China's Next Transformation
Free Public Lecture
111 Barry Street, Calrton
In the past 40 years, China has done exceptionally well in economic growth and poverty reduction. As expected, now that China is a higher middle income country, growth has started to slow down, and has become increasingly dependent on capital deepening, much of it credit financed, which is in the end not sustainable. The authorities are well aware that for the coming decades, they need a different growth model—one that is based more on productivity increases and innovation. This notion has been embedded in policies since the mid-2000, and has gained prominence in the 13th Five Year Plan and China’s “Manufacturing 2025” plan for industrial policy.
Bert Hofman, World Bank Country Director will explore where China is in this next transformation, what China can do to accelerate the process, and what the implications are for the rest of the world of China’s next transformation.
Mr Bert Hofman, Country Director (China, Mongolia and Korea)
Mr Bert Hofman
Country Director (China, Mongolia and Korea)
Mr Bert Hofman, a Dutch National, is the World Bank's Country Director for China, Mongolia and Korea. Based in Beijing since 2014, this is his third tour working on China since the early 1990s. Mr Hofman is leading a team that is managing the World Bank’s largest loan portfolio and directs an extensive analytical and advisory program with China and Mongolia, and a growing knowledge partnership with Korea. Prior to his present assignment, Mr Hofman was the World Bank's Chief Economist for the East Asia and Pacific Region and Director, Singapore Office from 2011–14. As regional chief economist he led a team to analyse key trends and policy issues across East Asia and the Pacific. As Director Singapore he helped build a partnership that focuses on expanding investment in infrastructure in emerging economies. Before moving to Singapore, Mr Hofman was the Country Director for the Philippines, responsible for a growing portfolio of projects and advisory services to the Philippines government. Mr Hofman has accumulated more than 23 years of experience in the World Bank, 18 in the East Asia region. Mr. Hofman was Lead Economist for China and for Indonesia and country economist for Mongolia and Namibia. He had also worked on Brazil, South Africa, Russia, Zambia, and Namibia in his earlier years with the Bank. Prior to joining the World Bank, Mr. Hofman worked at the Kiel Institute of World Economics in Germany, the Organization for Economic Cooperation and Development (OECD) in Paris, and NMB Bank in the Netherlands (now ING). Mr Hofman holds a degree in economics of Erasmus University Rotterdam and studied at the Christian Albrechts University, Kiel.