PECC XIV: Fourteenth General Meeting

From November 28, 2001 until November 30, 2001

At Hong Kong

Categories: PECC Events

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The Fourteenth PECC General Meeting
Managing Globalisation in the 21st Century
November 28-30, 2001, Hong Kong

Opening Ceremony Video



Opening Remarks

  • Dr. William Fung, PECC Chair and Chairman, Hong Kong Committee for Pacific Economic Cooperation
    (Video)

 

Keynote Address

 

Plenary Session I: Globalisation in Perspective (Video)

Globalisation is not new. It is a process, not a policy. In this session, we will look at globalisation from different perspectives. In particular, we are going to examine how does globalisation shape the choices facing policymakers and business leaders? What are the key drivers and constraints in the policy environment? What aspects of globalisation are having the greatest impact on income and workplace environments? What are the consequences for international trade? Is globalisation widening or narrowing global economic inequality? What are the impacts of the tragic events of 11th September on the globalisation process? How the tragic events have changed the world's perspective on globalisation?

Session Chair :

  • Mr. Riz Khan, International Broadcaster and Journalist; and former CNN Anchor

Panel Speakers:

 

Plenary Session II: Pacific Response to Globalisation (Video)

Globalisation has become an irreversible trend. How should we respond? In this session, we are going to examine: how is globalisation shaping the future of ordinary citizens in the Pacific region and what will be their likely responses? How should economies with different assets try to position themselves in the new economy and respond to the wave of globalisation? What defines a competitive edge in the new global economy? What is the role of government and how should we equip our citizens to adapt to globalisation? What are the implications of the tragic events of 11th September on the region's response to globalisation?

Session Chair:

  • Dr. Kim Kihwan, Chairman, Korea National Commitee for Pacific Economic Cooperation

Panel Speakers:

 

Lunch Speech: Impact of China's WTO Membership

What is the impact of China's WTO membership on the WTO, the Asia Pacific region, and the Sino-US relationship?

Introduction:

Keynote Address:

  • Amb. Charlene Barshefsky, Former US Trade Representative and Senior International Partner, Wilmer, Cutler & Pickering
    (Video)

Plenary Session III: WTO and the New Round of Trade Talk (Video)

The completion of the Uruguay Round negotiations, the subsequent agreements on telecoms, financial services and information technology, the on-going implementation of the commitments made in various agreements, and the successful conclusion of the Doha Ministerial Conference all indicate that the rules-based multilateral trading system is very much alive and well as it enters the 21st century. In this session, we are going to examine how to build a more open multilateral trading system in the 21st century? Outcome of the Doha WTO Ministerial Conference and agenda and modality for the negotiations to be pursued under the Doha Ministerial Declaration.

Session Chair :

  • Mr. Jusuf Wanandi, Chairman, Indonesian National Committee for Pacific Economic Cooperation; and Member, Board of Trustees, Centre of Strategic and International Studies, Jakarta, Indonesia

Panel Speakers:

  • Mr. Chau Tak Hay, Secretary for Commerce and Industry, Hong Kong Special Administrative Region of the People's Republic of China
  • Mr. Mike Moore, Director General, World Trade Organization
  • Prof. L. Alan Winters, Professor of Economics, Sussex University, UK

 

Plenary Session IV: Regional / Sub-regional Economic Partnerships (RSEPs) : A Better Way to Foster Global Growth? (Video)

Most economies in the world, on all continents, are members of regional/sub-regional economic partnerships(RSEPs). There has been a recent increase in interest in the region in the application of such agreements, including by economies which had previously not been involved in their formulation. One of the most frequently asked questions is whether the growth of RSEPs helps or hinders the development of the multilateral trading system. In this session, we are going to examine in what ways can RSEPs contribute to global economic integration and trade liberalisation? Is there any need for drawing up guiding principles to govern RSEPs? What are the possible policy instruments for building high standard RSEPs? What are the impacts of the tragic events of 11th September on the development of RSEPs?

Session Chair :

  • Prof. Christopher Findlay, Professor Asia Pacific School of Economics and Management, Australian National University

Panel Speakers:

 

Special Session : China : The New Face after Joining the WTO (Video)

How is China's WTO membership going to redefine the international trading system? What will be China's role in the global marketplace? What is the impact of China's economy in the region? What will be the new trade and investment regimes of China after its accession to the WTO?

