(Economic Observation) Under the epidemic, where are the global monetary and fiscal policies exerted?  

  China News Service, Guangzhou, November 22 (Sun Qiuxia) Since the outbreak of the new crown epidemic, many countries have implemented loose monetary policies to inject liquidity into the market.

At the same time, fiscal stimulus in various countries is also increasing, including tax cuts and fee reductions, and expansion of unemployment subsidies.

At the International Financial Forum held in Guangzhou, experts at home and abroad who participated in the meeting offered suggestions on how to exert global monetary and fiscal policies under the epidemic.

  The first President of the European Council and former Prime Minister of Belgium Van Rompuy pointed out that the EU hopes to coordinate the relationship between long-term goals and short-term goals. Everyone agrees that the focus of long-term policies is to improve productivity and people's living standards.

Adapting to the post-epidemic era requires greater public investment in digitalization and green infrastructure, and greater investment in human capital.

  Van Rompuy said that in 2020 alone, the value of green bonds issued globally has exceeded US$200 billion, an increase of 12% over the January-September period of the same period last year. The President of the European Central Bank has regarded green as a key element of the ECB's strategic assessment.

  It is worth mentioning that Georgieva, President of the International Monetary Fund (hereinafter referred to as "IMF"), once called on G20 leaders to commit to increasing investment in green technologies and raising carbon prices. This is expected to increase global GDP. Value and create about 12 million jobs in 10 years.

  Hofman Hofman, director of the Institute of East Asian Studies at the National University of Singapore, said that many countries are currently responding to economic downturns with very loose monetary policies, providing market liquidity and financial subsidies, and preventing companies from failing.

But sooner or later, the company will have to undergo a reorganization of resources and turn to a sustainable industry, and the supply chain must be reorganized to adapt to this change.

  "Now it is necessary to reclassify enterprises so that they can be restructured to allow qualified enterprises to grow. The current regulatory policies and credit policies need to be prepared to achieve this structural transformation." Hofman said.

  The chief economist of the Asian Development Bank Sawada Yasuyuki pointed out that the central bank should adopt a neutral monetary policy to provide liquidity to small and micro enterprises while avoiding asset price bubbles and directing funds to the real economy.

  It is worth noting that the IMF previously predicted that the global economy will shrink by 4.4% in 2020 and will grow by 5.2% in 2021.

However, as the infection rate rebounds, some countries still face greater risks of the epidemic, and the economic outlook is full of uncertainties.

  Liu Shangxi, president of the Chinese Academy of Fiscal Sciences, said that the current fiscal and monetary policies are very different from the past, because this is due to the epidemic rather than the economic and financial system itself.

  Liu Shangxi pointed out that China’s fiscal and monetary policies have been effectively coordinated and cooperated, and the results are as follows: First, employment is guaranteed, and there is no large-scale unemployment. On the contrary, the increase in employment in China has reached 1,000. More than ten thousand; Second, from the perspective of enterprises, market players are increasing.

From this point of view, when the epidemic is effectively controlled, fiscal and monetary policies can be effective.

  Zhu Guangyao, the former Vice Minister of the Ministry of Finance of China, pointed out that the global coordination of fiscal and monetary policies is lacking, which is very different from the response to the 2008 financial crisis. "Now we have not seen an effective policy coordination. We should work together. Hand in hand to respond to the crisis".

  The former President of the European Central Bank, Trichet, said that the current world economy is experiencing severe shocks. “We should not reject globalization. Global trade requires very careful measures to avoid damage to the global value chain and supply chain. We hope to continue to promote multilateralism. , Let globalization develop in a healthier direction."

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