currency and of course years. In fact, I’ve done a lot of trading in macro, in the process, domestic financial market to be technical, also quantitative trading including very strong, to get to the level to be a major high frequency trading, high speed trading. So I player in the world. have some views on this one because I want to view, I do agree with you on derivatives side, John Allen: Thank you Shengbei. These are but I think I have some different opinions in the very, very interesting ideas, and my one securitization side. While I come to China, I’m prediction is that we will see an awful lot of not saying this is not a good idea, in fact, I think financial innovation coming out of China. it is a good idea, but the question is what will China is not a follower. China is a leader, and a you allow anything to take place. While you lot of the ideas we’ve heard here on this panel look at China’s financial market right, so in will indicate that. addition to the typical bank based lending system which of course created quite an expansion, money supply expansion, things like that. But there is another key source of availability of credit expansion, which China relies on land sales. To some degree it is very different from typical country, which if you look at this country, more or less privatized already. So basically to get additional credit expansion, in addition to the bank system you have very effective market based system. Synchronization plays an important role to that. Of course lack of regulation in that can be very dangerous. However, you look at China’s case. You already have very effective credit expansion facility based on the fact that government owns everything so if they need to really open up the forests, additional fishing or something, is very, very easy for that credit expansion process to take place. That’s why China has tremendous controlled macro level on the domestic economy from more or less the way the country is set up. So from that point of view, I don’t doubt that

41

《中美共赢的创新合作模式》研讨小组

Panel Discussion: China-US Win-win Cooperation Model of Innovation

研讨小组成员（从左到右） 潘建翔，南大苏富特科技有限公司CEO 邓勋明，Toledo 大学教授，迅力光能 CEO 罗纳德•N•兰斯顿（Ronald N. Langston）， 美国商务部少数族裔商业发展局前局长 卡尔•科斯特（Karl Koster），麻省理工学院全 球产业合作主任（主持人）

Panelists (From Left to Right) Jianxiang Pan, CEO of Nandasoft Technology Corp. Xunming Deng, Professor, Toledo University & CEO of Xunlight, Inc. Ronald N. Langston, Former National Director, Minority Business Development Agency, U.S. Department of Commerce Karl Koster, Executive Director of Corporate Relations/ILP of MIT(Moderator)

中美共赢的合作模式研讨小组聚集了高校创新生 美国托雷多大学 摘要 态圈的领军人物。该小组讨论了企业与高校间在 教授和迅力光能 Speech Abstract 创新方面的合作，中小企业成功的关键，和双赢 董事长兼首席执 合作模式的成功典范等。 行官邓勋明向听 众分享了 他在太阳能光伏领域的成功故事，也向大家展示 卡尔•科斯特，麻省理工学院全球产业合作主任， 了迅力光能如何成为中美在创新合作方面双赢的 在开题演讲中分析了全球科技研发投入的数据并 典范。他还运用他独到的眼光以及在太阳能光伏 指出一些战略性新兴产业的具体领域，从而让大 领域的经验，为大家分析了该行业的前景，同时 家对高校研究人员、企业家、金融领域专家间的 也向大家展示了迅力光能公司的产品。 互动与协作的重要性有了认识。他进一步指出一 些需要进一步发展的并有利于创新的企业、高校、 南大苏富特科技的首席执行官潘建翔分享了又一 金融领域间关系，并展示了麻省理工学院在这方 个中美共赢的合作模式的范例——南大苏富特科 面的成功例子。 技与麻省理工学院的合作。

美国商务部少数族裔企业发展局前局长朗奴•蓝斯 3 年前，刘建先生与潘先生接管了总部在南京的 登指出在中国和美国，中小企业都是最大的工作 一家上市公司南大苏富特科技，并使用双赢的运 岗位创造者和创新的动力，并提出如何对中小企 作模式与公司进行整合。公司不断从软件业务拓 业的提供支持的问题。他认为中小企业所面临最 展至生物医药以及科技产业园，并与许多美国的 大的挑战是无法获得资金，最后，他对此问题向 高校如麻省理工学院建立了协作关系。公司与麻 中小企业和政府提出了相应的建议。 省理工学院建筑与规划学院的合作并在中国设计 并建立最先进的科技产业园。到现在，南大苏富

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 42 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

特已经在中国建立了 10 多个科技产业园，并一直 致力于推进与麻省理工学院合作。 Xunming Deng, Professor of Toledo University and Chairman and CEO of Xunlight Corporation, shared his successful story in the 公司运营非常良好，近年来公司净利润成倍增长， solar-energy industry and how Xunlight became 股票价格也几乎翻了一番。不仅投资者获得良好 a Win-win example between China and the US 的回报，当地政府了获得较 3 年前 10 倍的税收收 in innovation. With his unique vision and 入。这无疑是一个中美共赢的合作模式的成功例 experience, he analyzed the prospect of the 子。 solar-energy industry and presented the product and progress of Xunlight.

为了进一步发挥这个模式优势，南大苏富特计划 Jianxiang Pan, CEO of NandaSoft Technology 在纽约推出一个集中国企业、风险投资基金、以 Corporation, shared his company’s experience 及房地产投资的强点国际孵化器项目，打造中国 of cooperating with MIT, which is another US- 企业向世界扩张的基地。 China Win-win Cooperation model of innovation.

