Masayoshi Amamiya: Japan's experience and its implications for China - monetary policy and financial system

Speech by Mr Masayoshi Amamiya, Deputy Governor of the Bank of Japan, at the PBC School of Finance, Tsinghua University, Beijing, 7 November 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Accompanying slides of the speech.

Introduction

Good afternoon everyone. It is a great honor to have this opportunity to speak to you today at the esteemed Tsinghua University.

China and Japan are only separated by a narrow body of water. This nearness has historically enabled us to interact actively, and our two countries have been learning from each other for a long time. However, knowledge and culture have flowed in one direction or the other over time. During the 19th and 20th centuries, western-style science and technology were transferred through Japan to China, as Japan advanced in its modernization. But before that, over the centuries, Japan had learned a great deal from China. The legacies are still evident in many parts of our society today. For example, learning Chinese classical literature and poems is a part of student life in Japan. When I was a student, I remember struggling to recite poems written by Li Bai or Du Fu and reading Chunqiu or the Analects of Confucius.

I would like to quote a phrase in Chinese that has remained with me over the years.

为穷而不困（Wèi Qióng Ér Bú Kùn）、忧而意不衰也（Yōu Ér Yì Bù Shuāi Yě） Never become troubled in adversity, never become depressed when worried.