Global Financial Management and Economic Development

来源: CHINA FOREX 2016 Issue 4 作者:Yi Gang

It has been more than eight years since the international financial crisis. The world economy has climbed out of the depths of that steep downturn and is back on track towards recovery. But it faces a number of challenges: one after the other the major engines of the world's economic growth have shifted into lower gear while technological developments have played a reduced role in spurring growth. Population increases have also moderated and many countries are dealing with the problems of an aging society. At the same time,geopolitical risks are rising,protectionism is rearing its head and globalization is facing new resistance. International trade is struggling and the appetite for investment is weak. Although there has been progress in global financial regulatory reform,many economies struggle with high levels of financial leverage and risks of serious financial bubbles are accumulating. Spillover effects from the monetary policies of some countries have become more serious with repeated bouts of turbulence on many financial markets. At the G20 summit in Hangzhou,President Xi Jinping stated that it was necessary to keep abreast of the times and combine knowledge with action. Governments need to work together and share the benefits of cooperation and weather the bad times together. We need to strive for a stronger world economy that has sustainable,balanced and inclusive growth.

These profound and meaningful words should serve as a guide for improved global financial management and promote financial reform as well as a more open and inclusive development.

Improving the Climate for Global Financial Management

President Xi also pointed out that it was necessary to continuously improve the international monetary and financial system and optimize the management structure of international financial institutions. It is also essential that we improve the global financial safety net. A sophisticated international monetary and financial system is important for solidifying global economic development. It can aid the real economy by safeguarding global market stability and improving the global ability to address risk. It allows early detection of risk and aids in risk prevention. It helps deal with crises effectively and keeps them from spreading. And it can support real economic expansion and lay a solid foundation for a new round of growth and prosperity. China is committed to building a better international monetary and financial system to enhance the stability of that system. After taking the G20's rotating presidency,China revived the working group on international financial structure in an effort to improve global financial management to promote reform of the international monetary and financial system.

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