The China-US Win-win Cooperation model of Mr. James Liu and Mr. Pan, both from US, took innovation panel gathered leaders in the over the management of Nanjing based public innovation ecosystem around higher education company Nandasoft Tech 3 years ago, and institute and the discussion touched the brought the global vision and win-win model collaboration between enterprises and into the company. They expand the company’s universities, the key to success for the small business from Software to healthcare and business as well as examples of successful business of Science & Technology Park, and example of Win-win cooperation. established collaboration with many American Universities, such as MIT. For example, they Karl Koster, Executive director of corporate have been working with School of Architecture relations/ Industrial Liaison Program of MIT, and Planning of MIT to design the most opened up the discussion by analyzing the advanced Science and Technology Park in global R&D expenditure data and identifying China. They are building 10 science parks in several strategic emerging industries to raise the China now, and work with MIT will help to concerns about the importance of cooperation make their science parks the best in China. and collaboration among the researchers and scientists, entrepreneurs and, investors. He The company is doing very well, the net profit concluded that several new connections should of the company double every year, the stock be forged in order to increase innovation and price also more than double, the investors got also presented how MIT are focusing on two-times return from the investment and the innovation and collaborating with industry and government got ten times of tax income the financial community. comparing with three years ago. This is a good example for the “win-win solution for China Ronald Langston, the former National Director and America cooperation”. of Minority Business Development Agency (MBDA), U.S. Department of Commerce, threw To promote the China-US win-win model of out a question about how to support small innovation Nandasoft is planning to build a medium enterprises (SMEs) both in China or New York International incubator, which U.S, which create largest part of employment features Chinese companies, venture capital opportunities and are most active in innovation. funds, and real estate investments with the He pointed out that the challenges that small purpose to build a solid foundation for the medium enterprises (SMEs) are facing are expansion of Chinese enterprises, and create a accessing to capital and came out solutions for bridge between China and US new technologies. both SMEs and regulatory bodies.

43

全球经济中的中国：价值链的提升

China in the Global Economy: Moving up the Value Chain

午餐讨论会在马奎斯酒店十六楼豪华的空中餐厅举行 Luncheon and Seminar in the SkyLobby on 16th Floor in Marriott Marquis

大卫•穆尼奥斯（David Munoz），黑岩集团董事总经理在午餐会上作精彩演讲 David Munoz, Managing Director of BlackRock, Inc. gave a speech during luncheon

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 44 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

专家主题讲演系列

Scientists & Experts Speech Series

邓文中：关于创新 Man-Chung Tang: About Innovation

邓文中（Man-Chung Tang），美国国家工程院院士，世界著名桥梁专家 Man-Chung Tang, Member of U.S. National Academy of Engineering

马佐平：半导体行业的技术突破

T.P. Ma: Breakthroughs in the Semiconductor

Industry

马佐平 （T.P. Ma），耶鲁大学教授，美国国家工程院院士 T.P. Ma, Professor, Yale University, Member of U.S. National Academy of Engineering

45

桑蒂利：无辐射中温可控核聚变 Santilli: Intermediate Controlled Nuclear Fusion without Radiaation

拉格罗•M•桑蒂利（Ruggero M. Santilli），美国基础研究所所 长，磁分子燃气公司CEO Ruggero M. Santilli, President of Institute for Basic Research & CEO of MagneGas. Corp.

阿尔法诺：光活检癌症诊断技术发展

Alfano: Advances in Optical Biopsy to

Deect Cancer

罗伯特•阿尔法诺（Robert Alfano），纽约市大学名誉教授 Robert Alfano, Distinguished Professor, CCNY

王兆凯：从硅藻到盈利的生物原油 Jaw-kai Wang: From Diatom to Bio-crude with profit

王兆凯（Jaw-Kai Wang），美国国家工程院院士，兆凯生 物工程研发中心CEO Jaw-Kai Wang, Member of U.S. National Academy of Engineering and CEO of Jawkai BioEngineering R& D Center

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 46 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

中美创新与合作峰会受邀成为美国纳斯达克收市钟敲钟仪式嘉宾 US-China Innovation & Cooperation Conference was invited to the NASDAQ Closing Bell Ceremony

Speech at the NASDAQ Closing Bell Ceremony

在纳斯达克交易结束敲钟仪式上的讲话

李大西

我非常荣幸在这里参加纳斯达克交易结束的敲钟仪式。这是对我们国际华 人科技工商协会会员十几年来为科技与工商搭桥，为中国与世界搭桥的巨 大努力的一种肯定。

我非常高兴我们的“中美创新与合作峰会”的最后一段在纳斯达克举行。 这是再合适不过的地方，因为纳斯达克特别鼓励的，特别支持的正是创新 的高科技企业。纳斯达克是创新企业成长的摇篮。把纳斯达克收市敲钟仪 式作为峰会的一部分，这是对峰会的一种创新，充分表示了美国各界对峰 会的高度重视和美国人民对中美创新与合作的支持和期望。

我们现在正处于一个关键时刻，我们必须决定如何应对世界金融危机。创 新与合作是正确应对的方法。中美合作共赢是必须采用的模式。这也是今 天参加会议者的共识。

47 中美两国是世界最大的两个经济体。两国的经济有极大的互补性。美国具备世界最先进的科学技术储备， 而中国是将这些科技储备转化为实际经济效益的市场可行性最高的经济体。两国的创新合作发展将释放出 巨大的全球经济效益，双方及时的创新合作发展是使得全球经济迅速复苏的坚实路径。加强两国在创新方 面，特别是科技创新， 金融创新和商业模式创新方面的交流与合作，是解决全球经济结构性矛盾的大事。 这次峰会聚集中美科技金融精英、杰出企业家和政府有关领导人在世界金融科技政治中心纽约，面对面交 流对话，探讨创新与合作的重要问题，为双方急需解决的经济问题发展出中美双赢的合作方式。参加会议 者的共识将会积极推进中美两国的创新与合作。

今天我们在纳斯达克敲钟，庆祝峰会成功。希望参加峰会的企业家有多人明年在这里敲钟庆祝他们的公司 在纳斯达克上市！

让我们共同努力使这个世界更美好！

Dr. Daxi Li

It is my great honor to be here to ring the bell for the NASDAQ Closing Bell Ceremony. This is recognition of the immense efforts made by the members of Chinese Association for Science and Business to create a bridge between science and business and to build a bridge between China and the world.

I am particularly happy that the last session of our US-China Innovation & Cooperation Conference is taking place at NASDAQ. This is the most fitting venue since what NASDAQ encourages and supports the most are innovative businesses. Making the closing Bell Ceremony part of the conference is also an innovation in itself. It symbolizes the US-China innovation and cooperation that Americans value and support

We are now at a critical moment. We need to decide how to respond effectively to the world financial crisis. Innovation and cooperation points the right way; US-China cooperation for win-win results is the right model. This, I believed, is also a consensus shared by our participants today.

