International Finance Forum Kickstarts 2022 Spring Meetings, Calls for Cooperation amid Global Challenges

International Finance Forum (IFF) has kickstarted its 2022 spring meetings on April 27 in Beijing with the theme of “New Global Landscape: Challenges and Responses”.

Participated by global political and financial leaders such as the International Monetary Fund (IMF) and the Shanghai Cooperation Organization, the forum aims to discuss the challenges faced by the global community and how countries can work together to boost global economic governance through international cooperation.

In a keynote speech, Pierre-Olivier Gourinchas, Chief Economist of the International Monetary Fund, said the IMF has cut its global economic growth forecast to 3.6% for this year due to multiple adverse factors, and that the organization continued to hold a dim view on the global economic outlook.

Gourinchas noted that China’s Covid-19 containment measures have successfully put the number of deaths and infection cases under control over the past two years, ensuring stable operations of economic activities.

Now, the main challenge for the world’s second-largest economy is the relatively low vaccination rate among elders aged over 75, Gourinchas said, adding that improvement on vaccination coverage remains a key factor for global economic recovery.

Meanwhile, when it comes to issues brought by climate change, Zhou Xiaochuan, IFF Chairman and a former governor of the People’s Bank of China, said the financial sector should have the courage to take up certain responsibilities with measures to tackle related problems in financing and pricing. Building a unified carbon market is the best solution, Zhou added.

Azymbakiev Muratbek Abakirovich, Deputy Secretary-General of Shanghai Cooperation Organization, said that the world economy continues to face the fallout of the Covid-19 pandemic coupled with the rise of trade protectionism, hindering the sustainable and balanced growth of the economy.

In the post-pandemic era, stable economic growth could be significantly impacted by risks triggered by the politicization of global economic relations, the weakening of global governance and flagging progress in international trade reforms, Muratbek Abakirovich said. The risks caused by climate change, resource depletion and environmental degradation will have to be managed and controlled, he added.

Also at the event, Han Seung-soo, IFF Co-chairman and Korea’s former Prime Minister, urged the global community to overcome the upcoming global financial crisis through tighter cooperation.

With a goal to dissect global challenges and exchange ideas on potential solutions, the IFF spring meetings gathered world leaders to discuss how China and the world could take actions to accelerate economic growth, while geopolitical turbulence continues amid the pandemic, alongside intensifying food and energy crises, and threats to the global industrial and supply chain security.

About International Finance Forum

IFF is an independent, non-profit, non-governmental international organization founded in Beijing in 2003. Established by financial leaders from more than 20 countries, regions and international organizations including China, the US, EU and UN, the forum is a long-standing, high-level platform for dialogue and communication. For more information, please visit: http://www.iff.org.cn/php/list.php?tid=477

SOURCE International Finance Forum (IFF)