Introduction:

  • Dr. William Fung, PECC Chair and Chairman, Hong Kong Committee for Pacific Economic Cooperation

Keynote Address:

  • Mr. Long Yongtu, Chief Representative for Trade Negotiations, Ministry of Foreign Trade and Economic Cooperation, the People's Republic of China
 

Plenary Session V : Globalisation and the New Financial Markets

Asia's financial crisis underscores the risks of globalisation. Greater regional cooperation is needed to forestall future crisis. In this session, we are going to examine: how does globalisation affect the new financial markets? What shall economies in the region do to meet the challenges, maximise opportunities and minimise risks under the new international financial landscape? What are the implications of the tragic events of 11th September on the financial markets?

Session Chair :

  • Dr. Jeffrey Koo, Chairman, Chinese Taipei Pacific Economic Copperation Committee; and Chairman and CEO, Chinatrust Commercial Bank

Panel Speakers:

  • Mr. Stuart Gulliver, Chief Executive, Investment Banking and Markets Asia-Pacific, The Hongkong and Shanghai Banking Corporation Limited
  • Mr. Hernán Somerville, President, Chilean Association of Banks and Financial Institutions
  • Mr. Joseph Yam, Chief Executive, Hong Kong Monetary Authority

 

Plenary Session VI: Corporate Governance : The Key to Sustainable Financial Markets (Video)

Raising corporate governance standards is fundamental to strengthening market disciplines, promoting stability and attracting capital. In this session, we are going to examine: what are the benefits of corporate governance in achieving sustainable and healthy financial markets from the perspectives of shareholders, market operators, the management and corporate staff? What is the role of government in strengthening corporate governance? What are the principles of good corporate governance?

Session Chair:

  • Prof. Jesus Estanislao, President and CEO, Institute of Corporate Directors

Panel Speakers:

 

Concurrent Session 1: Global Production : Implications for Measurement of Trade Flows and Trade Policies

What are the implications of global production for trade policies? What are the problems of the current methods for measuring trade flows? What will be the possible approach to achieve a more accurate measurement of trade flows taking into account the high degree of specialisation in the context of globalisation? Is "multiple-country origin rules" a feasible solution to the problems?

Moderator:

  • Prof. Edward Chen, Coordinator, PECC Trade Policy Forum; and President, Lingnan University, Hong Kong

Panellists:

 

Concurrent Session 2 : Financial Resources for New Enterprises in the Asia-Pacific Region

A major challenge for startup firms in PECC economies is attracting adequate investment capital. As new companies seek venture funding and, ultimately, public financing through initial public offerings, new second board markets have emerged in a number of PECC economies. If startup companies are increasingly hopeful in using these strategies, their successful application remains poorly understood and doubts are growing about the viability of some second board markets. This session will explore the changing environment and current challenges of private and/or public capital for startup companies in the PECC region.

Moderator:

  • Prof. Wendy Dobson, Professor and Director, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, Canada

Panellists:

 

Concurrent Session 3: Corporate Governance and Related Reforms for East Asia

The challenge of corporate governance reforms to East Asia in the wake of the financial crisis; the specific cultural and business environment giving rise to "the difficulties" in immediately adopting the OECD corporate governance core principles in several East Asia economies; the alternative pathways to corporate governance reforms in the region; the demands of financial markets in East Asia for corporate governance; the evolving "code of best practice" for corporate governance in East Asian economies, and PECC's contributions to the international efforts on enhancement of corporate governance in the region.

Moderator:

  • Prof. Jesus Estanislao, President and CEO, Institute of Corporate Directors

Panellists:

 

Concurrent Session 4: How to Deal with Fiscal Deficits and Consolidation: Pacific Experiences for the 21st Century

Reviewing the diversifying recent fiscal developments across the region and looking into potential fiscal risks; comparing increasing fiscal deficits and mounting government debt in Japan as well as in East Asia against seemingly successful fiscal consolidation in Canada, New Zealand and the United States; analysing efficiency and consolidation, short-run demand management and long-run debt dynamics as well as renewed adequate division of labour between public and private sectors as well as between central and local governments and drawing on their experiences in fiscal policy issues and exploring policy lessons for the future.