Today we are ringing the closing bell here to cerebrate the success of the conference. Next year, I hope, some of the entrepreneurs here will be ringing the bell here to cerebrate their companies’ IPOs.

Let’s work together to make this world a better place to live in.

Thank you!

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 48 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

纳斯达克收盘敲钟仪式 NASDAQ Closing Bell Ceremony

国际华人科技工商协会主席李大西博士在纳斯达克敲响收市钟 纳斯达克欢迎 CASB Dr. Daxi Li, Chairman of Chinese Association for Science and Business rung NASDAQ welcomes CASB the closing bell in NASDAQ

时报广场现场直播敲钟仪式盛况 The Closing Bell Ceremony live broadcasted in Times Square

49

《中国上市还是美国上市？》研讨小组

Panel Discussion: IPO in the U.S. or China?

卡琳•麦金内尔（Karin McKinnell），纳斯达克全球证券资本市场公司 副总裁 Karin McKinnell，Corporate Vice President, Global Equity Capital 主持人：萨思力 （Selig D. Markets, NASDAQ OMX Group, Inc. Sacks），普凯律师事务所和 中国法律事务组共同主任 Moderator: Selig D. Sacks, Partner and Co-Chair China Practice, Pryor Cashman LLP

研讨小组成员：（从左到右） 陈小敏，德恒律师事务所合伙人 黄伟庆，海若克力思投资公司管理合伙人 哈里•爱德尔森 （Harry Edelson），China Opportunity Acquisition Corp.董事长兼首席执行官

Panelists: (From Left to Right) Xiaomin Chen, Partner of Deheng Law Offices Weiqing Huang, Managing Partner of Heracles Investment Corp. Harry Edelson, Chairman & CEO of China Opportunity Acquisition Corp.

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 50 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

贺信选登

Selected Congratulation Letters

Letter of Congratulations from Mr. Wan Gang, Vice Chairman of CPPCC, Minister of Science and Technology, and Chairman of Zhigong Party

51 中国全国政协副主席、科技部部长、致公党主席万刚的贺信 英文翻译

LETTER OF CONGRATULATIONS

From Mr. Wan Gang, Vice Chairman of CPPCC, Minister of Science and Technology, and Chairman of Zhigong Party (English translation)

October 18, 2011

Organizing Committee of the US-China Innovation and Cooperation Conference:

It was heartening to learn that the US-China Innovation and Cooperation Conference will take place in New York from October 30-31 with the joint organization of the Chinese Association for Science and Technology and the American American/Asian Research Institute of the City University of New York. I wish to extend my warm felicitations on the successful convening of this Conference and my cordial greetings to the distinguished guests and participants.

In this era, innovation and cooperation represents the fundamental means to promoting socio-economic development in the world and increasing people’s happiness in life. As the biggest developing and developed countries in the world respectively, China and the United States are also among the major movers of scientific and technological cooperation and economic development around the globe. The two countries’ innovation and cooperation have positive and far-reaching significance for their economic and social advancement and world economic progress.

The successful convening of this Conference is a fruit of creation by personages of vision in our two countries. It is setting a new stage for Sino-U.S. dialogue. I hope that, with wide, active and high-level participation, this summit will become a platform for investment and cooperation, and a grand gathering for science, technology and innovation.

I wish the Conference a resounding success!

Yours sincerely,

WAN Gang

Vice Chairman, National Committee Of the Chinese People’s Political Consultative Conference

Chairman, Central Committee of China Zhigong Party

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 52 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

宾夕法尼亚州州长汤姆•科比特的贺信

COMMONWEALTH OF PENNSYLVANIA OFFICE OF THE GOVERNOR

GREETINGS:

I am honored to join with the participants of the U.S.-China Innovation & Cooperation Conference in supporting entrepreneurship and cultural awareness.

I am confident the businesses and community organizations from Pennsylvania participating in this important conference will find it most rewarding. I am pleased by the spirit of cooperation exhibited by the diverse speakers and participants of this year’s event. This conference provides a unique opportunity for many business owners and community leaders to work together to address the unique opportunities and difficulties facing our economies today.

As Governor and on behalf of all Pennsylvanians, I want to wish the U.S.-China Innovation & Cooperation Conference an enjoyable and informative event.

TOM CORBETT Governor October 30, 2011

225 Main Capitol Building | Harrisburg, PA 17120 | 717.787.2500 | Fax 717.772.8284 | www.pa.gov

53 Congratulation letter form Mr. Wan Qingliang, Mayor of the city of Guangzhou

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 54 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

媒体报道收录

凤凰卫视 Media Coverage 经济学家成思危：中国经济未摆脱硬着陆风险 http://v.ifeng.com/news/finance/201111/829e7b25-0cb2-433a-bd13-31ae61160a57.shtml

NASDAQ 纳斯达克 US-China Innovation & Cooperation Conference Rings The NASDAQ Stock Market Closing Bell http://www.nasdaq.com/marketsite/marketsite-events-detail.aspx?fn=201110-close10312011.txt

NASDAQ 纳斯达克 US-China Innovation & Cooperation Conference Rings The NASDAQ Stock Market Closing Bell http://mktvideo.nasdaq.com/MarketSiteOpenCloseVideos/201110/mc_103111.wmv

The Wall Street Journal Chinese Companies Need More Transparency - China Ex-Lawmaker http://online.wsj.com/article/BT-CO-20111031-712602.html

21 世纪网 成思危：中国不可能“英雄救欧” http://www.21cbh.com/HTML/2011-11-3/3NMDY5XzM3NjY3Ng.html

China Xinhua News Network Corporation (CNC) World Experts on China-US trade http://www.cncworld.tv/news/v_show/19443_Experts_on_China-US_trade.shtml

Xinhua News Agency Experts still see opportunities in U.S.-listed Chinese stocks http://news.xinhuanet.com/english2010/china/2011-11/01/c_131223482.htm

新华社 解决债务危机需要欧洲领导人痛下决心自救——访中国全国人大常委会原副委员长成思危 http://news.xinhuanet.com/politics/2011-11/01/c_111139033.htm

