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integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.
addressed are the issues that the business community is concerned about”.
“It is excellent that President Xi recognized some problems,” especially those associated with its Belt and Road Initi
ative, such as transparency and corruption, said Craig Allen, president of the US-China Business Council.
Experts also were interested in how the reform policies and laws would be implemented, something Xi addressed in his speech.
“People are very positive about the direction, but they need to
know the details” of how the promises would be delivered, Overholt said.
Xi, citing the old Chinese saying “honoring a promise carries the weight of gold”, pledged to install a binding mec
hanism for international agreements, to make sure governments at all levels operate in well-regulated wa
ys, and to update laws and regulations to abolish unjustified practices, keeping in line with the needs of opening-up.
ancing needs, sustainable development and debt sustainability, according to Finance Minister Liu Kun.
“We will build a high-standard and high-quality financing system to s
upport long-term and sustainable BRI investment while preventing debt risks,” Liu said.
He suggested promoting financing cooperation for projects in
third-party countries, equity investment and attracting more private funding.
Enhancing debt and risk management is a key consideration for deepening BRI financi
ng cooperation, said Yi Gang, governor of the People’s Bank of China, the central bank.
“The debt issue in developing countries should be treated objective
ly. If debt growth is accompanied by infrastructure improvement, enhancement of people’s liveliho
ods and productivity and poverty reduction, it will be beneficial for the sustainability of long-term debt,” Yi said.
cus”, keeping it prudent while the liquidity should be at a reasonably adequate level, it said.
Financial policies are required to further support small and private companies, and fun
ding through the capital market is supported by the authorities, according to the statement.
The central bank had skipped open market operations for 15 conse
cutive working days until Monday. “Reasonable and adequate liquidity in the banking syste
m” was the main reason for the absence of open market operations, according to a statement from the central bank.
To cut or not to cut the RRR, a strong tool for liquidity adjustm
ent, has become a hot topic since April, not only for investors, but also for policy advisers.
Divergent opinions are spreading among a broader group of market observer
s. The market is trying to get more indications from the monetary authority, although the C
hinese central bank barely sends any hints on possible monetary policy operations before taking action.