Moderator:

  • Dr. Akira Kohsaka, Coordinator, Pacific Economic Outlook-Structure Project Group; and Professor of Economics, Osaka School of International Public Policy, Osaka University, Japan

Panellists:

Discussants:

  • Mr. Tang Kwong Yiu, Government Economist, Hong Kong Special Administrative Region of the People's Republic of China
  • Dr. Rong-I Wu, President, Taiwan Institute of Economic Research, Chinese Taipei

 

Concurrent Session 5: E-Commerce in the Knowledge Economy : Equipping the Pacific Entrepreneurs to Deal with the Challenges of Doing Business in the 21st Century

The global infrastructure of e-commerce, legal and regulatory issues in e-commerce, trends, practices and issues relating to e-entrepreneurship, developing e-policy for business, how to enhance competence of entrepreneurs in the Pacific in new information and communication, technologies and facilitate their meaningful participation in the globalised new knowledge economy; how can PECC help people in the region to take fall advantage of the opportunities offered by the emergence of e-commerce, PECC's role as strengthening the open trade and investment environment and in enhancing economic and technical cooperation in the region

Moderator:

  • Dr. Paul Mu, Coordinator, PECC Human Resource Development Task Force; and President, Shih-Hsin University, Chinese Taipei

Panellists:

  • Prof. David C. Cheng, Professor, College of Management and Centre for Asia-Pacific Area Studies, Dong Hwa University, Chinese Taipei
 

Telecom Industry - Its Impact on Economic Growth and the Arising Opportunities in Asia

What are the unique dynamics of Asian telecom industry? How does the evolution of the telecom industry in Asia give rise to new opportunities and competitions? What are the essential assets to meet with the growing demands? How is Asian connectivity increasingly important to the global economy?

Introduction:

  • Dr. William Fung, PECC Chair; and Chairman, Hong Kong Committee for Pacific Economic Cooperation

Keynote Address:

  • Mr. John J. Legere, CEO, Global Crossing and Asia Global Crossing

 

Concurrent Session 6: Market Response on Corporate Governance

The evolving pattern for macroeconomic cooperation in East Asia; the surveillance and peer review process in East Asia by private companies and institutes: possible further steps towards closer monetary and financial cooperation for stability in East Asia; the status of financial sector reform in East Asia since the 1997-1999 financial crisis; the prospects for further financial sector strengthening in East Asia, particularly for tightening banking supervision in consistency with BIS principles; the status of corporate restructuring in East Asia since the financial crisis; the prospects for cooperation over further corporate restructuring in East Asia and the corporate governance scorecard for East Asian publicly listed banks and corporations.

Moderator:

  • Prof. Stephen Cheung, Chair, PECC Peer Assistance and Review Network Core Group on Corporate Governance; and Chair Professor of Finance, Department of Economics and Finance, City University of Hong Kong

Panellists:

 

Concurrent Session 7: Diversity and Sustainability in Cities of the Pacific Rim

Cities around the Pacific Rim, to safeguard the capability of future generations for growth need different and appropriate sustainable development policies, which must take into account four major dimensions: economic, social, cultural and environmental. This process must be constantly re-activated and run by all urban actors, local authorities, inhabitants and economic actors, NGOs, with the help of experts. Coordination among city, region, and state organisations must be established to set up coherent regulations and policies. The concurrent session will cover the main topics of the three sessions of the PECC Sustainable Cities Task Force held in Bangkok, Christchurch and Hong Kong and present PECC Sustainable Cities Task Force's 2001-2003 programme on sustainable urban services.

Moderators:

  • The Hon. Michel Rocard, Former Prime Minister, France; Chairman, France (Pacific Territories) National Committee for Pacific Economic Cooperation and Member, European Parliament
  • Mrs. Genevieve Dubois-Taine, Coordinator, PECC Sustainable Cities Task Force
    default default Sustainable Cities (136.97 kB) (136 KB)

Panellists:

 

Concurrent Session 8: Impact of New Technology on Food and Agriculture

Recent advances in and status of agricultural biotechnology: science, benefits and risks, impact and need of agricultural biotechnology in the Pacific region and developing world, development of international agreements on GM food utilisation, safety, labelling and trade issues; germplasm and technology transfer and sharing.

Moderator:

  • Prof. Samuel Sun, Professor and Chairman, Department of Biology, Chinese University of Hong Kong

Panellists:


Concurrent Session 9: 

(I) Balancing the Environment and Economic Objectives of Energy Policy

How to achieve economic and environmental policy objectives in the production and use of energy; review of the policies in use or being considered by economies to meet their energy needs while protecting the environment, use of environmental considerations in energy planning, the significance of cooperation between economies in reducing th environmental impacts of fossil fuel production while advancing sustainable economic development objectives, and cosideration of available energy production technologies and means for gaining access to those technologies.

