Indian Council for Research on International Economic Relations

Lecture Details

Chinese Mercantile: World Consumer Gains, Chinese Worker Loss
 

Dr. Surjit S Bhalla, Managing Director, Oxus Research & Investment 
November 14, 2003

 
Dr. Srujit S. Bhalla, Managing Director, Oxus Research & Investment (right), delivering a talk on ‘Chinese Mercantilism: World Consumer Gains, Chinese Worker Loses’, chaired by Dr. Nicholas R Lardy, Senior Fellow, Institute for International Economics, Washington, D.C. (centre), Dr. Arvind Virmani, Director & Chief Executive, ICRIER (left). The Lecture was organised by ICRIER. 

Dr. Surjit S. Bhalla, Director, Oxus Research & Investment, delivered a lecture on Chinese Mercantilism: World Consumer Gains, Chinese Worker Loses’ on November 14, 2003 at a public lecture organised by ICRIER at the India Habitat Centre, New Delhi. Dr. Bhalla emphasised the nature of exchange rate regimes in both the developed and the developing world for the ‘globalisation’ period 1980 to 2003. With special reference to China, he attempted to answer two main questions: (i) is the exchange rate undervalued?; and (ii) are there economy-wide gains to undervaluation? He argued that the Chinese Yuan is massively undervalued-even more than the Yen against the US dollar in 1985-no matter what the definition or measure one adopts, and this magnitude of undervaluation is helping the Chinese economy to grow by an extra 2 percentage points a year. On the other hand, the Japanese Yen, the Euro, the Mexican Peso, and the Indian Rupee are all valued fairly. The lecture was chaired by an eminent expert on China and Senior Fellow, Institute for International Economics, Washington, D.C., Dr. Nicholas R. Lardy.

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