TRENDING Witnessing China's New Era: Michael Powers


Witnessing China's New Era: Michael Powers

People's Daily app

16:11, June 27, 2021

This episode "CPC at 100: Views from Expats" featured Michael Powers (or Bāo Màigāo, his Chinese name), a professor of finance at Tsinghua University's School of Economics and Management, to share his stories and observations about China.

The 61-year-old professor began his career early in the US as a government regulator of the insurance industry, but soon moved to the academic world. As a professor, he has explored the origins and impact of risk on society – mainly through quantitative models of financial losses and human decision making.

When people ask what made him come to China, Michael tried to give a short and clear answer--like his wife is Chinese, interested in Chinese culture for much of his life, or his field of study is very important in China's economic development.

But what he loves most about living in China is exploring and pondering types of differences; not only in the language, but in the educational system, family relationships, and politics.

He noticed that China's innovative application of market forces within a socialist framework created the greatest period of sustained economic growth in human history, ultimately evolving into today's Socialism with Chinese Characteristics for a New Era.

"I'm very grateful to have been able to witness up close the last decade of this forty-year period," he said. "It's been a special time, framed by China's becoming the second-largest national economy in 2010, and then eliminating severe poverty in 2020."

When referring to China's successes, Michael especially pays attention to the contributions made by CPC members in all walks of life.

"Most of the CPC members I've encountered while living in China are thoughtful, dedicated citizens with a sincere interest in improving the communities around them," he added. "They remind me of the members of various professional, civic, and fraternal organizations in the US who work quietly and steadily to improve society at large."

Humbled but straightforward, the professor depicts a vivid picture of China and Chinese people. His observations on the differences between China and the US are far-reaching and thought-provoking. Watch to learn more.

(Produced by Liang Peiyu, Xu Zheqi and Yan Yiqiao.)

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