Under the new situation, efforts should be made to stabilize foreign w88 casino
Lu Jinyong, Yang Rongjing
(Source: "China Economic Times" China Economic News Network 2020-04-13 Page 4)
The global pandemic of the COVID-19 epidemic has had a serious impact on the global economy and will inevitably increase the uncertainty of my country’s external economic environment. Measures should be taken in advance to prevent the risks it brings.
Global economic recession is a high probability event
The spread of the epidemic around the world has seriously hindered the smooth operation and convenient exchanges of the global economy, coupled with the decline in psychological expectations and confidence caused by the panic about the epidemic. It will also lead to a decline in global market demand. Not only will the production and operation activities and profits of multinational companies and their subsidiaries be affected, but their reinvestment plans and asset expansion plans in host countries will also be delayed or shelved, resulting in a substantial decline in international w88 casino.
Many international institutions predict that the global economic recession has become a high probability event. The United Nations, the International Monetary Fund, the Organization for Economic Cooperation and Development, the Institute of International Finance and international rating agencies have all given less optimistic analyses. According to a report released by the Institute of International Finance, the global economy will shrink by 1.5% this year, of which developed economies will shrink by 3.3% and emerging economies will grow by only 1.1%. Among developed economies, the U.S. economy will shrink by 2.8%, the Eurozone economy will shrink by 4.7%, and the Japanese economy will shrink by 2.6%. Emerging economies such as Argentina, Brazil, Mexico, Russia, and South Africa will also fall into recession this year.
The "Global Investment Trends Monitoring Report" released by the United Nations Conference on w88 and Development on March 26 has adjusted the forecast made on March 8 that global cross-border direct investment (FDI) will decline by 5% to 15% in 2020. It is believed that the epidemic will Aggravating the impact, global cross-border direct investment will plummet by 30% to 40%, much higher than the 21% and 17% declines in global FDI due to the international financial crisis in 2008 and 2009, respectively, becoming the largest decline in global FDI in this century.
The decline in international w88 casino has put new pressure on our country
At present, my country's epidemic prevention and control situation continues to improve, the economic and social order is accelerating to restore, and the work of stabilizing foreign w88 casino has achieved phased results. About 70% of foreign-invested enterprises have resumed work and production. However, the global economic recession and sharp decline in international w88 casino caused by the global spread of the epidemic have had a new negative impact on my country's attraction of foreign w88 casino and the resumption of work and production of foreign-invested enterprises; the flow of logistics, people, capital, technology, etc. has been basically interrupted or seriously slowed down, resulting in the emergence of new congestion points, breakpoints or pain points.
This new severe situation has two characteristics: first, the difficulty has expanded from one point to another. The situation of stabilizing foreign w88 casino in the first two months is: domestic instability occurred due to the outbreak of the epidemic, but the global w88 casino pattern was basically stable, and the focus was on domestic work; now China is basically stable and gradually recovering, but the global w88 casino pattern is unstable, and the scale of global w88 casino will decline significantly. Second, the duration of difficulty changes from shorter to potentially longer duration. It was originally expected that after about two months of struggle, the epidemic would be basically under control. The adverse impact of the epidemic on foreign capital and foreign-invested enterprises would be short-term. With the rapid spread of the epidemic around the world, it is expected that the epidemic may last for a long time of 3 to 6 months, increasing uncontrollable factors and making it more difficult to stabilize foreign w88 casino.
The new pressures and difficulties are mainly reflected in the following aspects: First, the difficulty of attracting w88 casino has greatly increased. The sharp decline in the scale of global cross-border direct w88 casino has led to a reduction in the "source water" for w88 casino promotion. After the "cake" has shrunk significantly, global competition for w88 casino promotion will further intensify. At the same time, due to the restriction of international personnel exchanges, it also brings difficulties to the promotion, exhibition, w88 casino promotion, communication, negotiation and signing of projects (new construction, mergers and acquisitions, capital increase). Secondly, the international flow of people and logistics has been further hindered. Foreign executives and technical personnel are subject to more restrictions on leaving the country and coming to China. Passenger aircraft flights are grounded or cancelled. Many countries have closed ports and borders. Not only has the capacity of cargo aircraft been greatly reduced, but freight prices have soared, all sea, land and air logistics have become tense. Once again, new breakpoints have appeared in the global supply chain. Due to the shutdown of many factories in Europe, the United States, Japan, South Korea and Southeast Asian countries, foreign-invested enterprises in China are facing supply cuts of imported parts, intermediates or raw materials needed to maintain production and operations, and the supply chain is facing new risks of disruption. Finally, international external demand orders shrank and decreased. The semi-suspension and recession of the global economy and the obstruction of logistics have led to a decline in overseas demand and the cancellation or delay of export orders, which has caused new impacts on the operations of export-oriented foreign-funded enterprises in China.