新华社 業內專家認為中國概念股仍具投資潛力 http://big5.xinhuanet.com/gate/big5/www.cnstock.com/index/gdxw/201111/1638984.htm

香港商报 成思危: 4 萬億倒逼轉型 http://www.hkcd.com.hk/content/2011-11/02/content_2835819.htm

美国中文电视 中美创新与合作峰会 中美合作势不可挡 http://video.sinovision.net/?id=4013

55 美国中文电视 共探中美创新之路 首届中美创新与合作峰会开幕 http://video.sinovision.net/?id=4003

搜狐 中美创新与合作峰会在纽约开幕 http://roll.sohu.com/20111101/n324087074.shtml

侨报 首届中美创新与合作峰会纽约举行 http://www.chinapressusa.com/2011-11/01/content_1086317.htm

美国中文网 科技創新，中美合作，對抗金融危機 http://gate.sinovision.net:82/gate/big5/www.sinovision.net/index.php?module=news&act=details&col_id=498&n ews_id=192030 美国中文网 首届中美创新与合作峰会 10 月 30 日纽约开幕 http://www.sinovision.net/index.php?module=news&act=details&col_id=498&news_id=191534

深圳特区报 中美创新与合作峰会在纽约开幕 引入纳斯达克为合作伙伴，探讨中资企业在美上市策略 http://sztqb.sznews.com/html/2011-11/01/content_1804510.htm

China Daily Experts see opportunities in US-listed Chinese stocks http://www.chinadaily.com.cn/bizchina/2011-11/01/content_14016053.htm

中国证券网 成思危：解決債務危機需歐洲領導人痛下決心自救 http://big5.xinhuanet.com/gate/big5/www.cnstock.com/index/gdbb/201111/1640678.htm

多盈财经 中美创新与合作峰会纽约开幕 http://www.zdy333.com/finance/world/20111101/179996.html

金融界 业内专家：中国概念股仍具投资潜力 http://finance.jrj.com.cn/2011/11/01101611457269.shtml

金投网 成思危：解决欧债危机 勿过多寄望中国 http://forex.cngold.org/c/2011-11-01/c743942.html

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 56 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

报道实录 Media Coverage

科技创新，中美合作，对抗金融危机

——中美创新与合作峰会圆满结束

侨报工商记者 陈儒斌

10 月 30 至 31 日，为期两天的国际华人科技 来自纽约各界以及中国各界的两百多名嘉宾， 工商协会和纽约市立大学亚洲亚裔研究所联合主 在哈德逊河上进行了思维碰撞，广泛交流，度过 办的首届中美创新与合作峰会在纽约隆重举行。 了一个美好的晚上。 出席峰会的包括中国第十届全国人大副委员长成 思危先生、中国驻纽约总领事馆总领事孙国祥以 成思危主题演讲：改变发展模式，提高 及来自中美科技、金融、工商各界人士逾 200 人。 经济增长质量

主办者国际华人科技工商协会主席李大西指 10 月 31 日，峰会在纽约时报广场的万豪马 出，经过两天的研讨和交流，中美专家学者、企 奎斯大酒店举行，第十届全国人大副委员长成思 业家加深了对当前国际经济形势的了解和认识， 危先生的主题发言《中国从世界金融危机中学到 为走出金融危机，提出了很多新的观点和想法， 的教训》成为峰会中最重要的亮点。成思危是著 在当前持续的经济危机之中，具有深远的意义。 名的经济学家，被称为中国“风险投资之父”。

创意开幕式：哈德逊游轮上的峰会晚宴 成思危指出，2008 年底为了应对全球金融危 机，中国启动了 4 万亿人民币的经济刺激计划， 和常规的峰会不同，10 月 30 日晚上，中美 使经济保持高速度增长，如果没有这个刺激计划， 创新与合作峰会在曼哈顿西区哈德逊河上游轮 中国的经济增长率将是 2.4%而不是 9.2%， 并且 “棕榈滩之星号”（Star of Palm Beach）开幕。峰 会增加 853 万失业劳动力。 会在轻松活泼的氛围下拉开序幕。 但是这个计划的副作用于 2010 年逐渐发酵， 第十届中国人大副委员长成思危先生郑重宣 中国不得不改变以往的发展模式。中国 2009 年的 布峰会开幕，其后是中国驻纽约总领事馆科技参 投资达到 22 万 5 千亿，比 2008 年增加了 30.1%， 赞毛中颖先生致词。纽约大学理工学院院长 Jerry 其主要副作用为：产能过剩；存货增加；投资效 Holtin 作了主题发言《技术开创了一个新的黄金 率降低；环境问题增加。 时代》。 据估计，2009 年有近 2 万 5 千亿银行贷款进 中国政协副主席万钢、宾州州长 Tom 入房地产市场，推高了地价。同时，有近 7 千 7 Corbett 的贺信，也在开幕式上宣读。万钢向峰会 百亿银行贷款进入股票市场。一些城市的房价迅 致以热烈祝贺，向出席峰会的嘉宾亲切问候。万 速攀升，泡沫正在形成。所以中国目前正在以史 钢指出，创新与合作史促进全球经济发展和人民 无前例的力量，来解决房产泡沫的问题。 生活幸福的根本途径。

57 成思危指出，中国发展的方向是：促进国内 生物工程专家王兆凯院士，作了《从硅藻到 消费；发展绿色经济；改善开放政策；改革教育 盈利的生物原油》，为世界能源生产提出了新的 体系；国际竞争的核心是人力资源竞争，而人力 理念。 资源竞争的关键是人的创造力。教育要提高人口 素质和创新精神。 除了院士专家，还有很多在科技研发和生产 第一线的专家也作了精彩发言，美国迅力光能公 成思危总结道：经济保障我们的今天，科技 司首席执行官、美国 Toledo 大学终身教授邓勋明 保障我们的明天，教育保障我们的未来。经过这 博士，将他应用在时报广场 Ricoh 大型广告牌的 场经济危机，中国不再追求高增长率，也不企求 新颖太阳能产品在大会上展示，引起了与会者的 高贸易顺超。中国正在改变发展模式，着重提高 强烈兴趣。 国内需求，发展绿色经济，改善开放政策，改革 教育体系。 午餐也演讲，美国人眼中的中国机会

