Economic Transformation and Governmental Reforms in China (Day 1)

John GARNAUT (Master of Ceremonies)

John Garnaut is The Age and Sydney Morning Herald's China correspondent.

John graduated in law and arts from Monash University and worked for three years as a commercial lawyer at Melbourne firm Hall & Wilcox before joining the Herald as a cadet in 2002.

In 2002 John was appointed the Herald's Economics Correspondent in the Canberra press gallery and in 2007 was posted to Beijing as the Asia Economics Correspondent for The Age and Sydney Morning Herald.


Antony Dapiran is a partner of international law firm Davis Polk & Wardwell, based in the firm's Hong Kong office. His practice focuses on securities offerings and cross-border mergers and acquisitions. Mr. Dapiran has advised on many of the largest and most complex initial public offerings in the China market, on transactions raising in aggregate more than US$60 billion, including the IPOs of Agricultural Bank of China and Industrial and Commercial Bank of China, the largest China IPOs to date. Educated at the University of Melbourne and Peking University, Mr. Dapiran is admitted as a legal practitioner in Hong Kong, New South Wales and England & Wales. He is listed as a leading lawyer in numerous legal industry publications, including IFLR 1000, Chambers Asia, Asia Pacific Legal 500 and the Guide to the World's Leading Capital Markets Lawyers. He was named one of the "New China Hands" by American Lawyer magazine, and one of the "Advance Asia 50" Australian leaders in Asia. Mr. Dapiran has been resident in Beijing and Hong Kong for over 15 years, and is fluent in Mandarin Chinese.

Stephen Joske

Stephen Joske is the Senior Manager, Asia at AustralianSuper. Based in Beijing, he is responsible for overseeing the fund’s strategy for its increasing investments in the Asian region across all asset classes. With $42billion in funds under management and a net cash inflow of over $3.5billion a year AustralianSuper is increasingly expanding its overseas investment capability.

Mr. Joske was previously at the Economist Intelligence Unit in Beijing, where he was Director of the China Forecasting Service, managing a team of expert economists and econometricians to provide advice to companies on the factors driving structural change within the Chinese economy.

He has also worked at the Australian Embassy in Beijing as the Senior Australian Treasury Representative to China; as a senior analyst covering the Chinese economy for the Australian Office of National Assessments; and as Senior Adviser on macroeconomic and budget policy to the Australian Treasurer. Mr. Joske has also represented the Australian Treasury at APEC and OECD meetings.

Mr. Joske has degrees in Economics and Asian Studies from the Australian National University and was awarded the National Economic Accounting Prize. He speaks and reads Chinese.


David’s interests encompass a sweep of issues affecting China’s social, economic and political reforms.

A long-term resident in China, he is a regular commentator on current Chinese affairs in the global media.

His more than thirty years research on China combined with his early IT training, created the ChinaBase research and learning tool.

David is concurrently a Visiting Professor at Peking University. He holds an honours degree in anthropology and philosophy and a PhD in Chinese studies from the University of Sydney. He has held a Fulbright Fellowship at the University of Chicago and senior academic positions in Australia, Singapore and China.

Charles LI

Before being appointed as Chief Executive Officer for China of ANZ Bank, Dr Charles Li was Head of Global Banking & Markets, China of the Royal Bank of Scotland, responsible for developing GBM business in China across product divisions. He was also the Branch Manager of RBS Shanghai Branch. He has been actively involved in activities which expand the RBS Group business interests in China.

Dr Li has been with the RBS Group for the past 12 years, working in London, Hong Kong, Beijing and Shanghai over this period. He held various senior positions in economic research, business planning and strategy, business integration and disposal and client relationship management in both corporate and financial sector.

Prior to joining RBS Group, Dr Li worked as a financial commentator at the BBC World Service London. Even now he remains an active participant in various senior level discussion panels/forum on China and Asian affairs.

