MUST held the Lecture of the Distinguished Lecture Series - Liu Pak Wai spoke on “Structural Challenges of China's Economic Growth and Some Possible Remedies”
MUST held the Lecture of the Distinguished Lecture Series
Liu Pak Wai spoke on “Structural Challenges of China's Economic Growth and Some Possible Remedies”
The Institute of Development Economics at Macau University of Science and Technology (MUST) hosted the Distinguished Lecture Series on May 8, 2025, at 3:00 PM in O702, in collaboration with the School of Business at MUST. The keynote speech was delivered by Professor Liu Pak Wai, Founding Director of the Institute of Global Economics and Finance, and formerly Pro-Vice-Chancellor of The Chinese University of Hong Kong, and Emeritus Professor of Economics. The university invited local finance, economics, and entrepreneurs and scholars to participate in a round-table discussion. The event aims to promote a greater understanding of China economics through high-quality academic lectures and discussions.
Leaders from MUST and distinguished guests attended the event, including Chair Professor Francis T. Lui, Director of the Institute of Development Economics at MUST; Chair Professor Chan Tung Sun, Vice Dean of the School of Business at MUST and Professor Zhang Jinghua, Assistant Dean School of Business at MUST, among others. Nearly 200 participants attended the lecture, including local experts, scholars in finance, economics, and policy research fields, as well as teachers and students from MUST, which made the event lively and engaging.
During the lecture, Professor Liu Pak Wai shared insightful perspectives under the theme "Structural Challenges of China's Economic Growth and Possible Remedies." He first addressed the demand-side challenges, highlighting weak domestic demand, declining investment, and sluggish external demand as major barriers to China's economic growth. On the supply side, he pointed out that population decline, shrinking labor force, and decreasing labor participation rates are key impediments to economic expansion.
Using historical data, Professor Liu analyzed that certain structural obstacle on both the demand and supply sides have persisted for a considerable period. These include the low share of labor in GDP, a high precautionary household savings rate, and demographic factors. Finally, he proposed corresponding policy recommendations to address these issues.
The panel discussion, moderated by Chair Professor Francis T. Lui, featuring distinguished panelists including Professor Liu Pak Wai, Professor Zhang Jinghua, Associate Professor Pang Yu, and Assistant Professor Liu Weihua. The guests engaged in an in-depth exchange and discussion on key issues related to the structural challenges of China's economic growth and possible remedies.
Professor Liu Pak Wai has held several prestigious academic positions, including Vice President of the Chinese University of Hong Kong (CUHK), Head of the Department of Economics, Chair Professor of Economics, and Founding Director of the CUHK Institute of Global Economics and Finance. His research expertise spans applied economic theory, uncertainty theory, labor economics, executive compensation, financial markets, and the economies of China and Hong Kong.
A group photo during the lecture
Chair Professor Francis T. Lui, Director of the Institute of Development Economics at MUST (right) presented a souvenir to Professor Liu Pak Wai (Left)
During the roundtable discussion
Q&A Session
