On 11th March 2015, Dr. Christina Yan Zhang, China Director, QS Intelligence Unit met Jim O’Neill, ex Chairman Goldman Sachs Asset Management, father of the term “BRIC”. They enjoyed an interesting discussion on the QS BRICS University Ranking.
About the Conference
This is the 3rd year of the annual China Business Conference, oragnised by the China-Britain Business Council. This year, it attracts 500 participants, most of leading business leaders who are working on the Chinese market. More than 40 topical speakers have been invited from McKinsey, Alibaba, Arup, UK and PRC Government, Oxford University, just to name a few. The event was supported by CBI, London & Partners, British Chambers of Commerce, Commercial Section of the Chinese Embassy, China Council for the Promotion of International Trade, The UK Chinese Business Association.
Key topics cover:
Education, Innovation & Entrepreneurship
The Chinese Consumer
Visiting Britain – The Experiential Economy
Jim O’Neill on the Chinese Economy
Jim O’Neill is previously the chairman of Goldman Sachs Asset Management. He is one of the world’s most famous economists, who is best known for coining the term BRIC, which stands for Brazil, Russia, India, and China—the four rapidly developing countries that have come to symbolise the shift in global economic power away from the developed G7 economies.
Jim gave a keynote speech titled “Growth & China: Quality vs Quantity”. He seems to be very optimistic about the Chinese economy.
He argued that the slightly slowed Chinese economy is not a bad thing that might have concerned some. Instead, he argue that the Chinese economy currently stands at 7% GDP growth annually is mainly because “the Chinese government want its economy to slow down”. “The Chinese government is pursuing quality as opposed to quantity of growth”.
The Chinese economy has already slowed down in the past decade. However,”China’s economic growth hasn’t slowed as much as I predicted for the whole decade – yet.” And “China is the only BRIC not to disappoint”.
“Economically, at 7% growth, China creates another India every 2 years, another UK every 1 year, and another South Africa every 3 months”.
Talking about the role of the Chinese economy in the world, he pointed out that “the world economy in past 20 years has not slowed down that much than expected was directly a result of the strength of the Chinese economy”.
In conclusion, he proposes that he is very looking forward to 2016 when China would be hosting the G20 and he is keen to talk to policies makers in China to assist the sustainable development of its economy and hence the global economy.
Jim O’Neill and QS BRICS University Ranking
It was not the first time Dr. Christina Yan Zhang, China Director of QS Intelligence Unit met Jim O’Neill. They met quite a few times before at various events. For example, 30th September 2014 Lecture with Gerard Lyons and Jim O’Neill, The New Economic and Political World Order: Challenges and Opportunities on 30th September 2014 at the 48 Group Club event.
Before his keynote speech at China-Britain Business Council China Business Conference, Jim O’Neill and Dr. Christina Yan Zhang had a discussion about the QS BRICS University Ranking.
Jim O’Neill was surprised that it was the Russian, rather than the Chinese government who sponsored the BRICS Universities Ranking! Obviously, Mr. BRICs believed that China was the one that performed best among the BRICS countries and ideally, they would be the one to sponsor a regional rankings like this.
Jim O’Neill was very pleased to read the QS BRICS University Rankings and happily took a photo holding the ranking supplyment with Dr. Christina Yan Zhang.
(On 30th September 2014, Dr. Christina Yan Zhang, China Director, QS Intelligence Unit met Jim O’Neill at a 48 Group Club event with Gerard Lyons spoke on The New Economic and Political World Order: Challenges and Opportunities)