Dr Li holds a PhD in Strategic Management from Aston Business School, UK; MSc in Management from Birmingham University, UK and a BEng in Mechanical Engineering from Beijing Institute of Technology.

Justin Yifu LIN

Justin Yifu Lin is Professor of the China Centre for Economic Research (CCER) and honorary dean of National School of Development (NSD) at Peking University. He was the former Senior Vice President and Chief Economist of the World Bank in 2008-2012. Prior to joining the World Bank, Prof. Lin served for 15 years as Founding Director of CCER

Prof. Lin received his PhD in economics from the University of Chicago in 1986 and is the author of 20 books, including Quest for Prosperity: How Can Developing Countries Take Off, New Structural Economics: A Framework for Rethinking Development and Policy, Demystifying the Chinese Economics, Benti and Changwu: Dialogues on Methodology in Economics, and Development and Transition: Thought, Strategy, and Viability. He has published more than 100 articles in refereed international journals and collected volumes on history, development, and transition. In 2007, he gave the Marshall Lectures at Cambridge; and in 2011, the Simon Kuznets Lecture at Yale and the Annual UNU-WIDER Lecture in Mozambique.

Justin Yifu Lin is a deputy of China’s People’s Congress and Vice Chairman of the All-China Federation of Industry and Commerce. He served on several national and international committees, leading groups, and councils on development policy, technology, and environment including: the UN Millennium Task Force on Hunger; the Eminent Persons Group of the Asian Development Bank; the National Committee on United States-China Relations; the Global Agenda Council on the International Monetary System; Reinventing Bretton Woods Committee; and the Hong Kong-U.S. Business Council.

He was awarded the 1993 and 2001 Sun Yefang Prize (the highest honour for economists in China), the 1993 Policy Article Prize of Centre for International Food and Agricultural Policy at University of Minnesota, the 1997 Sir John Crawford Award of the Australian Agricultural and Resource Economics Society, the 1999 Best Article Prize of the Australian Journal of Agricultural and Resource Economics, the Citation Classic Award in 2000 (by Social Science Citation Index) and honorary doctoral degrees from Universite D’Auvergne, Fordham University, Nottingham University, City University of Hong Kong, London School of Economics, and Hong Kong University of Science and Technology. Most recently, he was awarded the Professional Achievement Award by the University of Chicago Alumni Association. He is a Corresponding Fellow of the British Academy and a Fellow of the Academy of Sciences for Developing World.

MA Guonan

Dr Guonan MA is a senior economist at the Representative Office for Asia and the Pacific of the Bank for International Settlements (BIS). Before joining the BIS in 2001, he worked as a chief North Asia economist for ten years at various investment banks, including Merrill Lynch, Salomon Smith Barney and Bankers Trust. Prior to his investment bank career, he was a lecturer of economics and research fellow at the Australian National University for four years following the completion of his Ph.D. in economics at the University of Pittsburgh (1990).

Dr Ma was born in China where he obtained his undergraduate degree at Beijing University (1982). Guonan Ma has many publications on the Asian and Chinese economies and financial markets over the years.


David Olsson is a Partner of Mallesons Stephen Jaques, based in Beijing and heads up the firm's banking and finance practice in China.

With over 25 years experience working in the Australian and international markets, David has a leading reputation as a corporate finance and debt capital markets specialist. David's practice in China focuses on: market entry issues faced by Australian and international financial institutions; the development and distribution of financial products in the Chinese domestic market; the bond and financial derivatives markets in China; and the financing of Chinese outbound investment and M&A activities, particularly into the mining, energy and resources sectors in Australia.

David brings significant commercial experience to his practice, having been one of the firm's national Managing Partners and prior to that national practice team leader of the banking and finance team. He also headed up the firm's offices in Melbourne and Hong Kong and worked for several years in London and the Middle East. Chambers Asia 2010 says "the firm has also made substantial strides into China under David Olsson's leadership."

