IFF Annual Meeting - Boosting Consumption and Deepening Reforms Are Key for China's Economic Growth

Discussions focus on how China will realize economic growth both quantitatively and qualitatively given the new global landscape

GUANGZHOU, China, Dec. 4, 2022 /PRNewswire/ -- Experts and researchers discussed China's challenges and policy recommendations at IFF roundtable during the IFF Annual Meeting.

Policies including expanding social welfare to migrant workers, deepening reform, and adjusting Covid measures are key to boost economic growth in China.

Liu Shijin, Vice Director of the Committee on Economic Affairs of the CPPCC National Committee ,said social welfare should include migrant workers to boost domestic consumption.

"China should quicken reform in social welfare so that migrant workers can enjoy the same benefits in cities, which will in turn boost consumption and investment in the service sector," said Liu.

Han Seung-soo, IFF Co-chairman and Chair of the Council of the Presidents of the UN General Assembly (UNCPGA), said China needs to accelerate market-based reform to achieve sustainable and high-quality development in the medium to long term. The country has made steady progress in structural reforms over the past decade. He thinks China needs to play an important role in the global response to climate change.

Qu Hongbin, former Chief Economist for Greater China at HSBC, said that despite the impact of the global pandemic, China's exports have far exceeded almost everyone's expectations. The country must fine tune its Covid-19 measures and boost domestic consumption and investment.

Shen Minggao, Global Chief Economist and Head of Global Institute for Supply Chains of Guangfa Securities, said that forecasts made by major global institutions on future long-term global growth show that emerging market economies will be the biggest drivers of regional growth. What lies ahead for China is figuring out how to maintain quantitative growth given that the country can no longer count on exports to do so.

The relationship between China and the US has become a top priority, said Hu Weixing, IFF Academic Committee Member and Dean of the Faculty of Social Sciences at the University of Macau. He emphasized the importance of placing China-US relations first in responding to the massive challenges posed by the new global landscape. The relations between the two countries have a significant effect on the world.

He added that leaders from both countries have found some common ground in head-of-state diplomacy during their recent summit in Bali.

About International Finance Forum (IFF)

The International Finance Forum (IFF) is a non-profit, non-official independent international organization founded in October 2003 by by leaders from China, the US, the EU and the other G20 countries, in concert with emerging economies and the leaders of multiple international organizations, including the UN, the World Bank and the IMF. Also known as the Finance 20 (F20), the IFF is also a high-level permanent dialogue mechanism and multilateral cooperation organization within the world of finance.