Dr. Fengbo Zhang
Dr. Zhang has been introducing western
economics, helping the Chinese
top leaders in policy-making since the 1980s. He received a
Ph.D. in Economics from Kyoto University in Japan. In 1986, he
was a Senior Research Fellow, the Founder and Head of the
Chinese Macroeconomic Research Group at the STATE COUNCIL
Research Center in China, helped Deng Xiaoping leadership for
top policy-making. He headed major national economic research
projects, including the “Chinese Macroeconomic Research” – the
7th of China’s five years key project, also taught at leading
universities. In 1988, he was a visiting scholar at Harvard
University and National Bureau of Economic Research USA, in 1990
represented top Japanese companies for the rapid investment boom
in the USA, and joined Fuji Bank NY Headquarters. In 2003, he
joined Citigroup, Senior Vice President for Citibank Lending. He
has published more than 10 books and is regularly invited to
speak to Chinese government and business leaders.
Website:
http://whoswho1990.googlepages.com/home
http://analysisofchinesemacroeconomy.com
Email:
FengboZhang@gmail.com
http://www2.xlibris.com/bookstore/bookdisplay.asp?bookid=47738
PageOneLit.com: Where did you grow up and was reading and writing a
part of your life? Who were your earliest influences and why?
Dr. Fengbo Zhang: I was born in China, I spend my childhood during the
Cultural Revolution in China. After graduated from high school, I had to
go countryside, a poor village to work hard as a farmer. I thought I had
to spend my whole life to till the fields. But I still hold a hope,
continued self-study, including University's major text-books at night,
while I continued the hard work during the day time. After two years,
when the culture revolution ends, universities were re-opened. I passed
examination, attended Shanghai Foreign Language University with major in
Japanese. Due to newly re-opened university with hard conditions, there
were not so many textbooks, of course, no copy machine. We had to copy
each textbook by hand. The hard conditions trained us very strong
studying spirit.
After granulated from University, I passed the examination and became
the research fellow of Chinese Social Science Academy. Then I went to
Japan to study western economics.
Deng Xiaoping's reform and open policy created China's new era, also
bring us new life.
Chinese current new leaders President Hu Jingtao, Primer Wen Jiabao
accumulated rich leadership experience, professional knowledge and
international view. They are leading China to become a member of world
leaders.
PageOneLit.com: In A CHINESE ECONOMIST'S JOURNEY you discuss that you
helped top leaders in China with policy-making in the 1980's. In the
1990's, you represented top Japanese companies during the rapid
investment boom in the USA. This must have been a wonderful journey --
Looking back now would you have done anything different? Were there any
economic ideas then concerning USA and the rest of the world that didn't
have an outcome you thought would happen?
Dr. Fengbo Zhang: I feel so great as my life met all those challenges,
always catch the world's most exciting events, and stay on the top.
I experienced culture revolution's most fighting period, became early
overseas studying Chinese, helped Chinese top leadership for
decision-making; represented top Japanese companies for the rapid
investment boom in the USA; defeated the World Financial Storm;
experienced 9/11, currently continued success during the USA mortgage
crisis.
PageOneLit.com: In A CHINESE ECONOMIST'S JOURNEY you discuss your
experience working with mortgages for four or more years -- What is your
outlook/perspective on the future of USA housing market?
Dr. Fengbo Zhang: The USA mortgage market's fluctuations are very
limited. I have been in charge of mortgage lending more than 5 years, I
have never had a bad debt, currently continued the best performance.
The main battlefield of this crisis is in the USA financial markets.
Sub-prime mortgage securitization dealers, brokers and investors prefer
the high-risk, short-term high return. The overly high expectations and
fanatical devotion and hyping created the financial bubble speculation.
Fluctuations in the housing market, with investor's confidence
shattered, led to the related enterprise bonds and asset valuation
plunge, which resulted in panic, and a slumped USA stock market, and
even the whole global financial market, strongly affecting global
investors.
The billions of valuable housing property that turned worthless
overnight by crazy financial markets, brings one of the greatest
opportunities of a lifetime for sober and rational investors. In Chapter
four of A CHINESE ECONOMIST'S JOURNEY, I detailed many business
opportunities during the mortgage crisis
PageOneLit.com: In A CHINESE ECONOMIST'S JOURNEY you discuss 9/11 -
Where were you that day and your thoughts now years after the tragedy?
