Dr. Fengbo Zhang
Dr. Zhang has been introducing western economics, helping the
Chinese
topleaders
in policy-making since the 1980s. He received a Ph.D. in
Economics from Kyoto University in Japan. In 1986, he was a
Senior Research Fellow, the Founder and Head of the Chinese
Macroeconomic Research Group at the STATE COUNCIL Research
Center in China, helped Deng Xiaoping leadership for top
policy-making. He headed major national economic research
projects, including the “Chinese Macroeconomic Research” – the
7th of China’s five years key project, also taught at leading
universities. In 1988, he was a visiting scholar at Harvard
University and National Bureau of Economic Research USA, in 1990
represented top Japanese companies for the rapid investment boom
in the USA, and joined Fuji Bank NY Headquarters. In 2003, he
joined Citigroup, Senior Vice President for Citibank Lending. He
has published more than 10 books and is regularly invited to
speak to Chinese government and business leaders.
Website: http://whoswho1990.googlepages.com/home
http://analysisofchinesemacroeconomy.com
Email: FengboZhang@gmail.com
http://www2.xlibris.com/bookstore/bookdisplay.asp?bookid=47738
Books-And-Authors.net: Where did you grow up and was
reading and writing a part of your life? Who were your earliest
influences and why?
Dr. Fengbo Zhang: I was born in China, I spend my childhood during
the Cultural Revolution in China. After graduated from high school,
I had to go countryside, a poor village to work hard as a farmer. I
thought I had to spend my whole life to till the fields. But I still
hold a hope, continued self-study, including University's major
text-books at night, while I continued the hard work during the day
time. After two years, when the culture revolution ends,
universities were re-opened. I passed examination, attended Shanghai
Foreign Language University with major in Japanese. Due to newly
re-opened university with hard conditions, there were not so many
textbooks, of course, no copy machine. We had to copy each textbook
by hand. The hard conditions trained us very strong studying spirit.
After granulated from University, I passed the examination and
became the research fellow of Chinese Social Science Academy. Then I
went to Japan to study western economics.
Deng Xiaoping's reform and open policy created China's new era, also
bring us new life.
Chinese current new leaders President Hu Jingtao, Primer Wen Jiabao
accumulated rich leadership experience, professional knowledge and
international view. They are leading China to become a member of
world leaders.
Books-And-Authors.net: In A CHINESE ECONOMIST'S JOURNEY you discuss
that you helped top leaders in China with policy-making in the
1980's. In the 1990's, you represented top Japanese companies during
the rapid investment boom in the USA. This must have been a
wonderful journey -- Looking back now would you have done anything
different? Were there any economic ideas then concerning USA and the
rest of the world that didn't have an outcome you thought would
happen?
Dr. Fengbo Zhang: I feel so great as my life met all those
challenges, always catch the world's most exciting events, and stay
on the top.
I experienced culture revolution's most fighting period, became
early overseas studying Chinese, helped Chinese top leadership for
decision-making; represented top Japanese companies for the rapid
investment boom in the USA; defeated the World Financial Storm;
experienced 9/11, currently continued success during the USA
mortgage crisis.
Books-And-Authors.net: In A CHINESE ECONOMIST'S JOURNEY you discuss
your experience working with mortgages for four or more years --
What is your outlook/perspective on the future of USA housing
market?
Dr. Fengbo Zhang: The USA mortgage market's fluctuations are very
limited. I have been in charge of mortgage lending more than 5
years, I have never had a bad debt, currently continued the best
performance.
The main battlefield of this crisis is in the USA financial markets.
Sub-prime mortgage securitization dealers, brokers and investors
prefer the high-risk, short-term high return. The overly high
expectations and fanatical devotion and hyping created the financial
bubble speculation. Fluctuations in the housing market, with
investor's confidence shattered, led to the related enterprise bonds
and asset valuation plunge, which resulted in panic, and a slumped
USA stock market, and even the whole global financial market,
strongly affecting global investors.
The billions of valuable housing property that turned worthless
overnight by crazy financial markets, brings one of the greatest
opportunities of a lifetime for sober and rational investors. In
Chapter four of A CHINESE ECONOMIST'S JOURNEY, I detailed many
business opportunities during the mortgage crisis.
Books-And-Authors.net: In A CHINESE ECONOMIST'S JOURNEY you discuss
9/11 - Where were you that day and your thoughts now years after the
tragedy?
