Larry Hsien Ping Lang

Larry Hsien Ping Lang
郎咸平
Born	(1956-06-21) June 21, 1956 Taoyuan County (now Taoyuan City), Taiwan
Nationality	Chinese
Education	BA (Tunghai, 1978) MA (Taiwan Univ., 1980) MA (1985), PhD (1986) in Finance (Wharton School of the University of Pennsylvania)
Occupation(s)	Emeritus Professor, CUHK Business School
Years active	1970–present

Larry Hsien Ping Lang (Chinese: 郎咸平; pinyin: Láng Xiánpíng; Wade–Giles: Lang Hsien-p'ing) (a.k.a. Larry Lang, Larry H.P. Lang, Lang Xianping, and Lang Hsien-ping) (born 1956) is a Hong Kong–based economist, commentator, author and TV host in China.

Lang has become a famous and controversial figure in China in recent years:

Since 2002, Lang has risen to his fame by "scolding". From D'Long to Haier, from TCL to Greencool, those scolded by him were all well-known large enterprises. People who hate him call him a "Rogue Professor", whereas those who like him say he dares to speak the truth.

Personal background

Lang was born in 1956 in Taoyuan County, Taiwan (now Taoyuan City), and his ancestors are from Weifang, Shandong.

Education

Lang received his bachelor's degree from Tunghai University in 1978, and his master's degree from National Taiwan University in 1980. He then studied at Wharton School of the University of Pennsylvania, where he received a master's degree and a PhD in Finance.

Lang was a lecturer at Wharton School of the University of Pennsylvania, Michigan State University, Ohio State University, New York University Stern School of Business and The University of Chicago. Lang was also Chair Professor of Finance, the Faculty of Business Administration, at The Chinese University of Hong Kong.

Career and professional ethics

1994: Professor at The Chinese University of Hong Kong.

1996–2000: Consultant on Corporate governance Projects for World Bank, Washington, D.C.

1998–2001: Shenzhen Stock Exchange, and the Financial Services Bureau of the Hong Kong Government. He researched corporate governance and protection of the interests of small shareholders.

2004: Joint-appointed professor of The Chinese University of Hong Kong and the Cheung Kong Graduate School of Business in mainland China.

August 2004: Host of a finance talk show Cáijīng Láng Xiánpáng (财经郎闲评, literally "Finance Lang Leisure Talk") on Shanghai Television

Early 2006: Cáijīng Láng Xiánpáng suspended due to Lang's intention to uncover the Shanghai pension scandal on the show.

June 2009: Lang made a comeback to host Larry's Eyes on Finance (Chinese: 财经郎眼; pinyin: Cáijīng Láng Yǎn), a news commentary talk show.

Controversy

Much of the controversy surrounding Lang can be attributed to his criticism on rightwing capitalism and the failing financial system. For example, Lang openly announced his endorsement of Marx's critical analysis on capitalism, positively reviewed Mao Zedong's role in China's earlier development and pointed out the often negative role US played in global economy and financial world.

Impact to the public domain in mainland China

Major public events

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Main theories on public media

Lang has repeatedly stated in public that, regarding macroeconomics, he believes in Karl Marx's scientific communism and crisis theory. He thinks that big government can bring more justice and welfare to the society than minarchism, which condones violations on the interests of small shareholders by financial capital, and eventually leading to financial crisis. That is why he is sometimes called a New Left academic.

Dual-sector model

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China's globalization crisis

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For China 's globalization remained relatively "critical " attitude. His main idea is that many Chinese enterprises and local governments do not understand the international nature, or in his words, " farmland through water not previously dug ditches ." For example, "foreign" stock market operations through the acquisition of a cheap price or a lot of state-owned assets, causing increasingly serious loss of assets, as well as the division of labor in global value chain.

Lang believes that the existence of financial speculators internationally, such as George Soros of Quantum Group of Fund, these speculators are foreign exchange parity, commodities, precious metals prices from fluctuations in the main promoters, and Lang believes that behind them there is a long-term support of the world's financial powers, so meaningful, " financial war" , the rise and fall of these financial war against a country plays a key role, he and Currency Wars, author Song Hongbing along with as "conspiracy theorists."

The face of the increasing appreciation of international oil prices in 2008, prices of food and some money, Lang pointed out that it is likely to be a behind by the " international financial speculators " under the control of a situation. The Chinese part of the industry, such as the steel industry is severely affected.