Moderator:

  • Dr. Mark Borthwick, Executive Director, United States National Committee for Pacific Economic Cooperation

Panellists:

(II) The Role of Energy Security in Maintaining Economic Growth

Developments to date and options available to address the economic and social impacts of oil market volatility with respect to fundamental energy security concerns, including petroleum reserves, petroleum sharing, developing a regional energy supply, and the exchange of supply-demand information between economies as a means for coping with disruptions, and the role of alternative energy sources as well as energy efficiency and conservation in providing energy security.

Moderator:

  • Dr. John Wiebe
    President and CEO, Globe Foundation on Business and the Environment, Vancouver, Canada

Panellists:

 

Concurrent Session 10 : The Future of the Global Trading System : The Road Post Shanghai and Doha

This concurrent session aims to build on Plenary Sessions I-IV, which touch on the key issues relating to the global trading system and to challenge all stakeholders to take a forward looking stance. It will assess the outcomes of the APEC Ministerial and Leader's Meetings in Shanghai in October, the WTO Ministerial Conference in Doha in November, and other developments of trade policy in the region, such as the proliferation of regional trading arrangements and bilaterals and recent key trade conflicts (Japan-China, US Steel) for the trading system of the region; identify the challenges and implications of these changes for developed and developing economies, policymakers, business sector and other stakeholders, and come up with concrete recommendations on the way forward.

Moderator:

  • Mr. Rob Scollay
    Director, APEC Study Centre, University of Auckland, New Zealand

Panellists:

  • Mr. Bijit Bora, Officer in Charge, Research Section, Trade Analysis Branch, Trade Division, United Nations Conference on Trade and Development
  • Prof. Edward Chen, Coordinator, PECC Trade Policy Forum; and President, Lingnan University, Hong Kong
  • Prof. Christopher Findlay, Professor, Asia Pacific School of Economics and Management, Australian National University
  • Dr. Mari Pangestu, Deputy Coordinator, PECC Trade Policy Forum; and Member, Board of Trustees, Centre for Strategic and International Studies, Jakarta, Indonesia
  • Prof. L. Alan Winters, Professor of Economics, Sussex University, UK

Panel Discussion

Moderator:

  • Mr. Woo Yuen Pau, Chairman, Canadian National Committee for Pacific Economic Cooperation; and Vice President, Research, and Chief Economist, Asia Pacific Foundation of Canada

Discussants:

  • Dr. Kyung Tae Lee, Chairman, APEC Economic Committee; and President, Korea Institute for International Economic Policy
  • Mr. Jose F. Poblano, Director General for Negotiation of Services, Ministry of Economy, Mexico
  • Ms Rachel Thompson, Associate Director, Global Trade Practice, APCO Worldwide
  • Dr. Ernesto Tironi, Coordinator, Chilean PECC Trade Policy Forum


Gala Dinner Welcoming Remarks

 

Plenary Session VII : Building the Pacific Community (Video)

Globalisation and rapid technological progress are changing the relationships among economies. Traditional concepts of regional cooperation and community building are increasingly being challenged. In this session, we are going to examine: how should we address the issue of community building in face of the challenges of globalisation? What is the role of PECC and other regional and international economic and trade organisations in community building? In what areas economies should cooperate in building the Pacific community as the engines of growth in the 21st century? What are the implications of the tragic events of 11th September on the Pacific community?

Session Chair:

  • Amb. Hisashi Owada, Chairman, Japan National Committee for Pacific Economic Cooperation; and President, Japan Institute of International Affairs

Speakers:

Panellists:

  • Senator Edgardo Boeninger, Honorary Member of Chile Pacific Foundation Board
  • Prof. Edward Chen, Coordinator, PECC Trade Policy Forum; and President, Lingnan University, Hong Kong
  • Dr. Edward M. Graham, Senior Fellow, Institute for International Economics, U.S.

 

Closing Remarks (Video)

  • Dr. William Fung, PECC Chair; and Chairman, Hong Kong Committee for Pacific Economic Cooperation
    default default Closing Remarks (15.25 kB) (15 KB)
  • Pehin Lim Jock Seng, Incoming PECC Chair and Chairman, Brunei Darussalam National Committee for Pacific Economic Cooperation