成思危的演讲引起了美国许多专家的兴趣， 峰会的时间非常紧凑，午餐时分，尽管与会 诺贝尔经济学获奖者，纽约大学教授 Robert Engle 者移师到万豪酒店 16 楼的空中餐厅，研讨会同时 专程前来，与成思危在会上作了关于中国经济的 举行，黑岩集团（Black Rock）的董事总经理 对话。 David Munoz 作了《全球经济中的中国：价值链 的提升》的演讲。让与会者忘记了精彩的午餐， 院士及专家纷纷登台演讲：技术创新与 会后，Munoz 先生还专程在记者会上解答了关于 中国机会 中国机会的问题。随着中国价值链的提升，中国 的机会将会越来越吸引世界的目光。 全天的峰会活动中，多名资深科技专家作了 精彩的专题演讲，其中包括美国国家工程院三位 纳斯达克研讨，美国上市还是中国上市？ 华裔院士邓文中、马佐平、王兆凯。他们的发言， 不断吸引大家的目光。 峰会下午移师时报广场的纳斯达克总部，国 际华人科技工商协会主席李大西、纽约市大学亚 主持过一百多座中美两国桥梁设计的著名桥 洲亚裔研究所所长梅邓妙兰和纳斯达克负责人以 梁专家邓文中，通过自己在美国和中国建造桥梁 及部分嘉宾一起，敲响当天的纳斯达克收市钟。 的实际案例，将科技创新的高深话题具体地阐述 出来。邓文中将科技创新的要点归纳为—— 敲钟仪式举行的同时，时报广场上的许多大 “Why? Why Not? What if?为什么? 为什么不? 假 屏幕，都现场直播了主办者敲钟的市况，并循环 如…又如何？”一下子将科技创新的话题变得通 播出。 俗易懂。 下午的研讨会集中在中国上市还是美国上市 获得多项国际科技大奖的耶鲁大学半导体专 的话题，纳斯达克全球证券资本市场公司副总裁 家马佐平教授，提出了“硅时代”的概念，他认 Kerin McKinnell 女士，美国普凯律师事务所中国 为人类已经进入“硅时代”，这个时代将会延续 法律事务组主任 Selig D. Sacks、德恒律师事务所 1000 年。马教授指出相变存储器(PCM)将是信息 合伙人陈小敏、海若克力思投资公司管理合伙人 储存技术的未来，而 PCM 开发和生产的国家，将 黄伟庆等金融法律专家，做了精彩发言。 是中国。马佐平教授的科技团队将研究成果已经 转化成为产品，他主持研发的“时代全芯相变存 针对近来美国投资者对中国概念股的质疑， 储器芯片”已经在北京面世，成为中国第一家取 黄伟庆认为只要中国经济保持强劲的增长，美国 得高密度相变存储器芯片的公司。 人肯定不会对中国概念股失去信心。

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 58 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

意犹未尽：峰会将会持续下去 各界，与报告者有很多互动。连诺贝尔经济学奖 金获得者也专程前来参与探讨，非常难得。 峰会主要主办者李大西博士对本次活动非常 满意：峰会报告者的水平非常高，包括美国工程 关于峰会的未来，李大西博士指出，本次峰 院三名院士，他们都是国际顶级的科技专家。大 会的成功举办，为以后的持续举行提供了很好的 家观点鲜明，提出了很多富有创新的观点，并带 参照。组委会正在研究如何在中国和美国两地将 来了科技界的许多新动向。 峰会继续开展下去。目的是组合各方力量，为中 美两国科技和经济的发展，为中美两国的关系和 李大西指出，参与者的水平非常高，出席峰 合作做出力所能及的贡献。 会的代表来自中美两国科技、金融、工商、法律

译文 报道实录 Translation Media Coverage

Technological Innovation, US-China Cooperation, to Battle against the financial crisis --US-China Innovation & Cooperation Held successfully

Rubin Chen, Reporter from ChinaPess

The first US-China Innovation & Cooperation Opening Ceremony: Dinner Cruise on the Conference, co-hosted by the Chinese Hudson River Association for Science and Business (CASB) and the Asian American/Asian Research Different from most conventional opening Institute (AAARI) of City University of New ceremonies, the US-China Innovation & York (CUNY), was held in New York City from Cooperation Conference’s opening reception October 30 to 31, 2011. Attendees to this summit took place on the cruise boat “Star of Palm included Mr. Cheng Siwei, Vice Chairman of the Beach” on the Hudson River on the evening of National People’s Congress (NPC) of the October 30, providing all attendees with a People’s Republic of China, Mr. Sun Guoxiang, unique relaxing and lively networking Consul General of the People’s Republic of atmosphere. China in New York, and more than 200 leaders across scientific, financial, industrial and Mr. Cheng Siwei, Vice Chairman of the Standing business sectors from the US and China. Committee of the 10th Session of the PRC National People's Congress, announced the “After two days of discussions and exchanges,” opening of the conference. Mr. Mao Zhongying, said by Mr. Li Daxi, CASB Chairman and the Science Consul of the Consulate General of the chief conference organizer, “Sino-American People's Republic of China, followed with a experts as well as entrepreneurs from both speech. Jerry Hultin, President of the countries acquired a better understanding of the Polytechnic Institute of New York University, current international economic situation. They gave a talk entitled "Technology Ushers in a put forward exciting new ideas and key New Golden Age". opinions on how to survive the financial crisis, which brought a significant positive impact on There were readings of congratulatory letters the current global economy. ” from Mr. Wan Gang, Vice Chairman of CPPCC, Minister of Science and Technology and Chairman of Zhigong Party of the

