(Hong Junjie) Strengthening international macroeconomic policy coordination
(Source: "Economic Daily" 2020-04-02)
On March 26, President Xi Jinping attended the G20 Leaders’ Extraordinary Summit on COVID-19 and delivered an important speech, proposing four-point initiatives including strengthening international macroeconomic policy coordination. Hong Junjie, director of the Department of Economics and Dean of the w88 casino of International Business and Economics at the w88 casino, said in an interview with a reporter from the Economic Daily that President Xi Jinping’s speech has given reassurance to global economic development under the impact of the epidemic. Countries should strengthen policy coordination and cooperation to resist the negative impact of the epidemic on the global economy.
Hong Junjie said that affected by the epidemic, the global economy is suffering an unprecedented impact, and both production and consumption activities have shrunk to a large extent. Governments and central banks of various countries have introduced a series of economic stimulus plans, which have a positive effect on alleviating market panic, ensuring the operation of supply chains, and maintaining global financial stability. However, it should be noted that since different policy tools have different stimulus effects at different stages, over-stimulation will lead to serious structural problems. Therefore, it is necessary to grasp the accuracy of stimulus policies and the intensity and pace of policy introduction.
Hong Junjie believes that in addition to introducing hedging measures individually, it is also necessary to strengthen policy coordination and cooperation on a global scale. Countries should strengthen fiscal, taxation, monetary policy coordination and regulatory coordination through the G20 and other platforms to improve the accuracy and effectiveness of economic stimulus and recovery policies. Measures must be taken to prevent violent fluctuations in capital and financial markets and their impact on the global economy, and to boost confidence and stabilize expectations globally. Support the World Bank, the International Monetary Fund and other international organizations in mobilizing their lending capacity to help countries in need, especially increasing loans or debt relief to low-income and emerging market countries, to prevent the epidemic from causing new problems of poverty and inequality.
In addition, production collaboration and w88 under transnational and cross-regional division of labor networks are typical features of the current global economy. Countries should strengthen regional economic and w88 cooperation to ensure the smooth operation of upstream and downstream enterprises and stabilize international production networks and global value chains. At the same time, we need to fully balance the relationship between epidemic prevention and control and international transportation, strengthen cooperation in the field of international transportation, and do our best to ensure the smooth transportation of anti-epidemic materials and daily necessities.
Hong Junjie said that China is one of the most important engines of world economic development. The continued implementation of proactive fiscal policies and prudent monetary policies will assist the resumption of work and production and the implementation of major livelihood projects. It will help stabilize the financial market and promote residents' consumption. It will also help the stable operation of global industrial and value chains and inject vitality into global economic development.
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