London close. For the pre-interesting cautious approach, with particular attention to the crisis on the impact of many low-income countries. because this meeting is based in Pittsburgh at the end of a summit held in preparation to do so, it released the information to a large extent will represent the direction of international policy cooperation and the world trend of the future economic development. To this end, I would like to evaluate the following three aspects of the significance of this meeting.
one policy good environmental
now, whether developed or developing countries, in order to get rid of the global financial crisis on its economy and financial system distress and shock, governments have started the second half of last year, into the scale to the market great mobility. by improving the business and balance sheets of financial institutions to change the confidence of market pessimism, reversing last year because of liquidity fears (of the financial system to asset deflation, investment and helpless, weak consumption a critical situation. But today, when national development financial institutions, improved financial position, slowly raise the confidence of the market, people began to notice in 2007 suffered the world's excess liquidity situation has once again signs of the rise!
Moreover, the developed countries and emerging market countries, challenges may not the same, European and American countries, mainly because governments can not be timely input mechanism of liquidity out of the , the government should nationalize successful exit depends critically on whether the assets sold in the market, a This is just recovering economy will have very serious negative effects. Some countries will slow economic recovery to the policy dilemma faced by the economic , then, will spread to other developed countries in the economic recovery.
while the emerging markets and developing countries, as production capacity and growth of more space, to some extent absorb the currency liquidity of the market flood pressure, but, like in 2008, as commodity prices because of the rampant speculative capital (excess monetary liquidity is a form) and again the possibility of exorbitant still not small, the current evidence has emerged, so imported inflation in developing countries similarly plagued economic growth and macroeconomic stability. dependent on those big outgoing, and the current low level of national economic recovery, the combat can be enormous, which will narrow down the world economic development of space. can not be excluded, due to industrial investment rate of return because of rising production costs and a more marked decline, leading to the real sector of the capital once again returning to the slow development of financial markets, asset bubbles cause serious situation, even bad maliciously misappropriating corporate investment over the issue will once again plagued the country's regulatory authorities and the effective implementation of monetary policy.
Therefore, the current world economy faces the first challenge is how stable the government, pattern of economic recovery and re-work together to go against massive blood transfusion to the future laid very serious macroeconomic risk of inflation!
Second, the challenges faced by developing countries become more severe in the economy continues to
recovery, stabilization of the and the establishment of cooperation system, the dollar-dominated international monetary system reform, so far the development of world economic imbalances to adjust growth model, and the ability to bring together developing and developed countries is fully recognized, and the resulting financial environment-related construction and optimization is also actively advancing. Although some technical hurdles still exist now, but if not solve these problems, it will affect the financial system in the real economy to play to play the lead role in the normal, it will because the public awareness and financial services over the lack of trust caused by the rising cost of long-term investment and financial market price volatility. This is not conducive to the improvement and savings capital formation, is not conducive to reverse the over-consumption and excessive overdraft balance pattern. Certainly not conducive to technological innovation in Europe and America countries, financial resources and support needed.
For developing countries, to continue to play as soon as their comparative advantage, the use of economic integration, external environment, promote trade and investment activities orderly and healthy development, has become a major problem brood decision-making departments. The difficulty comes from the adjustment of global imbalance can lead to not only increase but the external market is shrinking, Secondly, governments are aware of the Therefore, developing countries are increasing bilateral cooperation between the intensity to break through the monetary system brought about by the growth of distortion constraints. Furthermore, the developing countries, international organizations also need to give more developed countries to achieve the wealth they create growth the external market, so as to emerge from this crisis on developing countries, ; strength How to improve the quality of development and the establishment of the real economy and financial system has become a growth pattern that matches our own in the world economic stage to improve the and mitigate the huge domestic employment pressure, increased costs and reduced heavy (high pollution, high energy consumption, high conflict), the challenge can not be avoided. To this end, China should reflect the establishment of the following two aspects in the world China on the basis of national consensus through industrial innovation, the establishment of standards for innovative ways to challenge the U.S. power (upstream) position, while the coastal conditions through the upgrading of industrial structure in some areas and transition, trying to get pricing and prices of products and services created by higher added value, in particular, the strategy is to strengthen the financial system to manage their wealth and support the innovative efforts, but also help improve China's international image and to change the current dollar a monopoly dominance of the international monetary system (the downstream industries ), the construction of Shanghai international financial center is a strategic level to the national development strategy of this big country, a microcosm;
though, and today the Chinese government also clearly aware of the power strategy is a long-term goals we need to strive for However, in the short term, particularly at how to help China's economy out of troubled by the global financial tsunami, not too much emphasis on practical strategy would give us great power counterproductive duplication of efforts. In other words, today we do not have to deliberately go to strengthen the ; domestic demand, effective implementation of the strategy to win precious time, but also nothing wrong! However, how to overcome the government-led economic stimulus plan implementation exposed by the financial resources of the more serious The phenomena will directly affect our restructuring costs and the degree of social harmony.
Second, speaking from the demand side, to ensure sustainable economic development and steady growth of wealth in the renminbi, market cultivation and domestic demand growth will indispensable. The Chinese government also through rural urbanization and industrialization, farmers can create more employment opportunities for more revenue, because their improve the social security system, trying to solve the urban population rationalization of the distribution system and efficient, but also for the current direction of efforts to explore and try.
Therefore, only the above , then the economic development needs in order to form a improve their profitability, while the light productive, also because of lack of market, lack of distribution of wealth can not be right to speak further escalation of industry, market and further development (for example, difficult to develop service industries, manufacturing is difficult to upgrade, the RMB no output channel). So, today we talked a lot about the innovation, standard setting oriented due to high value-added growth model. Although China has an arduous task, but it has been fully reflects the Chinese government, Third, China is now the bold on the high end of industry chain (upstream and downstream), constantly speed up and strengthen our past is not good at occur as a result of our own ability to resist risks encountered as the decline of the 97 East Asian encountered the impact of international speculative capital? In addition, many export-oriented countries in East Asia, even Japan and South Korea, did not worked out an industry (it high degree of standardization needs to capital and other production costs are relatively stable and low-cost development model) match the competitive financial system (which is a high degree of differentiation, requires changes in financial asset prices free) operating mode! 97 years on the East Asian crisis and Japan century, the collapse of financial bubbles occur, all described their attempts to support the manufacturing sector strong development of the financial strategy to end in failure (until today, Japan is concerned that abandoning the to make their industry in the loss of competitiveness on the international market)! most of the United States will simply have moved manufacturing overseas for standardized production of national and local, and struggle to maintain the common development of national innovation and financial growth pattern matching (the most recent the bankruptcy of three major U.S. auto companies, and with it control of the new emphasis on energy development strategy, all that make up the U.S. government to further their own pattern of growth in the In the as soon as possible for China to explore the growth pattern of sustainable development. Only in this way can China's economy in the world stage and win more prestige and authority and obligation to fight to match the supported by the level of foreign reserves.
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