：China is an important contributor to the recovery of global trade
“China is an important contributor to the recovery of global trade”
October 21, local time,The International Monetary Fund (IMF) released the latest “Asia-Pacific Economic Outlook” report,It is predicted that the Asian economy will shrink this year 2.2%,It will rebound to a growth of 6.9%.Kenneth Kang, deputy director of the IMF’s Asia Pacific Department, said in an exclusive interview with our reporter,The new crown pneumonia epidemic has a huge impact on the economy of Asia,The road to recovery is uneven and uncertain,But China’s economic recovery is impressive.”China is an important contributor to the recovery of global trade.”
”Asian countries have different rates of recovery.It depends on the spread of the epidemic, the scale of policy response, and the strength of external demand.”Kenneth Kahn said,In parts of Asia where the epidemic is under control,Such as China,Economic activity may return to normal sooner.The latest data shows thatIn the third quarter, China’s economic growth accelerated to 4.9%.Kenneth Kahn thought,China’s rapid economic recovery is mainly due to two “powerful” factors: First, strong epidemic prevention and control measures.The second is to strongly support the recovery of macroeconomic and financial policy measures.
Kenneth Kahn thought,The fiscal policy introduced by the Chinese government has alleviated the difficulties of enterprises and people severely affected by the epidemic.In particular, we will further increase the unemployment insurance return for stable jobs and expand the coverage of some migrant workers.And tax relief,The three social insurance premiums paid by enterprises, such as pension, unemployment, and work injury, are exempted, reduced, and delayed, etc.This all helps protect employment.In terms of monetary policy,The People’s Bank of China has enhanced the “directness” of fiscal policy,Comprehensive use and innovation of multiple monetary policy tools,Inject sufficient liquidity into the banking system,Maintain the stability of the financial market.
Kenneth Kahn thought,Relatively strong export demand has boosted China’s economic recovery.With the restart of economic activity and global support for medical equipment, electronics and other projects related to remote work,Chinese exports rebounded,At the same time imports rebounded,Especially the import of semiconductor components and bulk commodities,This will help promote economic growth in other regions.
recently,China’s Ministry of Finance has issued sovereign bonds totaling US$6 billion,Investors actively subscribed,The order size reaches 4 of the issuance volume.7 times.Kenneth Kahn thought,China’s attractiveness to international investors is reflected in its stable credit rating, yield and diversification.Simultaneously,During the epidemic prevention and control period,The relaxation of market access for foreign financial companies and the continued inflow of foreign investment portfolios,It also reflects the continuous expansion of China’s financial market.He said,More foreign capital enters China’s capital market,Will help improve market efficiency and financial service competitiveness,But there are also certain risks,”The important thing is to continue reforms,Strengthen financial supervision and regulatory framework”.
Kenneth Kahn suggested,China’s future policy support should shift to strengthening private demand,For example, by increasing family support and strengthening social safety nets,Once the economic recovery stabilizes,Special financial support should be gradually cancelled,Instead, strengthen supervision and solve the problem of non-performing loans.
”The escalation of global trade tensions is a concern for Asia and the world.Especially because Asia is a major hub for global value chains and knowledge diffusion.”Kenneth Kahn appealed,Resolving trade disputes and promoting the modernization of the multilateral trading system through cooperation remain crucial.Only in this way,Global trade can continue to be an important driving force for economic growth and improving living standards.
(This newspaper, Washington, October 21st)
”People’s Daily” (October 22, 2020 03 Edition)