International Finance Forum (IFF) held yesterday IFF 2018 Bali Conference and "New Globalization: The Road to the Future" report. The IFF Annual Report states that “currently, the past economic globalization mechanism is facing challenges, but both developed and developing countries are nurturing new economic globalization mechanisms.”

The International Finance Forum (IFF) held the IFF 2018 Bali Conference and “New Globalization: The Future” in Bali, Indonesia, on October 10, 2018, during the World Bank/International Monetary Fund 2018 Annual Meeting. The Road" report meeting.

The report pointed out that the current US began to shape the "US priority" economic globalization, and the economic globalization mechanism that attempts to construct the dual competitive advantages of finance and trade may use its huge trade deficit advantage to create new trade rules.

And as emerging economies such as China and developing countries continue to improve their position in the global economy and trade, emerging economies represented by China have also proposed a content framework for new economic globalization, such as the “Belt and Road” construction. The initiative of the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

The report also pointed out that the main direction of the new economic globalization includes the key development of infrastructure; the transfer of trade to investment, the pricing, settlement and financing of sovereign currencies to solve the trade deficit.

The report calls for the active implementation of the concept of globalization for common development: developing new technologies, facilitating trade and investment facilitation; providing low-cost, high-quality products, technologies and services; sharing the sharing of successful experiences and radically changing the supply shortage in developing countries; Additional political conditions and values ​​open markets and negotiations to promote development.

Zhu Xian: Infrastructure plays an important role in economic globalization

Zhu Xian, Vice Chairman of IFF and Vice President of the BRICS New Development Bank ("New Development Bank") pointed out at the meeting that infrastructure plays an important role in economic globalization. If the problem of insufficient infrastructure investment is not resolved in time. Will hinder the sustainable economic growth of emerging markets and developing countries.

The main drivers behind globalization are reducing trade, investment barriers, transportation costs, and information technology costs, which enable economies to participate effectively in international production chains.

He revealed that this year the New Development Bank has approved 13 investment projects with a loan amount of more than $3.1 billion. Up to now, the New Development Bank has accumulated a total of 25 investment projects, with total loans exceeding US$6.2 billion.

Zhou Qiangwu: US unilateralism has a negative impact on the global economy

Zhou Qiangwu, director of the International Finance Center of the Ministry of Finance of China, said at the meeting that the US unilateralism and protectionist policies have had a negative impact on the global economy and the existing global governance structure. The IMF's latest economic forecast report has been adjusted for the first time since 2016. The decline in global growth expectations is actually a testimony.

The latest IMF report cuts global growth in 2018-2019 to 3.7%, down from 3.9% predicted in July, mainly due to escalating trade tensions and emerging market pressures. At the same time, the IMF lowered its US growth forecast for 2019 from 2.7% to 2.5%, maintaining the expected 2.9% for 2018.

He suggested that in order to promote the further development of globalization, the international community should continue to firmly support the multilateral system represented by the United Nations, WTO, World Bank and IMF, and continue to strengthen macroeconomic policy coordination at the global level, while China should continue to play in the process of globalization. positive effects.

Guo Xiangjun: rising interest rates and market volatility pose challenges to investment

Guo Xiangjun, deputy general manager of China Investment Co., Ltd. ("CIC"), said that CIC recognizes the deep structural changes that are taking place: geopolitics and protectionism will become a reality; rising interest rates and market volatility will also pose challenges to investment. At the same time, the fourth industrial revolution, such as artificial intelligence, big data, etc., is on the rise.

He further stated that in the future, CIC will be committed to advancing the improvement of the investment environment, establishing an open and fair investment mechanism; increasing alternative and innovative investments to improve risk-adjusted returns, and establishing cross-border investment platforms through changeable and bilateral funds; Sustainable investment that incorporates environmental, social and governance factors into investment decisions.