China News Service, Kunming, February 4th (Reporter Miao Chao) Sharing, Co-progress, and Win-Win—Financial Empowerment for High-Quality Development of Market Entities Forum was held on the 3rd in Kunming, Yunnan Province. Economists at the meeting said that China's economy has broad prospects for mid- to long-term development.
The picture shows the forum scene. Photo by China News Service reporter Miao Chao
Lin Jianhai, Executive Vice Chairman of the International Financial Forum and former Secretary-General of the International Monetary Fund, analyzed that the current world economy is characterized by "one low and three high" of low growth, high inflation, high debt, and high uncertainty. "In the future, the world economy will continue to grow slowly and unevenly, and the world economy will face both complex risks and challenges and development opportunities."
He mentioned that there are multiple challenging factors for China's economic development in the short-term, medium- and long-term. Short-term challenges include real estate adjustments, sluggish exports, local debt, slow market recovery, and consumer confidence that needs to continue to be boosted. In the medium and long term, there will be challenges such as population aging and high uncertainty in the international environment.
However, Lin Jianhai said that China has a high-quality labor force, and there is still room for increase in labor supply. There is still huge room for development in industrial upgrading and technological progress. The service industry still has great development potential. Consumer demand can continue to increase. Urbanization and per capita GDP still need to increase. There is much to be done. Based on this, he believes that China’s economy has broad prospects for mid- to long-term development.
Also holding the same view is Zhang Yansheng, chief researcher of the China Center for International Economic Exchanges. He suggested that in the long-term development potential and growth path of China's economy, we should promote the linkage of science and technology, finance and industry without decoupling. At the same time, efforts should be made to expand domestic demand, cultivate new types of consumption, vigorously develop digital consumption, green consumption, and healthy consumption, actively cultivate new consumption growth points such as smart homes, entertainment and tourism, sports events, and domestic “trendy products”, and stabilize and expand traditional consumption, boosting bulk consumption such as new energy vehicles and electronic products.
At the forum, Yang Benxin, Greater China strategy and transformation consulting services partner of Ernst & Young (China) Business Consulting Co., Ltd., interpreted global risks from the perspective of "climate change". He pointed out that climate and natural disaster risks are the most serious global risks, which have had a huge impact on the operations of Chinese companies.
Yang Benxin suggested that Chinese companies should scientifically manage physical risks in the business process to reduce or eliminate their negative impact and fluctuations in the business process, and ultimately achieve high-quality development. (over)