Governance reforms needed to tackle fragmentation risks, IFF panel urges

GUANGZHOU, China, Oct. 30, 2023 /PRNewswire/ -- The International Finance Forum (IFF) held its 20th Anniversary and Annual Meeting 2023 in Nansha, Guangzhou on October 28. During a parallel session that afternoon, world leaders and academics from around the globe explored the impact of geopolitical trends on trade, supply chains and industrial policies.

Alessandro Teixeira, IFF Board Member, former Minister of Development, Industry, and Foreign Trade of Brazil, and ex-President of the World Association of Investment Promotion Agencies (WAIPA), emphasized the profound connection between geopolitics and the global economy, highlighting its significant relevance to the daily lives of ordinary individuals.

Yi Xiaozhun, IFF Vice President and former Deputy Director-General of the World Trade Organization, voiced concerns regarding the rising tide of deglobalization affecting the global economy. He urged nations, notably the dominant trading powers, to strengthen multilateral ties. Furthermore, he called for a recalibration of global governance that emphasized mutual administration, shared prosperity and reciprocal collaboration, all while building robust and resilient global industrial and supply chains.

Zhao Zhongxiu, a member of the IFF Academic Committee and President of the University of International Business and Economics, detailed the possible repercussions of such fragmentation, particularly in the semiconductor sector. Among these are the risks of stifling innovation, leading to overcapacity, and negatively impacting the prevailing efficient semiconductor industry model.

Jenny Shipley, IFF Co-Chair and former Prime Minister of New Zealand, highlighted the imperative for international institutions to effectively address global supply chain conflicts. She called for a resurgence of the trend of the past 15 years towards greater inclusivity.

Craig Allen, President of the US-China Business Council, pointed out that, leveraging specific bilateral and multilateral relationships, the Chinese government is poised to bolster the confidence of companies investing in the country, further fostering Sino-American collaboration.

About International Finance Forum (IFF) 20th Anniversary and Annual Meeting

Themed "New Capital, New Value, New World - Revitalization & Cooperation in a Fragmenting Global Economy", the IFF 20th Anniversary and Annual Meeting brought together dignitaries from over 50 countries, heads of international financial institutions, eminent scholars, experts and leading entrepreneurs. The participants discussed pressing economic, financial and trade issues that have recently drawn the attention of the international community, facilitating high-level dialogue and multilateral collaboration within the global financial sector.