The summit between the US and China may have included a landmark agreement on carbon emissions reduction, a military accord designed to avert military confrontations in Asia, along with agreements on visas and tariffs, but it may also mean encouraging news for the world’s two largest economies.
“From a business perspective, given how interconnected China and the US have become, neither country is in a position to pursue a strategy of containment,” says Greg Stoller, a lecturer at the Carroll School of Management at Boston College and expert on the Asian economy. “Let’s face it– neither economy will be successful over the long term without the other. So it’s not surprising to see both President Obama and President Xi Jinping making concessions.
“This summit is the first step towards long-term economic cooperation in a manner that we’ve rarely seen over the past 10 years,” continuesStoller, who speaks, reads and writes Mandarin and Cantonese and has visited China more than 40 times since 1991. “China has viewed ‘gai ge kai fang’ (reform and open markets) as an economic test. I think the test has proven that capitalism has a place in the Chinese economy but more importantly, that in order to be successful China must engage with other economies. The summit is likely going to be a harbinger of good things to come economically for both countries moving forward. I wouldn’t be surprised if it has spillover effects on other economies such as those in Asia and even throughout the western world. It’s encouraging to see both presidents acting in an innovative fashion and not just resting on their laurels or on the status quo. From my own trips there to meet with businesses, I’ve already noted positive changes in the last two or three years alone. It’s a different China these days as People’s Republic begins interacting with others in the economic sandbox.”
For commentary, analysis, and perspective:
Greg Stoller, Lecturer, Carroll School of Management, Boston College; (617) 552-6828 (o); (617) 538 3333(cell); gregory.stoller@bc.edu
Greg Stoller is a lecturer who is actively involved in building entrepreneurship and international business programs at Boston College. He is the director for the core M.B.A. business planning course, the Asian International Management Experience Program, and the Asian International Consulting Project and routinely travels to Asia with MBA students who get a first-hand look at businesses there. Stoller is a published author of the book Strategies in Entrepreneurial Finance with Accompanying Case Studies, along with business articles detailing the successful practices of U.S. and international firms. He is a reporter, contributor and periodic co-host of the broadcast Radio Entrepreneurs and co-creator/host of the nationally aired television show, The Language of Business. Professor Stoller also regularly works with the press providing commentary and analysis on domestic and international business issues. He speaks, reads and writes fluent Japanese, Mandarin Chinese and French, and basic Cantonese Chinese, Korean and Spanish.
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Contact information for additional Boston College faculty sources on a range of subjects is available at:http://www.bc.edu/offices/pubaf/journalist/experts.html
This original press release is also on BC’s web site.