Dr. Fengbo Zhang: 9/11 changed New York, USA and the world, also changed
many people's lives. My office in the World Trade Center disappeared.
Many of my colleagues and friends lost their lives. I was lucky that my
meeting at world Trade Center was postponed. 9/11 made us feel how
valuable life is, and how important peace is.
PageOneLit.com: Briefly describe/discuss your new book ANALYSIS OF
CHINESE MACROECONOMY. What is the difference between micro and macro
economy?
Dr. Fengbo Zhang: Microeconomic is for business management of
enterprises. Macroeconomics mainly is for government policy-making
regarding the national economy. In 1980s, my duty in State Council was
introducing western economics and modern computer science to China,
establishing Macroeconomic research theory and method for top economic
decision-making. I headed major national key research projects. ANALYSIS
OF CHINESE MACROECONOMY is one of my research achievements. Most of the
contents were issued as government reports before publishing the book.
PageOneLit.com: ANALYSIS OF CHINESE MACROECONOMY won the first place
prize from Chinese National Book Award in 1987 and has been used for 20
years for training in major universities. Has the ANALYSIS OF CHINESE
MACROECONOMY been used in USA universities as well?
Dr. Fengbo Zhang: The book was published in China and Japan. This is
first time published in English, however, I read many American economic
books quoted form this book's Chinese version.
PageOneLit.com: What gained your first interest in economics and what
would you hope to achieve in the future?
Dr. Fengbo Zhang: In 1980, I went to study in Japan, was set to study
the Japanese language and its literature. I witnessed Japan's economic
miracle achieved, and I thought for a long time : China's Human Sciences
has a brilliant history spanning over several thousand years, and the
Natural sciences in China had largely caught up with the rest of the
world. However, China's economy was still backward, and the key to this
lies in the lack of economic theory guiding China's economic
development. Therefore, I decided to study economics.
I always emphasized that the economic research should produce
significant social benefit and the desired economic effect. I especially
focused on financial management. I am enjoying to summarize the economic
theory and methods based on rich financial management experience.
I have been regularly invited to speak to Chinese government and
business leaders, and write report and articles. My opinions are mostly
criticism. I point out problems, suggest improvement, and always
received good responses. As Chinese say "Bitter good medicine "or
"Bitter, better medicine".
As in Chapter four of A CHINESE ECONOMIST'S JOURNEY, one year ago when
USA mortgage crisis occurred, I was invited to write report to Chinese
top leaders ,as many Chinese media, scholars suggested: tightening of
mortgage lending, strict approval conditions, increasing the threshold,
proportion of down payment etc.
I published my report, strongly criticized it, point out that "The
housing problem in China is radically different than the problem in the
United States. The wrong prescription can cause serious and irreversible
damage." I requested that "Must take strict precautions to prevent some
financial institutions tightening lending practices, increasing harsh
conditions, raising the threshold, increasing the down payment etc. to
discriminating or make it difficult for the vast numbers of low-middle
income people with limited financial conditions and payment ability, to
purchase their first home, which will trigger social unrest and turmoil.
" My opinion received almost unanimously supports, and changed Chinese
government policy-making.
PageOneLit.com: Your opinion on current events? The Olympics?
The Beijing Olympics is a milestone, indicated China became a world
super nation in sports, as well as in economy. As the conclusion of the
chapter One of my book A CHINESE ECONOMIST'S JOURNEY "It is as if seeing
that after 500 years of sleeping, with a painful struggle and earth
shaking roar, the Eastern Lion is waking up. "
PageOneLit.com: What's next?
Dr. Fengbo Zhang: 20 years ago, when I was working for China's top
decision making, I completed more than 100 government reports and
academic research paper t, published 10 books in two years. Then I
concentrated on financial business. I continued to make reports,
research papers, and make speeches, but in more than 20 years, this is
the first time I published those two books, in one month.
More than 20 years rich experience make me can not stop to write, detail
of any one of those exciting event can create a big book. I will enjoy
writing more books in future.
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