Pictured is Zhu Min.
At the press conference, Zhu Min discussed the motivations behind the creation of "Changes and Responses." He described the world today as undergoing profound changes unseen in a century. The conflict between Russia and Ukraine has heightened global geopolitical risks, and economic growth faces significant uncertainty. Economic globalization has encountered its most severe challenges since the 1980s. Concurrently, the global economy is also experiencing the impacts, challenges, and opportunities of many emerging trends. Scholars, represented by members of the 50-person Forum on Global Economic Governance, have focused on and studied the evolution of the economy and finance in this context. They have compiled the monograph "Changes and Responses" to analyze and assess the world economy and financial development pattern from diverse perspectives and dimensions, explore China's response to these great changes, and provide new ideas and plans to promote the reform and improvement of the global economic governance system. Regarding economic and financial development in 2024, Zhu Min noted that the momentum of technological development, especially the accelerated development of large GPT models, will benefit economic growth.
Pictured is Zhang Yansheng
In his discussion based on the book, Zhang Yansheng analyzed the impact of geopoliticization on the supply chain and economy, as well as China's response. He emphasized that China needs to continue comprehensively deepening reforms and opening up and strengthening the rule of law. "Promoting science, advancing the rule of law, and fostering the internationalization of the economy may be the choices for China in such an international environment," said Zhang Yansheng. He suggested that China should promote a new higher-level open economic system and view China's future development from a global perspective.
Pictured is Zhang Liqing
Based on the relevant chapters in the book, Zhang Liqing believes that RMB internationalization is a market-driven process, and the government's role is to create all necessary conditions to encourage the use of the RMB for settlement and the holding of RMB financial assets by domestic and international institutions and individuals. Thus, the government's primary task is to continuously deepen market-oriented economic reforms, implement sound macroeconomic policies, and provide a transparent financial regulatory system, robust property rights protection, and a conducive business environment. He also put forward seven specific suggestions, including ensuring long-term stable economic growth, accelerating the opening of the capital account appropriately, and paying close attention to geopolitical influences.
Pictured is Guan Tao
Guan Tao provided an in-depth explanation of the "national foreign exchange reserve security issue from the perspective of financial sanctions against Russia," discussed in the book. To maintain the security of foreign exchange reserve assets, he recommended appropriately increasing gold reserves, diversifying foreign exchange reserve assets held in non-U.S. and Western currencies or some emerging market currencies, and strictly managing the operational risk of foreign exchange reserves. Additionally, he emphasized the need to enrich anti-sanction tools, accelerate the diversification of private cross-border foreign currencies, and improve financial infrastructure. Finally, he suggested that China should continue to deepen market-oriented exchange rate reforms and promote currency internationalization steadily and solidly.
Pictured is Zhang Xiaoyan
Zhang Xiaoyan noted at the press conference that the data element market has become a new global competitive arena, and the development scale of the global data market continues to grow and expand rapidly. Drawing on data cited in the book, Zhang Xiaoyan analyzed the development status of China's data element market and suggested that China needs to strengthen overall planning, promote the dislocated development of various data exchanges, and establish a data trading development ecosystem. Additionally, it is essential to increase technology research and development, establish a unified and standardized standard system, set up a complete data infrastructure, and promote high-quality data supply.
Finally, experts and scholars answered questions from on-site reporters and engaged in in-depth discussions on the trends and characteristics of economic and financial development in 2024, the opportunities China creates for world economic recovery, the investment environment in 2024, RMB internationalization, artificial intelligence, and other topics.