Andy Xie keynoted at the China Uncovered conference hosted by Tourism Australia in Sydney on 17 March 2016, on outlook of Chinese economy and changing tourist expectations on Australian tourism. Some of the questions that Dr. Andy Xie addressed are “What is the mid-term economic outlook for China?”, “How does the move from an ‘investment led’ to a ‘consumption driven’ growth model in China impact Australian tourism?” and “What are the best predictions for outbound travel from China over the next five years?”.
Independent economist Dr Andy Xie said the younger generation in China was different from their parents, who had experienced the starvation and deprivation of the Mao years and were more deferential to authorities.
“They like to spend,” he said of younger Chinese at Tourism Australia’s China Uncovered conference in Sydney on Thursday. “It is not like old people in a bus eating instant noodles. It is going to be different. In China the millennials are very much driven by online information and also word of mouth from friends.”
Dr Xie said younger Chinese tended to spend all the money they earned, unlike their parents who were big savers. As only children due to the “one child” policy, they stand to inherit property and money from their parents and grandparents and so they are generally less concerned about their financial future.
Andy Xie pointed out how the younger generation in China was different from their parents saying that “They like to spend, it is not like old people in a bus eating instant noodles. It is going to be different. In China the millennials are very much driven by online information and also word of mouth from friends.” Dr. Xie further noted that younger Chinese were not big savers like their parents because the “one child” policy ensured that these young Chinese will inherit so they don’t worry about their financial future as much.
The audience are most impressed by his insights and shared their thoughts on social media. Take a look at what they said:
Andy Xie 謝國忠, is an independent economist, director of Rosetta Stone Advisors and is one of the few economists who has accurately predicted economic bubbles including the 1997 Asian Financial Crisis and the more recent subprime meltdown in the United States.
He was a part of Morgan Stanley in 1997 and the Managing Director and Head of the firm’s Asia/Pacific economics team until 2006. He also spent two years with Macquarie Bank in Singapore, an associate director in corporate finance and five years as an economist with the World Bank.
Dr. Xie earned a PhD in economics in 1990 and an MS in civil engineering in 1987 from the Massachusetts Institute of Technology.