Professor Lee Il Houng, Vice Minister of the National Monetary Policy Committee of the Bank of Korea, visited the Northeast Asian Research Center and gave a keynote speech
On September 24th , 2019, at the invitation of the Northeast Asian Research Center, Professor Lee Il Houng, the former Dean of the Korea Institute For International Economic Policy and the former head of the Monetary Committee of the Central Bank, visited and delivered an academic lecture in the conference room of Dongrong Building.
Professor Lee Il Houng is the former Dean of the Korea Institute For International Economic Policy and a visiting professor at Jilin University. From 2013 to 2015, he was the ambassador for international cooperation of the Ministry of Foreign Affairs of South Korea and negotiator of the G20. Professor Lee has worked at the International Monetary Fund for more than 20 years and is a well-known expert on monetary and financial issues in South Korea. He also has unique insights on currency issues in China and South Korea.
Professor Lee Il Houng gave a detailed introduction to the current situation and development of the world economy, and analyzed the response of European and American countries to global economization. The lecture consisted of three parts, “The operation of the world economy”, “the status quo of the global economy”, and “the impact of the global economy on the Chinese economy.” The monetary policy implemented by the development has put forward some suggestions and warnings for China's economic development. Professor Lee Il Houng pointed out that since the 2008 economic crisis, the economic structure of developed countries has weakened, the number of low-income classes has continued to expand, and the income of the middle class has continued to decline. Many countries using government bonds to maintain consumption through debt but it is not feasible and it cannot fundamentally narrow the relatively obvious income gaps. At the same time, stimulating investment and overdraft through capital also has limitations. Comparing the American and Chinese economies, the development of the United States is relatively balanced, while the regional development gaps in China are large, which means that coastal cities are developing rapidly, and the inland areas still have great development potential. The central and western regions are not integrated into the global economy and are likely to be surpassed. He believed that China would adopt practical policy measures. In short, China should avoid the problems of high debt and high aging.
Teachers from the Northeast Asian Research Center responded enthusiastically to the content of the lecture and had active discussions with Professor Lee on issues related to economic globalization. Professor Lee Il Houng’s report is of a broad vision, rich content, detailed data, and humorous language. It provides much valuable information to teachers of the Northeast Asian Research Center to further understand the development of global economics, and it actively promotes the research work of related disciplines.
