Justin Yifu Lin (center), dean of the Institute of New Structural Economics at Peking University, speaks at the Boao Forum for Asia in Boao, Hainan province, on Wednesday. (FENG YONGBIN/CHINA DAILY)
Panelists confident emerging fields will brighten long-term prospects
While the global outlook is clouded by rising downward pressures and a more challenging environment, the world is also embracing new growth opportunities ahead from fields such as the digital economy and intelligent, green transformation, officials and experts said on Wednesday.
Zhao Chenxin, deputy head of the National Development and Reform Commission, said that global growth lacks momentum and downward pressure is rising, warning of uncertainties related to major Western economies' capability to control inflation, the fragile financial system, the anti-globalization trend, food security and energy safety.
Zhao also said he is still optimistic, however, about long-term global prospects as the new round of technological and industrial advances, economic globalization trends and the intelligent and green transformation drive will offer new opportunities, create favorable conditions and inject new impetus into the growth process.
Zhao said during the ongoing Boao Forum for Asia Annual Conference 2023 that China will work with other economies to make greater contributions to global economic recovery.
Looking ahead, he called for global efforts to deal with global challenges, including creating more channels for countries to communicate and forge a consensus.
Despite pressures and challenges ahead, China will maintain stability and its economic growth will continue, said Justin Yifu Lin, dean of the Institute of New Structural Economics at Peking University.
He said that as China grows into a larger market, it will also benefit the rest of the world.
On the recent banking stress seen in the United States and Europe, and the fragility of the global financial system, Lu Lei, deputy administrator of the State Administration of Foreign Exchange, said there are still plenty of tools to deal with such financial issues.
Zhu Min, vice-chairman of the China Center for International Economic Exchanges, highlighted the importance of financial stability, saying it is unlikely that there will be a new round of interest rate hikes by the US Federal Reserve in the near term.
Citing China's stable prices, Ning Jizhe, former deputy head of the National Development and Reform Commission, said China's economic recovery will not push up global inflation. Instead, China will export high-quality products at low prices to the rest of the world, he said.
Looking ahead, Ning voiced confidence in the long-term global economic prospects, saying it is of great importance for countries to adhere to the course of globalization and promote trade and investment liberalization and facilitation.