59 People's Republic of China, and Tom Corbett, rapidly increased in some cities, and bubbles Governor of Pennsylvania. Mr. Wan Gang sent have been accumulating. Currently, China is warm greetings to the conference taking the biggest step in history to address the attendants. He also noted that innovation and real estate bubble. cooperation has a history of promoting and leading global economic development and Mr. Cheng said, the goal of China's improvement of the quality of life. development is to promote domestic consumption, develop green economy, improve Over 200 esteemed guests from various the opening-up policy, and reform the education backgrounds from all over New York and China system. Mr. Cheng said that the core of thus enjoyed a pleasant evening of conversation international competition is the competition of and good company. human resource, the key to which is the creativity of individuals. To improve the quality of human resources, we should focus on

fostering the innovative spirit in China through Mr. Cheng Siwei 's keynote speech: China education. needs to change its development pattern and improve the quality of economic growth. In conclusion, Mr. Cheng said, economy can

guarantee our today; science and technology can The US-China Innovation & Cooperation guarantee our tomorrow; however, only Conference was held on Oct 31, 2011 at Marriot education can guarantee our day after Marquis Hotel at Time Square, New York. Vice tomorrow. After this global crisis, China has no Chairman of the Tenth National People's intention to pursue a high growth rate or a high Congress Mr. Cheng Siwei 's keynote speech trade surplus. China is trying to change its "Lessons for China from the Global Crisis" development pattern by focusing on promoting highlighted the entire conference. Mr. Cheng, domestic consumption, developing green known as "the Father of Venture Capital in economy, improving the opening-up policy, and China", is one of the most prestigious Chinese reforming the education system. economists.

Many U.S. economists, including Nobel At the end of 2008, China started a 4 trillion Laureate in Economics and New York RMB stimulus package in order to cope with the University professor Robert Engle, were highly global financial crisis. This package benefited interested in Mr. Cheng's speech and attended China by boosting its GDP growth from 2.4% to the conference especially for Mr. Cheng. After 9.2% while maintaining 8,530,000 jobs, Mr. Mr. Cheng's presentation, Professor Engle Cheng said. discussed the Chinese economy with Mr. Cheng

at the conference. However, in 2010, the negative effects of this stimulus package started to emerge. China's Talks from expert after expert: Technology, investment in 2010 reached 22.5 trillion RMB, a Innovation, and Opportunities in China 30.1% increase over that of 2008. This stimulus package has brought several major negative Throughout the entire conference, many effects, including excess capacity, surplus renowned scientific authorities, including three inventory, lower investment efficiency and more Chinese members of the U.S. National Academy environmental problems. Therefore, changing of Engineering Man-Chung Tang, T.P. Ma, and the development pattern is a must for China. Jaw-Kai Wang presented engaging talks. Their

lectures never ceased to capture the audience’s It is estimated that in 2009, around 2.5 trillion attention and imagination. RMB bank loan entered the real estate market, which propped up land prices. At the same Drawing from personal experience in having led time, around 770 billion RMB of bank loans over 100 bridge construction projects in both the entered the stock market. Real estate prices have US and China, Man-Chung Tang related to the

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 60 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

audience his viewpoint on scientific issues related to opportunities in innovation. Dr. Tang reduced the major China. Following China's climb up the value intricacies of innovation to three chain, according to Munoz, opportunities in questions: “Why? Why not? What if?” Thus, in China will only increasingly attract the world's an instant, a complex subject such as scientific attention. innovation was made readily comprehensible.

Professor T.P. Ma, a winner of many notable Panel at NASDAQ: IPO in the U.S. or China? international science awards and a renowned Yale University researcher in the field of In the afternoon, the conference transitioned semiconductors, raised the notion of human itself to NASDAQ Stock Exchange's civilization entering a modern “Silicon headquarters at Times Square. CASB Chairman Age.” Like historical eras from the past, the new Dr. Li Daxi, AAARI-CUNY Executive Director Silicon Age should last for a millennium, he Joyce Moy; and a senior NASDAQ said. Professor Ma proclaimed phase change representative participated in the day's memory as the future of information storage NASDAQ Closing Bell Ceremony alongside technology and China as the leader in this conference participants. field. Professor Ma’s research team has already transformed lab results into a viable and Simultaneously, a number of giant electronic marketable product. His company, BAMC billboards at Times Square broadcasted the live (Being Advanced Memory Company), has feed from the Closing Bell Ceremony. already started operations in Beijing to become China’s leading company in phase change Immediately afterwards, the discussion panel memory. moved on to the topic of issuing an IPO--in China or the US. Panel participants, including Dr. Jaw-Kai Wang, an expert on bioengineering, Ms. Carin McKinnell, Corporate Vice President revealed a new solution for global energy of Global Equity Capital Markets at NASDAQ; demands with his talk on “From Diatom to Bio- Selig D. Sacks, Partner and Co-Chair of the crude with Profit”. China Practice at Pryor Cashman LLP; Chen Xiaomin, Partner of Deheng Law Offices; Huang In addition to academic experts, a number of Weiqing, Managing Partner of Heracles individuals from various other scientific and Investment Corp, offered poignant insights. technology fields also gave fascinating lectures. Dr. Deng Xunming, CEO of Xunlight, Regarding recent events leading to some Inc. and professor of Toledo University, American investors’ mistrust of Chinese intrigued the audience with his demonstration companies, Mr. Huang Weiqing opined that as of Xunlight’s new, revolutionary solar panels, long as the Chinese economy maintains its currently used to power Ricoh’s large screen robust growth, American investors will not lose billboard at Times Square. confidence in Chinese stocks.

Presentation Even During Lunch: The Not fully expressed yet, something more to Opportunities in China from an American say: Summit will continue Perspective Dr. Li Daxi, main organizer of the first US-China The conference agenda was fully packed. Even Innovation & Cooperation Conference, was very during lunch at the Marriott's 16th floor Skyhall satisfied with the outcome of the event: top level Restaurant, there was an ongoing talk by and world well-known experts in science and BlackRock Managing Director David Munoz, on technology, including three academicians of the "China in the Global Economy: Moving up the U.S. National Academy of Engineering, shared Value Chain". Even more memorable than the their innovative ideas for the innovated trends outstanding luncheon, Mr. Munoz's post-talk of technology development with some 200 press conference addressed many outstanding

61 participants. The summit turned out to be a resounding success.

