Workshop on Challenges in Emerging Markets in the 21st Century


Jay Nibbe (EY), Agnes Chan (EY), Ilse Blank (EY), Farokh Balsara (EY), Gaurav Handa (EY), Emmanuelle Auffret (EY), Aleksey Rybnikov (EY), Albert Park (HKUST), Naubahar Sharif (HKUST), Peter MacKay (HKUST), Kellee Tsai (HKUST), Alexey Kalinin (SKOLKOVO)
16 - 15 December 2015 (Hong Kong time, GMT +8)
IAS4042, Lo Ka Chung Building, Lee Shau Kee Campus, HKUST

With Support from EY, HKUST IEMS hosted a two-day workshop with senior leaders from EY as well as high-level researchers and faculty from the international network of universities connected through the emerging market research institutions throughout Hong Kong, India, and Russia sponsored by EY. The current members of EY’s network of emerging market research institutions include HKUST IEMS, the Moscow School of Management SKOLKOVO IEMS, the Indian School of Business (ISB) , and the China Europe International Business School (CEIBS) . Topics covered during the workshop included China’s innovation systems, India’s pharmaceutical patent systems, China and Russia’s digital financial systems, global firm strategies of Chinese and Russian mid-sized firms, corporate risk management in emerging markets, and employment and training challenges in China and emerging markets.

In addition to providing a platform for researchers at EY’s network of partner IEMS institutes to share their research with each other as well as EY, the workshop provided an opportunity for EY to connect with senior faculty and researchers in the IEMS network and to share EY’s vision and priorities for emerging markets. Moreover share pertinent studies produced by each institution to debate and exchanges views and perspectives on current business challenges in emerging markets in the 21st century; discuss the intellectual framework on how best to address these challenges through research and education by the IEMS network; and to identify opportunities for intra-IEMS cooperation on emerging market studies that broaden the current scope of work produced by individual IEMS institutions.

In a presentation on China as the world’s next technology leader, Naubahar Sharif, HKUST Associate Professor of Social Science and HKUST IEMS Faculty Associate, emphasized the propitious indicators signaling China’s rise. For example, China’s rate of spending on research and development (R&D) now outpaces overall economic growth, placing it second in the world behind the United States. China now has over 3.2 million R&D personnel, and is now the world’s largest producer of tertiary and post-tertiary students in science and engineering. Moreover, China now ranks second in the world in research output as measured by papers published in research journals, and is third in the world in patent filings with the World Intellectual Property Office. Prof Sharif commented that too few policymakers and financial elites outside China anticipate the rise of Chinese multinationals to positions of global technological leadership, underestimating the massive growth of China’s domestic market, the strong government support aimed at turning China into an “innovation nation”, and intensified forces of globalization helping China extend its reach abroad.

>> Watch another talk by Prof Sharif about how China is poised to become the world’s next technology leader. <<

Addressing the issue of sustainable growth across countries, Vladimir Korovkin, Head of Digital Research at the Moscow School of Management SKOLKOVO IEMS, used World Bank GDP per capita data from the 1970s to present day to demonstrate whether a given country’s growth model led to a long-term decline, stagnation, or growth. While all countries inevitably experienced at least one bout of significant economic decline in the timeframe observed, the countries most able to sustain long-term economic growth were those with national strategic vision and broad industrial policies drive by collaborations between the state, society, and business. Dr. Korovkin also noted that the key factor in sustainable economic growth was not about how quickly a nation can grow, but how effectively a nation can handle its inevitable economic downturns.

Other presenters at the workshop included Albert Park (HKUST), Alexey Kalinin (SKOLKOVO)Sanjay Kallapur (ISB)Anand Nandkumar (ISB)Kellee Tsai (HKUST), and Peter MacKay (HKUST).


The workshop program can be found here (PDF) [updated December 14, 2015].

Select presentation slides and papers are available by request via .


16 December 2015 – Session 2 – Growth and Innovation

“Growth Models and Factors of Growth Around the World, 1970-2010”
Vladimir Korovkin, SKOLKOVO IEMS
“China as the World’s Technology Leader”
Naubahar Sharif, HKUST IEMS
“Patents, Prices, and Entry: Evidence from India”
Anand Nandkumar, IBS IEMS

16 December 2015 – Session 3 – Financial Systems

“Comparative Models of Financial Inclusion”
Kellee Tsai, HKUST IEMS
“Digital Platforms and Ecosystems of Financial Inclusion in Russia”
Vladimir Korovkin, SKOLKOVO IEMS

17 December 2015 – Session 4 – Firm Strategies and Better Jobs

“Global Strategies of Russian and Chinese Mid-size Firms”
Ekaterina Molchanova, SKOLKOVO IEMS
“Corporate Risk Management in Emerging Markets”
Peter MacKay, HKUST IEMS
“Employment and Training Challenges in China and Emerging Markets”
Albert Park, HKUST IEMS



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