Macro-Finance Salon (No. 36): World Economic Situation and China's Response—Hangzhou G20 Summit

On September 25, Macro-Finance Salon (No. 36) was held at Renmin University of China. Pei Changhong, the head of the Institute of Economics, Chinese Academy of Social Sciences, was invited as a keynote speaker and delivered a speech on world economic situation and China’s response—Hangzhou G20 Summit. The salon was presided over by the dean of School of Finance of RUC, Guo Qingwang. Professor Pei Changhong first reviewed changes in China’s global economic status for the past two centuries. He pointed out that a long-term growth of China’s economy was predicable. Under the current downturn pressure, five major policies of the supply-side reform had achieved fruitful results. He mentioned that currently, global recovery was still weak. Most countries adopted loose monetary policies and Federal Reserve had stopped raising rates. However, China implemented a proactive monetary policy. Against the background, debt ratio rose and global investment volume decreased. Overcapacity worldwide gave rise to trade conflicts. Countries called for supporting growth and stabilizing market. Professor Pei Changhong analyzed the theme of Hangzhou Summit, Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy and four topics for discussion, including innovating growth modes, more effective global economic and financial governance, strong international trade and investment, inclusive and interconnected development. He also talked about the Summit’s contribution to G20 transition. In the Q&A session, audience raised questions and shared views over changes in G20 Summit structure and topics, current fiscal and monetary policies, RMB exchange rate and global capital flow. Professor Pei gave answers to all these questions.

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