The summit successfully brought together leaders across industrial, scientific, financial and legal sectors as well as senior government officials from U.S. and China to share their perspectives. Nobel Economic Prize winner Dr. Robert Engle attended the conference. About the future of the summit, Dr. Li Daxi said that the success of the first conference had provided very good experience and reference for the organization of future summits. The Organization Committee was summarizing the experience for preparing future summits and would continue to bring together the social resources for better development and collaboration between both countries in the scientific, technological and economic fields. This, he said, would definitely benefit the Sino- US relations.

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 62 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

报道实录 Media Coverage

成思危：中国不可能“英雄救欧”

“欧洲应通过自身努力克服困难，中国会尽一点力，但不必寄予过多不切实际 的希望”

本报记者 李艳霞 纽约报道

11 月 3 日，G20 领导人第六次峰会将在法国海滨 尔兰、葡萄牙等陷入主权债务危机的国家）不利， 城市戛纳召开，欧元区债务危机成为峰会最受瞩 对德国和法国也没有好处。 目的议题。最近一段时间，全球市场都在关注包 欧元区的债务总额根据报道大约是 1.7 万亿欧 括中国在内的新兴市场国家在欧债危机中将扮演 元，这个数字是很大的，要解决这个问题，单靠 的角色，任何中国高层人物与欧元区的接触消息， 金融稳定救助基金是不够的，还要有其他措施， 都会被热情追捧关注，甚至过度解读。 比如，债务的重组，欧洲央行发行欧元债券—— 但国际金融论坛主席、全国人大常委会前副委 以德国法国的主权信用做担保，发行欧元债券 员长成思危对热望泼了冷水。他表示，中国不可 （希腊的国债没人买了）。还有就是负债国家持 能上演“英雄救美”的戏码，不可能“英雄救 续实行财政紧缩政策等。 欧”。 通过这些措施，应该可以慢慢削减欧元区的危 成思危是 10 月 31 日在纽约出席国际华人科技 机。有人说，欧元区的前途是 50：50；我比较乐 工商协会主办的“首届中美创新与合作峰会”时 观一些，觉得是 60：40，还是有希望的。 做出如上表示的。他认为，中国 GDP 占世界比 欧元区的问题在于，虽然各国的财政政策是独 重不大，还不具备挽救欧债危机的能力，希望欧 立的，但其货币政策是 ECB（欧洲央行）统一的。 洲透过自身努力度过时艰，不必对中国寄予“过 这样带来的问题是，当某个国家出问题的时候， 多不切实际的希望”。 无法通过货币贬值的方式去应对。实行财政紧缩 成思危在会议间隙及后来的记者会上接受了本 政策是不得人心的，希腊等国的情况就可以为证。 报记者的采访，纵论全球市场关注的三大热点议 而且根据统计，实行财政紧缩政策的政府，在 题。除欧债危机以及中国将扮演的角色，他还对 下次选举中 50%的可能是失去下届执政的权力。 美国的经济与美联储政策等谈了他的看法。 所以，这些国家的政治家也会考量，不见得会按 对欧元区前途乐观 照 IMF 和欧洲央行希望的那样去紧缩财政。 《21 世纪》：现在全球投资者都非常关心欧债 中国援欧“力量有限” 问题，华尔街持续热烈讨论，市场对此反应非常 《21 世纪》：那么，中国是否应该出手救助欧 敏感，经常为某一条未经证实的消息大涨大跌， 元区？目前的最新消息说，中国将与 IMF 一起携 您怎么看？ 手，共同出资成立一个“特别基金”。有传言说 成思危：欧盟目前的实际态度还是要救，因为 中国将会出资 700 亿欧元，也有传言说更多。您 如果不救，欧元区就会垮，欧洲一体化就没有了。 怎么看这些消息？ 欧元区的特点是内部贸易量很大，所以如果欧元 成思危：中国不可能扮演“英雄救美”的角色， 区垮了，不仅对 PIGS（ 瘟猪国家，指希腊、爱 不可能“英雄救欧”。

63 中国的 GDP 占世界比重不到 10%，力量有限。 更多（精力）了。银行系统还没有恢复过来，但 中国有庞大的外汇储备这是不错，但中国的外汇 华尔街的高工资引起了美国民众的不满，所以最 储备并不是现金资产，不是随时可以动用的。中 近爆发了“占领华尔街”的事件。从这些看，美 国的外储绝大部分是美元资产，只要抛售，会在 国经济的复苏还不稳定。 国际市场造成大的波动，最终损失的还是自己。 至于 QE3 会不会来？我觉得扭转操作是一种变 出资 700 亿欧元成立特别基金，钱从哪里来？ 相的 QE3。具体的话，要看美国货币当局的衡量。 欧元区是中国最大的贸易伙伴，中国当然希望 我们研究过 QE2，其短期的刺激比较明显，但长 欧元区克服困难、渡过难关。但是，欧洲应通过 期对美元贬值和通货膨胀都有很大影响。再搞 自身努力克服困难，中国会尽一点力，但不必寄 QE3，会出现同样的问题。 予过多不切实际的希望。 舒默法案：荒谬！ 《21 世纪》：最近对人民币汇率的压力有加大 的态势，人民币升值的速度在加快。有人说，是 否外界压力加大，人民币升值速度就快？对舒默 法案您怎么看？ 成思危：对人民币汇率，中国的态度很明确， 最终就是自由可兑换。由市场供求关系来决定， 而不是由政府 来控制。 我们现在是在一个过渡时期，目前最重要的就 是要提高灵活性，而不是一味地升值。前一段时 间，人民币还略有贬值。中国并不是屈服于外界 压力，你压力大我就升值。汇率问题是个主权问 题，不能听别人说三道四。当然，对于人民币汇 率改革进程中的各种因素，需要灵活应对。 至于舒默法案，我只能用一个词汇来形容： NONSENSE！2005 年舒默最初提出针对人民币汇 率案的时候，要求人民币升值约 30%；从 2005 年 到现在，人民币已经升值了超过 30%。现在舒默 再提议案，还是要求再升 30%！荒谬！这与美国 的选举有关，美国议会老是对人民币施压没有意 思。无论外界怎么说，人民币还是会往它该去的 国际化、完全可自由兑换的方向走。 “扭曲操作”是变相 QE3 《21 世纪》：您怎么看的美国目前的经济状况 以及美联储的政策趋势， QE3 会不会来？如果来 了会以什么样的方式来呈现？ 成思危：美国经济有几个问题确实值得我们注 意。第一，美国经济的复苏还不是很稳固，经济 复苏的不确定性比较大；第二，美国还会维持低 利率；第三，美国地方政府的债务也很严重。 更重要的是，美国经过中期选举后，共和党在 国会占了多数后，民主党的奥巴马政府在政策制 定上（应付共和党）讨价还加之争就（需要花费）

