Channeling the Say of Top Economists' in State's Decision Making

Source: www.lifeofguangzhou.com

Following are the words from Dai YuQing, President of Guangzhou Daily Press Group, given in an interview on April 11 about why the group are organizing the coming "Asian Financial Crisis - 10th Anniversary Symposium" in Guangzhou, Guangdong on April 15. He also shares his thoughts on China's economy and media responsibility.[Audio]

President of Guangzhou Daily Press Group Dai YuQing

What is the practical significance of organizing such a top-notched workshop now?

We focused on two elements when we discussed with the Chinese Economists 50 Forum the subjects of the workshop this February. First are China's macro-economic issues and second are news making issues concerning the people of Guangzhou and Guangdong. The "10th Anniversary of Asian Financial Crisis" links these issues.

In recent years the nation's economy has developed quickly and tops government concerns. The symposium can provide helpful advice to the government on economic adjustment by grouping some top Chinese economists together via the workshop in which they will discuss and voice opinions about economic status, phenomena and policies. It is believed the meeting could assist government's decision-making. 2007 is the 10th anniversary of the "Asian Financial Crisis. We shall have a retrospective look at the crisis. Involving this adds some news-making importance to the symposium.

Economic bubbles similar to the Japanese cases in the late 80s and early 90s?

Japan suffered from high property and stock prices around the end of the 80's, beginning of the 90's. Now, the Chinese public has an insufficient understanding of such issues and fear of a shortage of property resources is pushing up housing prices. It is similar to the scenario of Guangzhou before the financial crisis and possibly tends towards the way of Japan.

Currently the economy is thriving, but subject to the dangers of stagnation or decline. It is a big concern among the public, officials and economists. Now our government is making great efforts to prevent the development of an economic crisis.


Responsibilities of Media, scholars and officials

I think we should have and help establish a balanced and rational review of the "Asian Financial Crisis" now. Particularly, the media should report the views and objectives of economists to the public in an easily understandable way, so that the public can make informed decisions concerning, real estate stock and business...What scholars think about the economy is abstract and macro while the media's involvement can be practical and down-to-earth. They can play different roles.

Many members of the forum are well-received scholars, senior economic officials and even state decision-makers, like Wu Xiaoling, who is Vice President of the People's Bank, Chinese Central Bank. He is coming to Guangzhou for the symposium.

We will also help establish a sort of channel to communicate the experts' points to the public in a practical way. Guangzhou Daily boasts a large readership in China and can be influential in this respect.

(By Ronald Li and Alan Devey)

Editor: Jessie Hwang