Suggestions on policy measures to deal with the new difficult situation in stabilizing foreign w88 casino
In the past two months, my country's measures to stabilize foreign w88 casino have been appropriate and effective, and phased results have been achieved. Since April, the environment and situation faced by the work of stabilizing foreign w88 casino have undergone major changes. Under a more difficult and complex situation, my country's work of stabilizing foreign w88 casino needs to adjust the original goals according to the changes in the situation, and take new measures in accordance with the new goals.
my country’s original goal of stabilizing foreign w88 casino is to stabilize increment first and stabilize existing quantity secondly. Stabilizing the increase means trying to ensure that the scale of newly introduced foreign w88 casino does not decrease every year. Stabilizing the amount means trying to ensure that existing foreign-invested enterprises in China basically do not move out of China and do not suffer losses. The original measures taken, such as improving foreign w88 casino legislation, improving the business environment, expanding industrial opening, improving park platforms, strengthening w88 casino promotion, improving financial and tax support, etc., are all aimed at stabilizing the scale of foreign w88 casino in China every year to ensure employment and economic growth. We should make timely adjustments now, and adjust my country's new goal of stabilizing foreign w88 casino to: stabilizing the stock mainly, and stabilizing the increase as a supplement. Within a certain period of time, the focus will be on stabilizing the stock, and stabilizing existing foreign-invested enterprises to achieve the tasks of stabilizing employment, stabilizing growth, and stabilizing expectations. Correspondingly, expectations for the scale of newly introduced incremental foreign w88 casino this year will be lowered. In principle, there will be no upper limit on the amount, and as many projects as can be introduced will be introduced. Be mentally and policy prepared for a possible decline in the scale of newly introduced foreign w88 casino.
In accordance with the new goal of stabilizing foreign w88 casino, the following new policy measures for stabilizing foreign w88 casino need to be adopted.
First, government departments at all levels should do their best to help existing foreign-funded enterprises resume work and production as soon as possible. There are more than 500,000 foreign-invested enterprises in my country. Supporting these enterprises to resume normal production and operations as soon as possible is an urgent task at present. Enterprises should be helped to solve the specific problems they face from epidemic prevention, construction, taxation, financing, social security, customs, quarantine, market supervision, import, export, domestic sales, etc., to effectively improve the resumption rate of foreign-invested enterprises and enhance their vitality and profitability.
Second, take effective measures to prevent large-scale and long-term disruptions in the global supply chain and ensure the connection and operation of the supply chain. The economic recession, production shutdowns, and disruptions in sea, land and air logistics have had a profound impact on the global supply chain. Import and export may be sluggish. Problems in the supply chain will seriously affect the operations of existing foreign-funded enterprises. Therefore, extraordinary and powerful measures should be taken to prevent and control. For supply chain enterprises that rely on exports, they can consider opening up the domestic market, increase the proportion of domestic sales, or switch to other products; for supply chain enterprises that rely on imports, they can open more dedicated freight flights, increase import reserves of key components, semi-finished products, and raw materials, expand domestic procurement quantities, or look for substitutes.
Third, foreign-funded enterprises are encouraged to increase or switch production of epidemic prevention materials and develop new business formats or new products. At present and for some time to come, the global shortage of various types of anti-epidemic materials will continue. Therefore, foreign-funded enterprises should be supported to expand the production of anti-epidemic materials based on market demand, or to switch to production of anti-epidemic materials similar to the original products. The outbreak of the epidemic has also given rise to new demands, new business formats, new technologies and new products, such as home telecommuting, online conferences and exhibitions, online cloud services, cross-border online transactions, etc. Foreign-funded enterprises should be encouraged to seize these new development opportunities.
Fourth, support foreign-invested enterprises to switch from exports to domestic sales. With the global economic recession, the scale of international w88 will inevitably shrink to a certain extent, and a reduction or sluggish external demand is inevitable. Under this circumstance, foreign-invested enterprises should be allowed and supported to expand domestic demand in the face of declining external demand, develop a vast domestic market with continuously upgraded quality, expand domestic sales, meet domestic demand, and make up for the decline in foreign sales and exports.
(Author’s affiliation: National Institute of Opening-up, w88 casino)
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