Zhu Min: The global economy is expected to grow at low growth in the next five years, and the new troika will become a new driving force for China’s stable economic development.

In a new round of global competition, the real economy is in urgent need of a breakthrough. At the "Breakthrough of the Real Economy" sub-forum at the Boao Forum for Asia Annual Conference 2024, Zhu Min, Vice Chairman of the China Center for International Economic Exchanges and former Vice President of the International Monetary Fund, pointed out that at present, the international economic growth rate is slowing down, and it is predicted that in the next 5 years By 8 years, the global economy will continue to grow in a low growth environment, about 3%. Factors affecting world economic growth include the epidemic, declining labor productivity, and geopolitical tensions. For Chinese companies, Zhu Min believes that in the face of huge changes in the macro environment, companies need to reposition and plan their future development paths. "It is very important to think about your positioning and what your goals are at the moment." Zhu Min proposed three important dimensions to analyze the future of China's economy: First, changes in economic growth rate. China's economic growth model has changed from high-speed growth to medium-high-speed and steady growth. The second is the transformation of the economic structure. China's economic structure is undergoing major changes, including the rise of the service industry and the decline of the proportion of agriculture and industry. The third is the new troika including domestic consumption, manufacturing digitalization, and green transformation, which are regarded as the three new driving forces for the stable development of China's economy in the future. When it comes to transformation, artificial intelligence empowering the real economy has become a hot topic in recent years. In this regard, Zhu Min pointed out the potential and importance of artificial intelligence, emphasizing the importance of meeting consumer needs and improving efficiency. Zhu Min pointed out that most of China’s current artificial intelligence models are vertical and application-based. "What enterprises need to do is to find some good data experts to study their own business conditions, and then use existing large models to make them into vertical systems to serve the enterprise, improve efficiency, reduce costs, and meet needs." Source: 21st Century Business Herald