China News Service, March 25. The 2024 Annual Meeting of the China Development Forum will be held on March 24-25, 2024. On the morning of March 24, the "Seminar on the Dynamics and Prospects of China's Sustainable Development" was held. Jin Liqun, President and Chairman of the Board of Directors of the Asian Infrastructure Investment Bank, said in the second half of his speech: China’s economic growth strategy in the new era needs to change the development paradigm, spend money wisely, focus on projects with higher investment returns, and support high-end manufacturing and The high-tech industry mobilizes more financial resources to support major projects in strategic and emerging areas. Jin Liqun shared three points of view:
First, the development of the modern economy is rooted in the dynamic financial sector and needs to operate within a macro policy framework.
Among them, the role of the modern central bank system is very critical. It can ensure that prudent monetary policy is flexible and appropriate, and maintains reasonable and sufficient liquidity, which is consistent with the reality of each development stage. Jin Liqun emphasized that achieving short-term goals should not be at the expense of long-term interests. For China to continue to achieve stable economic growth, monetary policy must play a strong supporting role.
The second is to deepen reforms in the financial sector, especially market-oriented reforms in interest rates and exchange rates, to ensure that the financial sector operates in a market-oriented manner.
Every country, including China, attaches great importance to national security, economic security, financial security and stability. Only an effective financial market can ensure its own security. A closed financial market is like a pool of stagnant water, stable but very fragile. Jin Liqun believes that the Chinese government’s next fiscal policy must ensure that fiscal funds can flow in the right direction. The development of new productive forces also needs to benefit from the implementation of fiscal policies. Direct subsidies cannot be used, but a foundation must be laid for them.
Third, regarding China's economic slowdown, we cannot just look at the growth rate. In an absolute sense, the wealth created by China's current economic growth is much greater than in the past.
China's economic base is huge, and even a one-percent growth rate is unmatched in the past. Larger economies require more prudent macroeconomic policies. Therefore, China's economic growth strategy in the new era needs to change the development paradigm, spend money wisely, focus on projects with higher investment returns, support high-end manufacturing and high-tech industries, and mobilize more financial resources to support strategic and emerging fields. major projects.
In addition, in the face of geopolitical pressure and various challenges, Jin Liqun proposed that the AIIB currently has 109 members. Only by strengthening systematic cooperation among members and building a new multilateral development bank in the 21st century can we more effectively respond to poverty reduction, Climate change, for the benefit of people.