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 64 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected] To bridge science with business; To Bridge China with the world 为科技与工商搭桥、为中国与世界搭桥

特别鸣谢 Acknowledgement

We wish to thank all those who helped us. Without them, I could not have completed the conference or this yearbook.

For their presences and excellent speeches:

Robert R. Alfano, John W. Allen, Stephen Chang, Xiaomin Chen, Siwei Cheng, Xunming Deng, Harry Edelson, Robert Engle, Jerry Hultin, Shengbei Guo, Weiqing Huang, Karl F. Koster, Ronald N. Langston, James Liu, Zhongyin Mao, T.P. Ma, Kerin Mckinnell, Joyce Moy, David Munoz, Jianxiang Pan, Yang Pang, Selig Sacks, Steven Salsberg, Ruggero M. Santilli, Grace Shu, Guoxiang Sun, Man-Chuang Tang, Jaw-kai Wang

For the partnership and cooperation:

For their generous supports:

For their excellent reports:

Xinhua News Agency

Rubin Chen, Yanxia Li For their volunteer work and tremendous efforts of translating, interpreting and transcribing:

Xian Cao, Yexingbi Cui, Heng Chen, Kang Chen, Jing Hao, Tianyi Hu, Caidong Lai, Peilin Li, David Liu, Yihang Pan, Xiaoxiao Pan, Qiong Qin, Chen Sun, Xin Tan, Ruoyu Tang, Qiangkang Yun, Wei Zhang, Wenjia zhang

For their graphic designing and video editing:

Heng Chen, Ruoyu Tang

For their photos：

Rubin Chen (from the ChinaPress), Peilin Li, Tony Shi (from The Photographic Society of New York), Sam Zhan (from The Photographic Society of New York

65

在此感谢所有为本次中美创新与合作峰会和此年刊慷慨支持、辛勤工作的朋友们。没有你们，峰会 可能无法获得如此的成功，此刊物也可能从来没有机会出版！

感谢出席嘉宾及精彩演讲：

罗伯特•阿尔法诺、约翰•爱伦、史蒂芬•张、 陈小敏、成思危、邓勋明、哈里•埃德尔森、罗伯特•恩格尔、 杰瑞•赫廷、郭胜北、黄伟庆、卡尔•科斯特、朗奴•蓝斯顿、刘建邦、毛中颖、马佐平、卡琳•麦金内尔、 梅邓妙兰、大卫•穆尼奥斯、潘建翔、庞阳、萨思力、史蒂文•萨尔斯伯格、鲁格罗•桑蒂利、苏丽凰、孙国 祥、邓文中、王兆凯

感谢合作主办单位的协助与合作：

感谢合作伙伴与公司的慷慨支持：

感谢以下媒体合作伙伴和记者精彩的报道：

新华社

陈儒斌、李艳霞

感谢以下志愿者们的无私付出与辛勤的汗水和他们出色的翻译及录音记录工作:

曹娴、崔叶昕碧、陈珩、陈康、郝静、胡天翼、赖蔡东、李加宁、李沛林、刘达、潘肖潇、秦琼、孙晨、 谭新、唐若愚、云强康、张薇、张文嘉

感谢图片和视频的编辑人员：

陈珩、唐若愚

感谢以下摄影师：

陈儒斌（侨报）、李沛林、石小莹 （纽约摄影家协会）、詹战（纽约摄影家协会）

To learn more about Chinese Association for Science & Business, please visit: www.casbi.org or contact us at [email protected] 66 更多国际华人科技工商协会信息，请登陆：www.casbi.org，或电邮至：[email protected]

Innovation & Cooperation 国际华人科技工商协会二零一一年年刊 Chinese Association for Science and Business 2011 Year Book

About

国际华人科技工商协会（Chinese Association for Science and Business）简称CASB，于1997年成立于美国纽约。

协会宗旨：为科技与工商搭桥，为中国与世界搭桥。

CASB在纽约，上海，南京，深圳设有办公室，总部在纽约。CASB积极推动中国高新科技产业发展，协助广州市筹办了 首届中国留学人员广州科技交流会，与深圳市合办了深圳市留学生创业园，并积极推动中美在清洁能源和金融创新方面 的积极合作。

The Chinese Association for Science and Business, Inc. (CASB) was founded in New York in 1997 by a group of highly motivated professionals with advanced degrees and in leadership positions in science, technology or finance. CASB is a 501(c)(3) non-for-profit organization approved by the Internal Revenue Service, United States.

Mission: to bridge science with business; to bridge China with the world

CASB has built a broad-based global network of professionals and corresponding government agencies for promoting culture exchanges and international cooperation.

CASB has offices in New York, Shanghai, Nanjing, and Shenzhen. It ’s headquarter is in New York.

Address: 8237 166th Street, Hillcrest, NY 11432, U.S.A. Tel: 1-646-291-2938 Fax:1-877-884-7775 E-mail:[email protected] 纽约办公室：纽约市34 街帝国大厦59 层5924 室 电话: 001-215-550394 上海办公室：浦东区芳甸路1088 号紫竹国际大厦190 电话: 021-60752701 南京办公室：鼓楼区清江南路89 号南大苏富特科技创新园 电话: 025-68528888 深圳办公室：高新区南区留学生创业大厦2101 室 电话: 0755-86329000

Chinese Association for Science and Business.