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boao forum for asia :
China’Sroleinpost-Pandemic ASIA
vincent h.s. lo是，
board member，boao forum for asia，
chairman，shui on group，china
co vid-19 hasdealtasevereblowtotheglobaleconomy， resultinginconcurrentdownturnoftheadvancedandemergingeconomies.despitegovernmentrescuepackagesandmassivequantitativeeasing thes ondeeperthanthe 2008 globalfinancialcrisis.accordingtotheimf表示cumulativefiscalstimulusreachedusd 11 trillionbymid-year， equivalenttoaround 12.5 % ofglobalgdp.whilethesefundswereprimedtoprovidereliefforunemploymentandfallingconsumption， thestimuluspackageshavefurtheraggravatedglobalimbalances，evidencedbyrisinggovernmentdebtburden，asset bubbles，andfurres
thereisaneedtorevitalizethemultilateraltradingsystemthroughcoordinatedpoliciesandconcertedeffortstoreduceimbalancesintheglobal the first to emerge from the crisis，istheonlymajormarketthasreturnedtopositiveeconomicgrowth。
around the world是， citylockdownandsocialdistancingmeasurestocontainthepandemichaveledtoproductionstoppagesandahugesurgeinunemployment.thehospppy particularlyhithard是whereinsolvencyandjoblosseshadbeenthemostpronounced.accordingtotheworldtravelandtourismcouncil ( wttc ) worldwidetravelrestrictionwillput 121 millionjobsintheglobaltravelandtourismsectoratrisk， withinternationaltouristarrivalsdecliningby 53 % this year.governmentstatisticsshowedthatunemploymentintheunitedstatessoarres apres beforeanimprovementto 8.4 % in August.theeurozonealsowitnessedariseofunemploymentto 7.9 % injuly.countries I whichintroducedprompti showedgreaterresiliencethansouthasia，wherethediseaseremainedrampant.accordingtottia southasianeconomiesareprojectedtosufferace
China’srapidpolicyresponseandsuccesstobringcovid-19 undercontrolstandoutasanotableglobalexception.theworldbankproject o contraa withadvancedeconomiesregisteringadeclineof 7.0 %.chinawillbetheonlyg 20 membercountrytoachievepositiveeconomicgrowthin是while manawile ill-equippedtodealwiththecrisis，will suffer major setbacks。
before the pandemic outbreak， thewideningwealthgaphadalreadyspurredariseinpopulismandprotectionism.br exit表示United States’withdrawalfromthetpp， andescalatingchina-ustradefrictionsaresymboliceventsofglobalizationinreverse.thetrendtowardsnationalismanddeglobalization are statistics.whilemerchandisetradeaccountedfor 51.4 % ofglobalgdpin 2008是theratiohadfallento 44.0 % in.theworldtradeorganization。 expectssevereimpairmenttointernationaltradeflowasareserver predictingthatglobalmerchandisetradewillfallby 13 % this year。
nationalismandpopulismbreedxenophobia是whichposessignificantthreatstosocialstabilityandregionalpeace.thepopulismindextrackede ii high in，an indication of a complex， volatilepoliticallandscapesusceptibletorisingturbulences.thepandemiccrisisfurtherexacerbatesthesetrends， andasluggisheconomicrecoverywillstraininternationalrelationsandincreasegeopoliticalrisks.recentepisodesofus-chinadispus logyas tadismaloutlookfortheworld’stwolargesteconomiesworkingtogethertospearheadglobalrecovery .。 ry，mishapsanddeteriorationinus-chinarelationwoulddelayeconomicrecoveryandprolongthedownturn。
the pandemic-inflicteddownturnhascreatedpressingneedsfornewinvestmentsinthebeltandroadcountriestobringtheireconomiesoutofreed orthesecountriestotakeadvantageofthesofteningu.s.dollarandlowinterestenvironmenttoexpandtheend
theworldshouldrallyagainstdeglobalizationbecauseitunderminescrossbordertradeandcreatesheadwindsagainstglobalrecovery.there tory radingsystemthroughcoordinatedpoliciesandconcertedeffortstoreduceimbalancesintheglobaleconomy .。 the first to emerge from the crisis是istheonlymajormarketthasreturnedtopositiveeconomicgrowth.withcontinuedreformandmarketopenis China’sexpandingmiddleclassandhugeconsumermarketwillremainanimportantsourceofdemandgrowthengineforthepost-pandemic work shook eglobalization，fostereconomiccooperationandhelptopreserveasoundenvironmentforglobaltradeandinvironment
