1. Page 1 Beijing with us! China International Assignment

2. Page 2 Who is “us”?  Richard Portes Professor of Economics  Emeric Henry Assistant Professor of Economics

3. Page 3 The context  An economy that has grown at over 10% p.a. over the last decade and now accounts for 10% of world GDP…  …with $2 trillion of foreign exchange reserves  Huge domestic market, but also an export powerhouse  A banking sector that has attracted investment from all the big Western banks  Lots of assembly plants, sure, but also hi-tech, innovation, and entrepreneurial flair  An extraordinary city – history, architecture, food, art…

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5. Page 5 Past visits to firms – some of which will repeat in 2008 We do multiple visits rather than projects based on deep immersion in a single firm  Alibaba (yahoo china)  Lenovo  Huaqi – MP 3 players etc.  China Mobile and China Telecom  Nokia and its suppliers  CNOOC (oil company)

6. Page 6 Visits to banks  Peoples Bank of China (central bank)  Western banks in China - Goldman Sachs - UBS - Morgan Stanley  Chinese banks - CICC - ICBC - BoC

7. Page 7 Exceptionally good lectures…  Chong-En Bai (Head of Department of Economics, Tsinghua University)  And the home team (well, we do our best…)

8. Page 8 Also this year  Agency responsible for air quality during Olympics  Go outside Beijing to see some different types of firms

9. Page 9 …and a bit of free time  Great Wall  Forbidden City  Silk Market  Quanjude Peking Duck, Green T. House, Lotus Flower…

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11. Page 11 Beijing with us!  Unique moment – how will China respond to a global slowdown? Can the economy maintain its dynamism? Can the system deal with the tensions of inequality? Will China join the US in a ‘grand bargain’ to rebuild the foundations of the international financial system?  Enjoy some free time in a great city  Year after year, about 40% of the students on this trip have said afterwards, ‘I want to work at least a few years in China’…and many others look forward to working with Chinese firms.