The 2nd IFF 2020 Seminar and the 28th Green and Innovative Culture report meeting took place in the afternoon of March 18. Wei jianguo, vice chairman of China center for international economic exchanges and former vice minister of commerce, was invited to deliver a speech, entitled " World Economy will be anchored by China in the post-Covid-19".

On March 8th, 2020, International Finance Forum (IFF) and Unit of Green and Innovative Culture jointly organized an online seminar, with the theme Impacts brought by the overlap of economic crisis and Covid-19 outbreak. The seminar invited influential experts from the strategic, economic, investment and corporate consulting fields in China. This report is the continuation of the discussion on the world economy and the impact and countermeasures of the epidemic. At present, due to the severe situation of the new coronavirus epidemic, the international finance landscape is changing rapidly, and the world economy and the Chinese economy are facing huge threats.

Wei jianguo's speech raised confidence of audience, as he emphasized that even if the epidemic affects, the overall situation of China's long-term economic development will not change, and China's GDP growth target of 6% will not be affected. He believes that the three engines driving China's growth -- consumption, investment, imports and exports -- will not be much hampered, and that the engines driving China's growth will remain powerful.

He pointed out that China's consumption will show a spurt of development after the outbreak this year, especially the four major consumption (new consumption, upgrade consumption, physical consumption, service consumption) will lead the future consumer market. Retail sales of consumer goods in China will reach 45 trillion yuan this year, with year-on-year growth of about 8%, which is expected to surpass the US as the world's largest consumer market.

Some people think that the outbreak will lead to a large number of foreign investment withdrawal, wei jianguo does not agree. he believes that there will be a large number of foreign investment after the outbreak. He pointed out that the global epidemic is spreading, that the outbreak in China has stabilized, and that the outbreak in the United States has just started, will also divert international funds to Asian markets. From the situation that each province attracts foreign capital to look, this year attracts foreign capital to will surpass last year, reach 150 billion dollars above. In addition, the "new infrastructure projects" that have attracted a lot of attention recently, including 5G infrastructure, ultra-high voltage, big data center, artificial intelligence and industrial Internet of things, are great investment opportunities.

Wei jianguo vice chairman of the import and export do not need to worry. Because the whole import and export structural change gives China confidence. China used to be a processing trade, at the lower end of the global production chain. China's general trade (as opposed to wage increases) now accounts for 67% of total trade. In addition, after the outbreak, there will be a large increase in the BRI related trade.

Will the outbreak reverse globalization and decouple China from major countries in Europe and the us? Wei jianguo said that we should see that some people are discrediting globalization and even want to pull globalization backward. After world war 2, the formation of global governance systems, such as the United Nations, the world bank, the IMF, the world health organization, including the WTO, all of these indeed promote reform, but it is by no means a radical change. China's voice, its wisdom and its solutions are gaining popularity through its participation in the entire global governance platform. Through extensive consultation, joint contribution and Shared benefits, globalization will have a great turnround after the epidemic.

Therefore, wei jianguo believes that this historic epidemic also provides new opportunities for China's economic development. He believes that after the outbreak is over, China's reform and opening-up door will be more and more, China will implement a comprehensive and high-level opening to the outside world. On the one hand, it forces high-quality economic development at home. On the other hand, it also enables the world to see the advantages of China's overall system and makes more people realize that China is committed to building a community with a Shared future for mankind. The year 2020 is the first year for the implementation of the new foreign investment law, especially the new rules for the implementation of the foreign investment law. The opening up of the financial sector and the service sector, in particular, will bring about fundamental changes in China's overall economic structure. At the same time, China will increase its capacity in government services and build free trade zones to create the best business environment in the world. Thus, the great transfer to China is realized: the great transfer of consumption, the great transfer of high-end manufacturing, the great transfer of finance and talent. China will also make up for the existing weaknesses exposed by the outbreak, including health care and public health, so that innovation can lead to the next step of China's development while the major shift is underway.

Wei jianguo finally stressed: although 6% economic growth is the target of 2020, but this is not the ordinary 6%, it is hard-won, after the baptism of war. It is a meaningful 6%, which will lay the foundation for future high-level and high-quality economic development.



The seminar was attended by 60 senior officials and guests from the government, enterprises, universities, research institutions and the media ,including Qian daqun, former chairman of IBM greater China; Lin tao, deputy director of the market supervision bureau of Inner Mongolia autonomous region. Participants also explored the topics such as: will the global supply chain pattern change in the future; The us factors in the changing world economic pattern and how China can better concentrate its efforts to accomplish major tasks.