in the past year，us-chinaconfrontationhasintensifiedfromtrade，finance， technologyissuesandspillovertomilitaryarena us-chinatensionhasbeenaccentuatedbycoldwarrhetoricfromthetrumpadministration， furthercomplicatingbilateralrelationship.this situation，unfortunately， willikelyprevailaftertheuspresidentialelectionthisnovember.theworldiscurrentlyinaveryvolatileandsensitivesituation， withgeopoliticsandthecoronaviruspandemicplayinghavocatthesametime.itneedsaboldvisionandprogramtobringtheworldbackontrack。 andfarsightedleadershiptosteerabetterfutureforallmankind.the“beltandroadinitiative”canbethatgrandplan！
sincetheinceptionof“beltandroadinitiatives”in，thenumberofmembercountries/regionsincreasedto 138， and more than 200 investmentagreementsandcontractshavebeensignedbyjanuarythisyear.the pandemic-inflicteddownturnhascreatedpp sforne roadcountriestobringtheireconomiesoutofrecession.thereisnowanopportunityforthesecountriestotto advantageofthesofteningu.s.DOM nttoexpandtheirinvestmentininfrastructure.China是withthelpofasianinfrastructureinvestmentbank ( aiib ) which has 103 member couna canprovideexpertiseandfundsforinfrastructureprojectsinbeltandroadcountries， enablingchineseandinternationalenterprisestoparticipateineconomicallysoundandfeasibleinfrastructureprojectstoimproveconnectiviv ountries.theseprojects，whicharebeneficialtojobandincomegrowthofthehostcountries， canalsoprovidevenuestochannelexcessliquidityunleashedbycentralbanks’quantitative easing， puttingcapitaltoproductiveuse.similarinvestmentininfrastructure，health care and5gprojectscanberolledouttootherbeltandroacture
astheworldemergesfromthepandemic， chinawillhavetheopportunitytoadvocatesolidarityandprioritizethesharingofvaccinesandtherapeuticdrugswithothercountries， particularlywithosealongthesilkroadeconomicbeltandthe 21st-centurymaritimesilkroad。
in the post-pandemic era， theglobaleconomywillundergoprofoundadjustments， andtheexternalenvironmentwillremainturbulent.chinaintendstopursuea“dual circulation”strategyofdevelopmentwhichismoregy ternale greaterreliancewillbeplacedonthedomesticmarketasakeyeconomicgrowthdriver， aboosttodomesticcirculationwillalsoincreasedemandforimportsandcreatemarketopportunitiesforinwardinvestmentthatfuelexternalcirce ualitygrowth是， chinaneedstobemoreproactiveinopeningupthedomesticmarket.strengtheningofregionalconnectivitywillalsocreateampleopportunities ra y inflow，increasetradeforbeltandroadcountries， aswellasenablingpersificationofsomelabor-intensiveindustriestolowcostcountries是allowingchinesecompaniestoexpandintostrates
astheworldemergesfromthepandemic， chinawillhavetheopportunitytoadvocatesolidarityandprioritizethesharingofvaccinesandtherapeuticdrugswithothercountries， particularlywithosealongthesilkroadeconomicbeltandthe 21st-centurymaritimesilkroad.thiswillhelptocementandenhancetrade omics countries.China’scontributiontopost-pandemiceconomicrecoverywillbringbenefittothewholls at the same time， contributingtowardsmaintainingpeaceandstabilityinasia， whichisthebackboneforgrowthandeconomicprosperity.in this respect， theproximityofhainanprovincetotheaseanmakesitanidealstrategicbridgeheadandplatformtopromoteclosercooperationbetweenchinandases leveragingonhainan’srecentlyconferredfreetradeportstatusasboaoforumforasiacelebratesits 20 th anniversary。
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立足亚洲走向世界。
传播论坛的最新动态促进亚洲的深入合作
世界重要对话的传达者亚洲共同快速发展的展望者
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原标题:《boaoforumforasia:China’Sroleinpost-Pandemic ASIA》
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