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Wei Jianing Gives a Speech on Political and Economic Circumstances at Home and Abroad

Source:   Updated :2017/08/17    Hits:

The 26th Financiers Club•Qingdao Jinjialing Wealth Management Saloon was successfully held at SUFE Qingdao Wealth Management Institute on July 23, 2017. Doctor Wei Jianing, famous economist and researcher at Macro Economic Research Department of Development Research Center of the State Council, was invited to deliver a key-note speech titled Political and Economic Circumstances at Home and Abroad---Background Analysis of Hot Issues.
 
In his two-hour speech, Doctor Wei shared his observation and insight on five hot issues at home and abroad, namely, Globalization and Anti-Globalization, Planned Economy and Market Economy, Industry Policy and Competition Policy, Serve the Real Economy and Prevent Financial Risks, and Demand-Side Stimuli and Supply-Side Reforms.
Doctor Wei said, the worldwide anti-globalization trend since 2008 has posed unprecedented challenges to the global democratic system and international governance theories. In addition, consecutive political events such as the UK exiting from the EU, the US President Trump’s taking office, and presidential elections in France and Germany have all added uncertainties to globalization. However, he made it clear that “globalization will return to its set track in the end with technological advances in transportation, IT and AI, improved global governance and China’s persistence and leadership in the process”.
When discussing Serve the Real Economy and Prevent Financial Risks, Doctor Wei pointed out that the biggest risk in finance is self-circulation detached from the real economy. Therefore, finance must serve the real economy. “Soft constraints by both state-owned banks and state-owned enterprises together with wrongly positioned policy banks and industrial banks attribute to the rise in financial risks. To prevent these risks depends on truly successful financial reforms taking place at internal micro foundations and on external successful upgrading of the real economy.”
By enlightening people’s mind, China pushed forward its reform and opening up, which in turn has boosted economic growth. Doctor Wei believed structural resolutions are needed, after the supply side reform has been in effect for a while, for both demand side and supply side. “On the demand side, we need to give structural stimuli to the traditional demands and carry out structural reform for new demands. Meanwhile, reforms are needed in property right protection, price formation mechanism and tax reduction.” Only through these measures can China’s economy have long-term sustainable growth, further prevent risks and succeed in its efforts to battle difficulties and become a high-end economy.

After the key-note speech, Doctor Wei answered questions and interacted with over 200 participants including high-ranking officials from financial organizations and large companies.