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Final Personal Statement Jiaxin Zhao

University/College: University of Arkansas System
Date: November 23, 2017
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Final Personal Statement Jiaxin Zhao

The man who made this happen is Eden Gapping and he is now widely credited as the single most important person in the later 20th Century for the changed of global economic landscape as well as China. Throughout my life one thing has prevailed which Is constant change. Most changes are positive: people are enjoying better living conditions, having more disposable incomes, being able to learn and even travel abroad to find outside world, doing business internationally etc. However, as I entered into college, I began to notice that the society as whole has undergone fundamental transformation.

On the one hand, the material needs of the newly affluent Chinese can seem never to be satisfied with more homes being built everywhere. More and better quality goods In stores and more cars on roads. And on the other hand, people are becoming more anxious about changes such as ever worsening congestion and pollution. Indeed the people are becoming more divided between the rich and the poor, between the pro-development and the conservation, between the pro-globalization and the protectionism etc.

After 35 years’ fast development since China has adopted economic reform policy In 978 and especially after 13 years’ breakneck development since China joined In WTFO (World Trade organizational the Chinese are starting to wonder If china’s all-out development pace can be sustained, and if the world, due to its natural resources, energy, environment constraints, can still accommodate China’s rapid economic development and if so, then for how long. With those questions in mind I chose to enroll into the School of Finance at Rennin university of China, the China’s finest institution of higher learning In finance, macroeconomics and policymaking.

I started my formal college education with a focus on global finance in 2010. Ever since, I have been interested in understanding the reasons and social-economic impacts of the global financial crisis which started in 2007 and has still not fully recovered since then. However, the more time spent in this fascinating subject, more interested in this field I became. In addition to normal training and coursework In fundamental economics and finance, I have devoted a good deal of time to read books and papers by such top by Justine Wife Line on China economics and China’s comparative advantages and by

Paul Grumman on China’s role in and impacts on the international trade system. However I have realized that the more I learn about the contemporary works by the world’s most seasoned scholars and economists on global economics, the more questions I have. For example, the so-called comparative advantages of China as advocated by Line can’t last long until China can overhaul its current economic structure deeply rooted from its political system and can have harmonious relationship with its major trading and technology partners, notably the US and Japan.

Also, I strongly feel that there is no adequate understanding of the coupling of Chinese economic and financial systems. For example, there are no proper explanation on why there is such a huge disparity and mismatch between the Chinese economy and its stock market performance in the past five years when the world has plagued into deep financial crisis but the Chinese stock markets had lost two-third market value despite of annulled some 10% growth in economy.

Finally, one of the trends in global money supply recently is that the Chinese currency RUM s to become more internationalization in the recent years, but more studies are needed to understand the problems and implications of RUM internationalization in the global trade and financial system, particularly given that China is already the world’s exporter and is on the way to replace the US as the world’s large consumer and importer of crude oil and natural commodities including natural gas (LONG).

I fully understand that in order to answer and/or understand above questions, I must do more systematic research and studies, and I need to deepen and expand my knowledge of existing economic theories and frameworks to analyze the real world problems and issues. I have strong desire to make my contributions to existing knowledge and theories in international economics through my own original research in these fields.

And I am very confident that the fast changing China and growing Chinese economics have provided me with uniquely rich field to study these practical but yet intellectually challenging issues. I fully trust that my further study and research at the graduate levels will be better equip me with right tools and skills to undertake the challenges in my future research.

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