Zhu Guangyao: Uncertainty in the world is growing

Source: World Finance Forum

Published: 2018-07-02

      On June 30, 2018, the first World Finance Forum, co-sponsored by the Center for BRICS and Global Governance (CBGG) and the Reinventing Bretton Woods Committee (RBWC) was held in Beijing. At the opening ceremony of the forum entitled “The World Moves on in Uncertainty”, Zhu Guangyao, former deputy minister of Finance and chief consultant of the World Finance Forum, delivered an opening keynote speech.

      Zhu Guangyao said that we must be aware that the uncertainty of our current world is constantly increasing and the pressure is increasing. We see that the Fed has already raised interest rates twice this year and may have to raise them twice more. At present, some emerging economies are facing many problems and new challenges such as currency devaluation and inflation pressure. When the world faces these major challenges, we must understand the need to strengthen financial cooperation worldwide, and we need more global public goods to serve our development.

       Zhu Guangyao said that Chinese President Xi Jinping put forward the “Belt and Road” initiative during a state visit to Indonesia and Kazakhstan five years ago. From the perspective of a series of major challenges facing the world today, we can well understand why the “Belt and Road” initiative is so important and it is so popular with many countries along the route and around the world.