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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (22249)	1/26/2005 6:33:01 PM
From: RealMuLan	Respond to of 116555

Here is his Bios: Fan Gang: Director, National Economic Research Institute Biographic Profile Fan Gang (Pronounced: "Fahn Gahng") Professor of Economics, Graduate School of the Chinese Academy of Social Sciences, PRC Director, National Economic Research Institute, China Reform Foundation (NERI-China) Dr. Fan Gang is a highly distinguished economist trained at the Chinese Academy of Social Sciences, an elite government think tank overseeing numerous research institutes. In addition to his duties as a professor of that think tank and director of the prestigious NERI-China, Fan devotes his considerable energy to serving as an advisor to the Chinese government and consultant to a number of international organizations. Dr. Fan is a prolific author as well, with over 100 academic papers and eight books on macroeconomics and the economics of transition to his name. Dr. Fan has been a proponent of using tight monetary policy coupled with an expansionary macroeconomic policy to stimulate China’s domestic demand, which remained sluggish during 1999. Although critics of the Chinese government’s massive investment in infrastructure construction maintained that such public spending merely increased government debt and had so far failed to achieve its purpose, Dr. Fan recommended patience, pointing out that macroeconomic policies take time to work and that in the absence of adequate private investment, the government was obliged to step in until the market economy became firmly established. Career Highlights Dr. Fan Gang, having earned his Ph.D. in economics at the Graduate School of the Chinese Academy of Social Sciences, went on to become an economics professor there. He also rose to the directorship of the National Economic Research Institute of the China Reform Foundation. He currently holds both titles. Dr. Fan has also exercised his academic talents as the editor-in-chief of the monthly Jingji Yanjiu (Economic Research Journal). His research having won him international acclaim, Dr. Fan was invited by Harvard University to be a visiting fellow of its National Bureau of Economic Research. Dr. Fan has not restricted his activities to academia, but has avidly agreed to serve as an advisor to various central and provincial government departments. In addition, he has been a consultant to international organizations undertaking economic endeavors such as the World Bank, the United Nations Development Program (UNDP), the Organization for Economic Cooperation and Development (OECD), and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Background Fan Gang received his Ph.D. in economics from the Chinese Academy of Social Sciences in 1988, and currently resides in Beijing. UPDATED: 24 January 2000 chinaonline.com chinaonline.com =============== He is among the influencial economists in China, but hard to say how much of that influence can affect China's major policy<g>. But what he said definitely consistent with what Zhou XiaoChuang and other important decision makers said. --China will not make any concession under pressure, strong or not strong; --float (against a basket of currencies) is the eventual goal of Chinese gov. but China will do it at its own pace and for China's interest; --China, although lost faith in US$, but in no hurry getting out of the US$ position yet<g>; --Chinese gov., starting this year, will, seriously, foster 30-50 world class, SOEs in order to compete with the multi-billion dollar foreign companies; (10 years from now for 10% of top 500 in world, which I think is not bad, although I expect better than that<g>) As for >>Fan said last year China lost a good opportunity to do revalue its currency, in July and October.<<, I am not sure his view is shared by the decision makers like Zhou XiaoChuan. Fan is also a believer that China should NOT revalue small percent (like say 5-7% as Goldman Sachs predicts), because that equals to encourage the currency traders to keep gambling on RMB appreciation.