Singapore's State -owned Assets and Social Policy Minister Shang Daman said that the problem can be solved next is to deal with long -term strategic competition between China and the United States. In particular, the possibility of scientific and technological competition between the two countries and the division of supply chain is two.
Lin Zhanting Beijing Special Commissioner
The world's next round of economic recession is covered, and Singapore's state -owned asset -government and social policy minister, Shang Daman, said that whether the problem can be solved next is to deal with the long -term strategic competition between China and the United States. In particularThe possibility of division of the supply chain is two.
Shangdaman attended the Bloomberg Innovation Economic Forum jointly organized by Bloomberg and the China International Economic Exchange Center in Beijing yesterday to express the above views on how to cope with the sub -forum of how to cope with the next financial crisis.
Facing the strong anti -winds of the Sino -US trade war, the global economy is currently facing the risk of recession.Shang Damman pointed out that to solve the problem caused by the next financial or other recession, it is necessary to solve longer -term problems. The core is to deal with long -term strategic competition between China and the United States.
He explained that the current substantive issue is not the next round of economic recession, but a deeper question: Why is the investment in the private sector so weak?Why is the environment full of uncertainty?Why is the progress of innovation slow down?Why is productive growth so slow?
As the Sino -US game continues, if the global scientific and technological standards and supply chain are divided into two, the world's innovation and motivation will be reduced, and the supply -side economic problems mentioned above cannot be resolved.
Shangdan then proposed that to solve these fundamental problems, the key is not more money or more fiscal or monetary policies.He explained that the benefits of monetary policy are now seriously decreasing, and the attention from all walks of life has turned to fiscal policy; but even fiscal policy should not be limited to increasing traditional solutions such as fiscal deficit, but to use fiscal policyThe problem of productivity growth.
Compared with the injection of fiscal or monetary policy, Shangdan advocates solving potential economic problems by establishing confidence and innovation.He pointed out that there are still many undeveloped investment potential in the current mature and development economy MDASH; MDASH; First, a large amount of public and private investment in responding to climate change;2. Investment in developing countries, especially African countries.
Shangdaman said: We must ensure that the world's emerging developing countries have obtained their required investment, otherwise the growth of the world economy will become weaker.
Global situation is facing three known unknown
In summary of Shangdaman, the global situation is currently facing three known unknown. First, how is the strategic competition between China and the United States evolved, and the result will it be a world of division into two, or is it a kind of competitive coexistence?
Followed by the situation in the Middle East, he metaphorically said: There will always be a possibility of sparks, and now the fire is dry.
In the end, he also pointed out that no matter what the source of the economic recession is, it is important whether the government can respond to the social anxiety and frustration of the people today.
But he also reminded that these three unknown are not greater than the ability of people to do it, nor is it greater than people's ability to shape the future. I think it is our responsibility to shape such a future.
Yesterday's speech also included Zhou Xiaochuan, the former president of the People's Bank of China.He believes that based on the global financial crisis caused by the US subprime mortgage crisis in 2008, to avoid the next financial crisis, it is necessary to prevent bubbles from being reproduced.
The host asked what the tools in China should deal with the next round of economic recession. Zhou Xiaochuan said that China's interest rates are not as low as many developed countries, and there is still room for monetary policy to expand.Whether it can cooperate with fiscal policies and promote structural reforms.
