(Fighting New Crown Pneumonia) Economic War "epidemic" record: G20 special summit injects warmth into the world economy
China News Agency, Beijing, March 26 (Reporter Li Xiaoyu) Leaders of the Group of Twenty (G20) are holding a special summit on responding to the new crown pneumonia epidemic. Chinese and foreign scholars said in an interview with a reporter from China News Agency that this is a meeting at a crucial moment in the global economic fate. The signal of solidarity and cooperation released by the conference will inject confidence into the world economy that has been hit hard.
The current epidemic has almost swept the world. According to the latest data from Johns Hopkins University, the number of confirmed cases worldwide is close to 500,000. Wherever the epidemic went, many countries and cities have been "closed", factories have been shut down, shops have been closed, trains, ships and flights have been shut down.
Zhang Yansheng, chief researcher of the China International Economic Exchange Center, said that the epidemic caused disruptions in the flow of people, logistics, business, and capital in many countries, which caused more damage to the global economy than any previous crisis.
Chen Fengying, former director of the Institute of World Economics of China Institute of Modern International Relations, also said that, unlike in the past, the global economic crisis was manifested by the abrupt cessation of a large number of economic activities, no consumption, no investment, and difficulties in the real economy. Moreover, given the different outbreaks of major economies, the global economy, especially international trade and investment, will face one after another. In the current situation, the G20 “overwhelming task is sincere cooperation” and strengthen macro-policy coordination.
Du Dawei, a former representative of the US Treasury in China and a senior researcher at the Brookings Institution, also said that the important thing that the G20 needs to discuss first is to coordinate the economic policies of major economies and maintain an open trading system. This will not only make countries' economic stability policies more effective, but also help to avoid the rise of isolationism and protectionism.
The summit has sent a positive signal of opening up and cooperating to fight the epidemic.
Chinese President Xi Jinping said that the epidemic had a global impact on global production and demand, and countries should join forces to increase macro policy hedging to prevent the world economy from falling into recession. It is necessary to implement effective and effective fiscal and monetary policies, strengthen financial supervision and coordination, and jointly maintain the stability of the global industrial chain supply chain.
He called on the G20 members to take common measures to reduce tariffs, remove barriers, and smooth trade, sending a strong signal to boost morale for world economic recovery.
Analysts believe that when the global economy encounters a rare crisis, the G20 parties join hands to strengthen policy coordination, which will help inject confidence into the market and more effectively hedge the epidemic.
Wang Youxin, a researcher at the Bank of China Research Institute, said that all countries should take urgent measures to support global economic recovery, stabilize the international financial market, strengthen coordination of monetary policy and epidemic prevention and control, and they can play a more proactive role in coordinating national policies and responding to economic and financial crises. . Reaching broad consensus on this will help give more confidence to the world.
Recently, in order to hedge the economic losses caused by the epidemic, many economies have successively launched large-scale stimulus policies. Following the announcement of "open quantitative easing", the United States has sacrificed a $ 2 trillion fiscal stimulus plan; the European Union has also suspended the strict supervision of fiscal expenditures of member states, which is the first time in history.
Chen Wenling, chief economist of the China International Economic Exchange Center, believes that if fiscal and monetary policies are to be truly effective, they must be precise. On the surface, the "flooding flood" is not small, in fact, it does not help.
Jia Jinjing, assistant dean and director of the Macro Research Department of Renmin University of China ’s Renmin University of China, also said that the actual policy actions of different countries are very different, and some Western countries have adopted “flooding floods”, which is not disappointing from the perspective of global governance. responsible. Only uniting and coordinating action can bring the global economy back on track.
When the voices of solidarity and cooperation are unanimously released by the major economies, the global economy may turn around as soon as possible.
Ren Zeping, chief economist of Evergrande Group, said that if the G20 member states can unite and form an inspiring consensus of unity and cooperation, it will become a turning point for the people. (Finish)