Distinguished Lecture Series:
China as Global Engine, World at a Historic Pivot——A Conversation between Prof. Jeffrey D. Sachs and Prof. Zhiwu Chen
Distinguished Lecture Series: China as Global Engine, World at a Historic Pivot——A Conversation between Prof. Jeffrey D. Sachs and Prof. Zhiwu Chen
Thoughts shape tomorrow’s landscape, while actions define new frontiers. The “Distinguished Lecture Series” by HKU Jockey Club Enterprise Sustainability Global Research Institute, presents the next chapter in its prestigious series on November 2, 2025, featuring a landmark opening session. As part of our mission to bring world-leading scholars to Hong Kong for sharing ground-breaking perspectives, the series proudly welcomed Professor Jeffrey D. Sachs, the acclaimed economist from Columbia University, for a special address. Co-organized by the Centre on Contemporary China and the World at the University of Hong Kong, the event drew nearly 200 attendees on site alongside a global online audience around 30,000 viewers.
Key Takeaways
- The dynamics of global power have long moved with the rhythm of a pendulum. “What we’re seeing now is really the pendulum swinging the other way. What was once the inroads of Europe into Asia is now the outward swing of Asia towards the rest of the world.”
- Asia is making a strong comeback, reclaiming the centre of the world stage as the economic centre of gravity shifts eastward. “Shenzhen, Hong Kong together with Guangzhou are now defined as the most innovative cluster in the world, with Silicon Valley falling into position number three and Tokyo-Yokohama positioning number two in the World Intellectual Property Organization ranking.”
- China is the New Engine of Global Growth. Made in China 2025, produces the world’s leading innovation cluster. “What this region leads is green technologies, vehicles, power grids, digital connectivity, electric vehicles, batteries, supply chains, robotics, artificial intelligence, all of the critical sectors that will shape the economy for at least the coming generation, probably.”
- Technological and industrial progress is redrawing the rules of geopolitics. “There is no overcapacity here at all in the sense that China produces more than is useful; the world needs all of this. There is just great capacity for a worldwide transformation.”
Fireside Talk: Forging a New Equilibrium
Prof. Sachs provided further insights during an in-depth conversation with HKU’s Prof. Zhiwu Chen, hosted by Prof. Guojun He.
Prof. He: “How should China balance the two major powers driving its economy: state intervention on one hand, and marketization and the freedom of markets on the other? What is the risk to China’s future growth if one power dominates the other?”
Prof. Sachs: “If there are risks, it is that in the US system, the private sector takes over politics, whereas in the Chinese system, the risk is that politics takes over the private sector. Finding that balance is a challenge for both institutions. The very trick of good governance is to find that balance.”
Prof. He: “With the trend of the US and China dominating the AI industry, what is your forecast for the future?”
Prof. Chen: “One of the research findings is that every time a technological revolution has happened, inequality has tended to go up, not down. This will be even more so with AI.”
Closing Remarks
Throughout this distinguished lecture series, we have re-examined our world through broader perspectives. These discussions provided new ways of understanding structural global shifts, China’s economic trajectory, and the profound impact of disruptive technologies like AI. Both the pendulum of history and the balance between state and market for driving development reveal a constant theme: the pursuit of dynamic equilibrium in complex systems.
We were honoured to host Prof. Jeffrey D. Sachs and Prof. Zhiwu Chen for this inspiring dialogue. As part of our institute’s ‘Impact Month’ in November, we remain committed to fostering exchanges of world-leading ideas across academia, business, and society.
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