COO of Citi, Asia-Pacific Mr Michael Borch gives his view on 'Macroeconomics trends in Asia'

On Monday 25th November, the Epsom College Economics and Enterprise Society welcomed Mr Michael Borch, COO of Citi, Asia-Pacific who gave pupils an insight into the economic development model of the Asian region; in particular China. The talk encompassed the role of trade in stimulating economic growth which subsequently has forced urbanisation in China to progress at colossal rates. Most importantly, he destroyed the perception that China's economic structure has little resemblance to that of the West. In reality, China is an active participant in globalisation that has originally been orchestrated by the forces of western capitalism. Following the Communist Party Plenum three weeks ago, China has emphasised its desire to pursue market-orientated reforms which only strengthens Mr Borch's view on China. Personally, I feel that the Chinese version of capitalism will dominate the near future. The financial crash of 2008 has shown us that market fundamentalism cannot be trusted to govern our economic senses. The post crisis era has seen an increased government intervention in all aspects of the economy, ranging from QE to bailouts. With the move towards more principle based regulation (MPBR) in the financial industry, we are bound to see ever increasing government supervision. Arguably, the Chinese version of capitalism is all the factors mentioned above; However, I feel the western economies will follow suit but without the strong ideological base present in China. So what will the future hold? My answer is: A version of capitalism that one has never witnessed before.