On Wednesday, January 22nd 2009, Dr. Wang Liming gave a public lecture at UCD on this question and the implications for Irish business.
China has not been immune from the global economic crisis which deepened through 2008, but it nevertheless remains the only major economy in the world which has maintained high growth.
Indeed, with a 2 USD trillion arsenal of reserves, a budget surplus, and predictions of its GDP growth for 2009 ranging from 5.5 % up to 9 %, it is understandable that the question of whether China holds the key to global economic recovery has been asked widely.
The audience of just over 100 was made up of business people, students, members of the local community and academics, who listened intently to the hour-long talk with a lively question-and-answer session at the end. The talk, entitled "China and the Financial Crisis: Will China Save the World or Sink with it?" was introduced by Mel Clifford, Chairman of the Ireland China Association, which jointly organised the event with The UCD Confucius Institute for Ireland and The Irish Institute for Chinese Studies at UCD.
Dr. Wang answered the question through a careful analysis of the present position of the Chinese economy and the country’s response to the current crisis, concluding that China alone cannot save the world, but that the world cannot now be saved without China. Attendees relaxed afterwards over drinks and finger food at a Reception held in the Quinn Building.