Dr. Fengbo Zhang: 9/11 changed New York, USA and the world, also
changed many people's lives. My office in the World Trade Center
disappeared. Many of my colleagues and friends lost their lives. I
was lucky that my meeting at world Trade Center was postponed. 9/11
made us feel how valuable life is, and how important peace is.
Books-And-Authors.net: Briefly describe/discuss your new book
ANALYSIS OF CHINESE MACROECONOMY. What is the difference between
micro and macro economy?
Dr. Fengbo Zhang: Microeconomic is for business management of
enterprises. Macroeconomics mainly is for government policy-making
regarding the national economy. In 1980s, my duty in State Council
was introducing western economics and modern computer science to
China, establishing Macroeconomic research theory and method for top
economic decision-making. I headed major national key research
projects. ANALYSIS OF CHINESE MACROECONOMY is one of my research
achievements. Most of the contents were issued as government reports
before publishing the book.
Books-And-Authors.net: ANALYSIS OF CHINESE MACROECONOMY won the
first place prize from Chinese National Book Award in 1987 and has
been used for 20 years for training in major universities. Has the
ANALYSIS OF CHINESE MACROECONOMY been used in USA universities as
well?
Dr. Fengbo Zhang: The book was published in China and Japan. This is
first time published in English, however, I read many American
economic books quoted form this book's Chinese version.
Books-And-Authors.net: What gained your first interest in economics
and what would you hope to achieve in the future?
Dr. Fengbo Zhang: In 1980, I went to study in Japan, was set to
study the Japanese language and its literature. I witnessed Japan's
economic miracle achieved, and I thought for a long time : China's
Human Sciences has a brilliant history spanning over several
thousand years, and the Natural sciences in China had largely caught
up with the rest of the world. However, China's economy was still
backward, and the key to this lies in the lack of economic theory
guiding China's economic development. Therefore, I decided to study
economics.
I always emphasized that the economic research should produce
significant social benefit and the desired economic effect. I
especially focused on financial management. I am enjoying to
summarize the economic theory and methods based on rich financial
management experience.
I have been regularly invited to speak to Chinese government and
business leaders, and write report and articles. My opinions are
mostly criticism. I point out problems, suggest improvement, and
always received good responses. As Chinese say "Bitter good medicine
"or "Bitter, better medicine".
As in Chapter four of A CHINESE ECONOMIST'S JOURNEY, one year ago
when USA mortgage crisis occurred, I was invited to write report to
Chinese top leaders ,as many Chinese media, scholars suggested:
tightening of mortgage lending, strict approval conditions,
increasing the threshold, proportion of down payment etc.
I published my report, strongly criticized it, point out that "The
housing problem in China is radically different than the problem in
the United States. The wrong prescription can cause serious and
irreversible damage." I requested that "Must take strict precautions
to prevent some financial institutions tightening lending practices,
increasing harsh conditions, raising the threshold, increasing the
down payment etc. to discriminating or make it difficult for the
vast numbers of low-middle income people with limited financial
conditions and payment ability, to purchase their first home, which
will trigger social unrest and turmoil. " My opinion received almost
unanimously supports, and changed Chinese government policy-making.
Books-And-Authors.net: Your opinion on current events? The Olympics?
The Beijing Olympics is a milestone, indicated China became a world
super nation in sports, as well as in economy. As the conclusion of
the chapter One of my book A CHINESE ECONOMIST'S JOURNEY "It is as
if seeing that after 500 years of sleeping, with a painful struggle
and earth shaking roar, the Eastern Lion is waking up. "
Books-And-Authors.net: What's next?
Dr. Fengbo Zhang: 20 years ago, when I was working for China's top
decision making, I completed more than 100 government reports and
academic research paper t, published 10 books in two years. Then I
concentrated on financial business. I continued to make reports,
research papers, and make speeches, but in more than 20 years, this
is the first time I published those two books, in one month.
More than 20 years rich experience make me can not stop to write,
detail of any one of those exciting event can create a big book. I
will enjoy writing more books in future.
I
experienced culture revolution's most fighting period, became early
overseas studying Chinese , helped Chinese top leadership for
decision-making; represented top Japanese companies for the rapid
investment boom in the USA; defeated the World Financial Storm;
experiencing 911, currently continued success during the USA mortgage
crisis. I feel so great as my life met all those challenges, always
catch the world's most exciting events, and stay on the top. 
