The G20 summit to promote inclusive economic development will become the depth adjustment

By Francis Arnold,2015-08-03 23:43
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The G20 summit to promote inclusive economic development will become the depth adjustment

    The G20 summit to promote inclusive economic

    development will become the depth adjustment

    The current world economy is still in the depth adjustment, the global economy growth, debt levels in higher problem.Today, a think-tank at the G20 summit to start the meeting, the Chinese people's university party committee, secretary of the jin connaught speaking, points out that to speed up the structural reform, promote economic inclusive development will become the focus of the depth of the economic adjustment period, but the growth of the group of 20 nations put forward goal, and implement the sustainable development of the 2030 global agenda is still a long way to go.

    The world economic growth Continuous current debt levels around the world

    CAI fang, vice President of the analysis with the Chinese academy of social sciences, the world economic growth, after the global financial crisis around the world generally adopt the expansionary fiscal policy and monetary policy.But with quantitative easing and super down interest rates and even the expansionary monetary policy with the characteristics of negative interest rates on the real economy stimulation effect, is much less than the stimulating effect of the financial markets.

    In the case of entity economy has not fully recovered, contributed to the financial market volatility, and the developed countries and some emerging economies' potential demand.Such as China since it began in 2011 into a new normal development, as China's demographic dividend has disappeared, potential growth rate significantly decreased, and the actual growth rate also fell, the direction of the task in the future we try from both ends of supply and demand, to achieve economic growth, restructuring, transfer mode, livelihood, efforts to achieve much starker choices-and graver consequences-in 2020 times to build a well-off society in an all-round way.

    In addition, the global debt levels out continuously, the risk of a new round of economic crisis.Estimates, according to the global clearing bank vice President from 1999 to 2014, developed countries total non-financial-sector debt to GDP increased from 167% to 279%, compared with emerging market economies non-financial sectors of the ratio of total debt to GDP increased from 37% to 157%, in the case of a global currency continues to expand.The main states of 2015 residents, businesses and government debt levels still is in a state of continued to rise, low interest rates between current debt levels and asset prices there is a vicious cycle of self-reinforcing, once there was a problem in certain circumstances, can cause a chain reaction of financial market volatility and even collapse, huge challenges facing global financial stability.

    International trade is negative growth sustainable development agenda

    CAI fang also pointed out that the international direct investment has not returned to pre-crisis levels, global trade from the growth rate of more than 20% of the growth rate fell to 3%, up more than 10% of the 2015 negative growth, the international direct investment inflows only $1.23 trillion, 2014, 2015, although the increase, but the peak of $1.87 trillion than in 2007 and a big gap.

    At the same time, regional and bilateral trade and investment agreement, although a breakthrough, but little progress of multilateral trade negotiations, the current lack of global investment agreement, dispute settlement mechanism of the existing investors countries there is a big problem, the G20 mechanism has not reached important consensus on trade and investment reform.

    In addition, the sustainable development agenda has been set, but your goal a long way.The United NationsSummit had passed the sustainable development agenda in 2030, requires countries to work together to eliminate extreme poverty, promote economic, social and environmental coordinated development, narrowing the north-south development gap and realize the common development of all mankind, it is not easy to realize the development agenda in 2030, the world still has more than 800 million poor people, although China's poverty alleviation work has made significant achievements, has made a great contribution to global poverty reduction, but according to the current Chinese standard at present, there is still more than 7000 people in poverty, eliminating poverty a difficult task, time is short.

    To speed up structural reforms Promote inclusive economic growth

    In view of the current world economy in the depth of the adjustment period, the ministry of foreign affairs of the G20 envoy dragon said, "to achieve strong, sustainable and balanced growth, we need to walk on two legs."Should not only focus on short-term cyclical factors, take the appropriate fiscal and monetary policy, keep the economy ability to cope with the short-term volatility, effectively boost demand, properly resolve the risk.And to pay attention to long-term structural factors, from the supply side, will create new sources of growth, improve the total factor productivity, expand the boundary of the growth, strengthen national economic endogenous power.

    In the world economy development society on two legs at the same time, the communist party chief of renmin university of China jin connaught speaking will promote the global economic sustainable development put forward three opinions.First of all, to focus on long-term economic development, governments macroeconomic policies should gradually shift in the direction of long-term economic growth, to innovation as the driving potential growth rate.

    Secondly, to speed up the structural reform, in ensuring the global sustainable development goal under the premise of emerging countries and developed countries should take active measures to solve traditional deep structural problems, through scientific and technological innovation, improve the total factor productivity, release the productive forces and enhance the international competitiveness.

    In the end, all countries in the world ought to be in the United Nations under the framework of "sustainable development goals", promote the inclusive development, make everyone can share the benefits brought by the global economic growth and wealth, don't let any one left behind.

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