Enterprise strategy

Lang repeatedly points to South Korean enterprises as a model, and criticizes many of China's emerging enterprises. He advocates studying the practices of transnational corporations, of cutting process flow in enterprises where enterprises no longer tangled in one or two leadership capacity, maintaining long-term business, but also full of innovation.

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Social repercussions

Reactions in the Chinese business community

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Reactions among Chinese economists

Among circles of Chinese economists, the prevailing opinion is that Lang's area of expertise does not cover China's economic system: he lacks a true understanding of China's situation, and his views on the restructuring of state enterprises are mostly shunned by his peers. Initially, key economists remained silent, but then they realized that Lang seemed to be on the way to affect China's fundamental national policies. So, they began to criticize his theories to try to turn the tide. Besides academic criticisms, there were also accusations of "grandstanding" and "fishing for fame." Nevertheless, it would appear that their attempts in turning the tide were basically futile.

• Wu Jinglian:Lang's final verdict is "China's society has never been this bad in 5000 years." His rationale is two-fold: first, the path of economic development alone, and second, marketization. (TODO: Some text in this paragraph still needs to be translated into Chinese and is commented out.)
• Steven N. S. Cheung: Professor Lang knows nearly nothing about China's economic and political infrastructure. ... However, as a professor, how could Mr. Lang make such generalizations so irresponsibly?
• Zhou Qiren: Speaking of Lang, I think it is not difficult to see that he is wrong. ... I do not see in Lang's allegations any kind of complex theories, concepts and reasoning. ... Lang [claimed], "Whose are the state-owned assets? Yours, mine, ours." ... Now what is he muddling? He has no share of nothing. No matter how blurry the property rights of state-owned assets are, it should be obvious that he has no part in the subject of rights. ... I can say with certainty that these outrageous views of Lang's did not just come off the top of his head. The question beckons: These "stuff"—nonsensical, illogical, and just plain rude—came off the top of whose head?
• Zhiwu Chen thinks that Lang's conspiracy theory is the opium of the people.

Reactions of relevant departments in the Chinese government

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Since the Lang–Gu dispute, ...

Commentaries from Chinese activist private scholars

Lang is often thought of as a New Left academic, but he calls himself a capitalist economist. Lang was never admitted by the Utopia as an ally.

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Notable works

Selected books for general audiences

• East Asian Corporation: Heroes or Villains? (with S. Claessens and S. Djankov, 2000)
• Corporate Governance (Chinese: 公司治理; pinyin: Gōngsī Zhìlǐ, 2004)
• Governance and Expropriation (editor, 2005)
• Manipulation (simplified Chinese: 操纵; traditional Chinese: 操縱; pinyin: Cāozòng, 2006)
• Operation (simplified Chinese: 运作; traditional Chinese: 運作; pinyin: Yùnzuò, 2006)
• Lang, Larry (2007). 本质 I——破解时尚产业战略突围之道 [Nature I: Breakthrough crack fashion industry strategy of the Road] (in Chinese) (1st ed.). Oriental Press Pub. ISBN 9787506027762.
• Lang, Larry (2007). 本质 II——破解娱乐传媒产业以小搏大之谜 [Nature II: crack the entertainment and media industry's big mystery] (in Chinese) (1st ed.). Oriental Press Pub. ISBN 9787506027779.
• Lang, Larry (2006). 中国式 MBO：布满鲜花的陷阱 [Chinese MBO: A Trap Filled with Flowers] (in Chinese) (1st ed.). Oriental Press Pub. ISBN 9787506023764.
• Larry Hsien Ping Lang Says: Why We Live So Hard? (simplified Chinese: 郎咸平说：我们的日子为什么这么难; traditional Chinese: 我們的日子為什麼這麼難, 2010)

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Selected journal articles

• "Dividends and Expropriation" (with Mara Faccio and Leslie Young, American Economic Review, 2001)
• "When Does Corporate Diversification Matter to Productivity and Performance? Evidence from East Asia" (with S. Claessens and J. Fan, Pacific-Basin Finance Journal, Special Issue on Corporate Governance, July 2003)
• "Disentangling the Incentive and entrenchment Effects of Large Shareholdings" (with S. Claessens, S. Djankov and J. Fan, Journal of Finance, December 2003)

External links

• Larry Lang's profile from CUHK
• Lang's blog (in Chinese)