"We are seeing at the end of a set of ideology that dominated for forty years, referred to as new liberalism." Joseph Stiglitz, Professor at Columbia University and Nobel Laureate in Economics, said in his speech at the opening ceremony at the 8th Understanding China Conference.

Joseph Stiglitz also pointed out that now with Trump at the helm of the U.S. economy, the world economy will be facing a very difficult time, further noting that even before the reelection of president Trump, the global rules based system was already being challenged. 

He noted that these enormous changes are important in this new era, and that success will require grasping all these changes going on and adapt to them.

Starting from Dec 2 to 4, the 8th Understanding China Conference is being held in Guangzhou, Guangdong, themed ‘Carry Through the Reform to the End: Chinese Modernization and New Opportunities for World Development’, gathering approximately 600 attendees all over the world, ranging from former political leaders, scholars, entrepreneurs, to delegates of international organizations, to explore China's development path and its global impact.

Reporter | Guo Chuhua

Video | Yuan Zixiang, Ou Nanying

Editor | Yuan Zixiang, Shen He