David is recommended in the 2009 edition of the Guide to the World's Leading Capital Markets Lawyers produced by Euromoney's Legal Media Group and was also recognised as one of China's leading capital markets lawyers in The International Who's Who of Capital Markets Lawyers 2009.


Jing Ulrich is J.P. Morgan's Managing Director and Chairman of Global Markets, China. She is responsible for covering the firm’s most senior global clients across all asset classes, and for maintaining relationships with executives at the helm of China’s leading enterprises and government entities.

Educated at Harvard and Stanford Universities, Ms Ulrich is one of the most prominent advisors to the world’s largest asset management companies, sovereign wealth funds, and multinational corporations. Her views influence the allocation of trillions of dollars of assets. She also serves as an advisor to Chinese institutions seeking to invest overseas.

Jing Ulrich has received numerous industry accolades for her work as a China watcher. She was ranked as one of Fortune Magazine's 50 Most Powerful Global Businesswomen for the past three consecutive years. Forbes named her one of Asia’s 50 Power Businesswomen in 2012 and one of the 100 Most Powerful Women in the World in 2010, citing her as one of the twenty youngest global power women. For the past three years, two prestigious magazines - China Entrepreneur and China Business Watch - ranked Ms Ulrich among the country's top business elite. She was also named one of FinanceAsia’s Top 20 Women in Finance.

Because of her in-depth knowledge of the China markets, Ms Ulrich has been an important figure in shaping the international community’s approach towards investing in the world’s largest and most dynamic developing economy. She established J.P. Morgan’s Hands-on China series, which has become a leading forum for views and research on the key issues in China’s transformation. The series has hosted hundreds of corporate leaders, industry experts, academics and government officials. Ms Ulrich is also credited with establishing the world’s foremost China investment forum, which routinely attracts thousands of business and government leaders from around the globe.

In addition to her duties at JPMorgan, Ms Ulrich serves as an independent director on the boards of GlaxoSmithKline (GSK), a leading global healthcare company (effective July 1, 2012) and Italian luxury-goods firm, Ermenegildo Zegna.

Prior to joining J.P. Morgan, Ms Ulrich was Managing Director of Greater China Equities at Deutsche Bank. She also spent eight years at CLSA Asia-Pacific Markets, where she led the top-ranked team covering China. Global institutional investors frequently voted her the best China strategist in polls conducted by Institutional Investor, Asiamoney, and Euromoney.

Before joining the securities industry, Ms Ulrich worked in Washington DC as one of the first fund managers to focus on the Greater China markets.


Professor Xiao now works as Director of Research in Fung Global Institute, where he directs, oversees and coordinates the institutes’ research projects. He also undertakes and leads research projects as a Senior Fellow.

He is also a Special Advisor for Strategic Development for the Columbia Global Centers | East Asia, an Honorary Professor at the University of Hong Kong, and an Independent Director of the HSBC Bank (China) and the London-based Genesis Emerging Markets Fund. Previously Professor Xiao held positions in a number of institutions, including Director of the Columbia Global Centers | East Asia, founding Director of the Brookings-Tsinghua Center for Public Policy, Senior Fellow at the Brookings Institution, tenured professor of economics at the University of Hong Kong, Head of Research and Advisor to the Chairman at the Securities and Futures Commission of Hong Kong, Vice President of the Chinese Economists Society in the US, member of the board of supervisors at the Shenzhen Development Bank, Faculty Associate at Harvard University, and Consultant at the World Bank.

Professor Xiao has a BSc in Management Sciences from the University of Science and Technology of China. He obtained his MA and PhD in Economics from University of California at Los Angeles. Professor Xiao has done extensive empirical and policy research on the Chinese economy, especially in areas of macroeconomics, exchange rate, finance, productivity, enterprise and institutional economics. He contributes frequently to public policy debates in domestic and international media and conferences.

Please Note: More speaker biographies for this day's sessions will be profiled shortly