Discussions focus on how China will realize economic growth both
quantitatively and qualitatively given the new global
landscape
GUANGZHOU, China, Dec. 4, 2022
/PRNewswire/ -- Experts and researchers discussed China's challenges and policy recommendations
at IFF roundtable during the IFF Annual Meeting.
Policies including expanding social welfare to migrant workers,
deepening reform, and adjusting Covid measures are key to boost
economic growth in China.
Liu Shijin, Vice Director of the Committee on Economic Affairs
of the CPPCC National Committee ,said social welfare should include
migrant workers to boost domestic consumption.
"China should quicken reform in
social welfare so that migrant workers can enjoy the same benefits
in cities, which will in turn boost consumption and investment in
the service sector," said Liu.
Han Seung-soo, IFF Co-chairman
and Chair of the Council of the Presidents of the UN General
Assembly (UNCPGA), said China
needs to accelerate market-based reform to achieve sustainable and
high-quality development in the medium to long term. The country
has made steady progress in structural reforms over the past
decade. He thinks China needs to
play an important role in the global response to climate
change.
Qu Hongbin, former Chief
Economist for Greater China at
HSBC, said that despite the impact of the global pandemic,
China's exports have far exceeded
almost everyone's expectations. The country must fine tune its
Covid-19 measures and boost domestic consumption and
investment.
Shen Minggao, Global Chief Economist and Head of Global
Institute for Supply Chains of Guangfa Securities, said that
forecasts made by major global institutions on future long-term
global growth show that emerging market economies will be the
biggest drivers of regional growth. What lies ahead for
China is figuring out how to
maintain quantitative growth given that the country can no longer
count on exports to do so.
The relationship between China
and the US has become a top priority, said Hu Weixing, IFF Academic Committee Member and
Dean of the Faculty of Social Sciences at the University of
Macau. He emphasized the
importance of placing China-US relations first in responding to the
massive challenges posed by the new global landscape. The relations
between the two countries have a significant effect on the
world.
He added that leaders from both countries have found some common
ground in head-of-state diplomacy during their recent summit in
Bali.
About International Finance Forum (IFF)
The International Finance Forum (IFF) is a non-profit,
non-official independent international organization founded in
October 2003 by by leaders from
China, the US, the EU and the
other G20 countries, in concert with emerging economies and the
leaders of multiple international organizations, including the UN,
the World Bank and the IMF. Also known as the Finance 20 (F20), the
IFF is also a high-level permanent dialogue mechanism and
multilateral cooperation organization within the world of
finance.
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SOURCE International Finance Forum (IFF)