From May 7 to 8, Bai Chong-En, dean of the School of Economics and Management at Tsinghua University, was invited to participate in the 54th St. Gallen Symposium in Switzerland. Throughout the forum, he engaged in multiple panel discussions and shared his perspectives on pressing global economic issues.

Founded in 1969 and led by students of the University of St. Gallen, the St. Gallen Symposium has been committed to fostering intergenerational dialogue. This year's forum, themed "Shifting Global Power," brought together over 1,200 representatives from politics, business, academia, and civil society. Distinguished attendees included Karin Keller-Sutter, president of the Swiss Confederation; Jakov Milatovi, president of Montenegro; Heng Swee Keat, deputy prime minister of the Republic of Singapore; Ndaba Gaolathe, vice president and minister of finance of the Republic of Botswana; and Magnus Brunner, European commissioner for internal affairs and migration. The forum also welcomed senior executives from leading global companies and over 200 young scholars representing countries around the world.

On May 7, Bai participated in the session titled "The Evolution of the Chinese Economy: What Is Changing and Why?" in dialogue with Dominic Barton, chairman of Rio Tinto and conference chairperson of the symposium. The discussion explored the current phase of China's economic transformation and its global implications. The dean delivered an insightful and thoughtful analysis of the driving forces behind China's economic growth, the key challenges it faces, and its potential future trajectories. He also interacted with the audience on topics such as electric vehicle development, technological innovation, and cultural exchange.

A discussion themed "The Evolution of the Chinese Economy: What Is Changing and Why?"

On May 8, Bai joined a high-level panel discussion in the main hall, "Doing Business Amidst Shifting Power," alongside Heng Swee Keat of Singapore, Roland Busch, and UBS Switzerland President Sabine Keller-Busse. Addressing issues such as the evolution of global trade systems and corporate international strategies, Bai proposed three key recommendations. First, he advocated for phased subsidy rules so as to allow necessary subsidies in the early stages of innovation, and establishing a clear exit mechanism once maturity is reached. Second, he emphasized time-limited protection for nascent industries, creating a learning window for economies that are lagging behind in certain industries by providing limited protection. Third, he proposed temporary safeguards against import surges, by employing transitional measures to cushion short-term shocks faced by local industries.

A panel themed "Doing Business Amidst Shifting Power"

During the symposium, Bai Chong-En also took part in a closed-door session themed "Leader of Tomorrow" with Roland Busch and young scholars, addressing questions on structural reforms, artificial intelligence, climate governance, and personal development. Bai encouraged them to adopt a global perspective and focus on long-term issues.

A closed-door session themed "Leader of Tomorrow"

Source: Institute for Global Development, Tsinghua University

Editor: Ren Zhongxi