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Lagarde "Emerging Economies Must Adjust Macroeconomic Policies"

2012/3/19 14:19:00 20

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Macroeconomic Readjustment Of Emerging Economies

Christina Lagarde, President of the International Monetary Fund, was in March 18th.

China Development Forum

"Emerging economies must adjust macroeconomic policies to guard against the further effects of the economic crisis," he said.

Christine Lagarde

In the economic crisis, both developed and emerging economies are facing challenges.

Developed economies must take advantage of the new breathing space to continue to implement the policy to free themselves from the economic crisis, namely, continue to provide macroeconomic policies and adopt a balanced fiscal policy.

At the same time, we need to reform the financial sector and reform the structural system to repair the damage caused by this crisis and enhance the competitiveness of our economy.

And emerging economies must adjust macroeconomic policies to prevent further effects and curb the pressure of overheated growth.

Emerging economies can work to increase social pfer payments, reduce consumption tax and pform higher growth into an improvement in people's living standards.

If I want to sum up, I would like to encourage China to continue to do some work now.

The China Development Summit hosted by the State Council Development Research Center will be held in Diaoyutai, Beijing, on March 17, 2012 -19 2012.

Following is a speech by President of the International Monetary Fund, Christina Lagarde.

Christina Lagarde: Good morning, everyone. I'm delighted to be back in Beijing again. It's a great honor to be here with all the distinguished delegates. I also want to thank the director of the development research center of the State Council, Li Wei, and your colleagues. Thank you for inviting me to have a meeting with you in this spring and autumn morning.

Today, we believe that such a snow also indicates hope and hopes for the global economy.

The theme of macroeconomic adjustment and structural adjustment in China and the world is very appropriate. Nowadays, all countries are facing various economic challenges. There are positive signs of recovery in some parts of the world, while others are under severe pressure.

Our common goal is to seek growth and stability, sustained growth, common growth, employment and improvement in the growth of all people's lives.

This forum provides a very good opportunity to reflect on some important roles China is playing and can continue to play in achieving global goals.

I am looking forward to listening.

Vice Premier Li Keqiang

I think you must be full of expectations, so I would like to talk about two specific questions very briefly, which may be of interest to us all.

The first is IMF's interpretation of the global economic situation. Second, consider the role China can play in ensuring economic growth.

First of all, economic challenges, which have been a very difficult period for most of the world's economy over the past few years, have not occurred in China, and the impact of the crisis has also been felt worldwide.

We now believe that we are still in a dangerous area. We see some signs of improvement. Recent economic indicators show that the economy has improved slightly, for example, in the United States better than six months ago.

We have made some achievements in our policy making, and some recent economic indicators also make us feel that the economy in the United States and elsewhere is now slightly optimistic.

The European Central Bank and the state have made some policy actions, which are also helpful to the economy.

For a time, all these partners have to fulfill their responsibilities.

Let's talk about Greece. Last week, our fund organization and our European partners provided a support to Greece. Although this is a small step, it is also very important for us to propose such measures and some strategic arrangements we have made.

We believe that the implementation of very strong measures should be accompanied by supervision in order to ensure the success of these specific policies.

Just mentioned

European Central Bank

And European partners, European institutions and IMF also played a very important role in stabilizing the development of the euro area in the process.

It is these cooperation that brought the world economy back from the edge of the precipice. We have reason to be more optimistic.

Of course, we can not create a sense of security due to optimism and error. We can not follow the original way. Merkel also said that the World Marathon must run, there are many economic and financial challenges that must be challenged, and many reforms need to be made.

It is included in developed economies and in this region, including China.

First of all, we are considering some problems. First, our financial system is still very fragile. Public and private sector debt is still high in many developed countries. The total debt in the 2012 euro area is equivalent to GDP3%, which may lead to a longer credit crunch, so we must solve this vulnerability.

In symbiotic relations, we must deal with this situation.

The second point is that the rise in oil prices threatens global growth.

Third, a lot of growth is driven by the supply side, and there is a danger of inflation, which is in the emerging economies.

In addition, we must not forget that many countries are suffering from unemployment. Although the global economy is moving towards recovery, we have little room for maneuver and no room for policy mistakes.

What are the major challenges? All advanced economies must take advantage of the new breathing space to continue the policy of breaking them out, which means continuing to provide macroeconomic policies and adopting a balanced fiscal policy.

At the same time, it is necessary to reform the financial sector and reform the structural system to repair the damage caused by the crisis and enhance the competitiveness of the economy. This is what the developed economies need to do.

For emerging economies, it is necessary to adjust macroeconomic policies to prevent further effects and to curb the pressure of overheated growth.

For example, they can make efforts to increase social pfer payments, reduce consumption tax, or turn higher growth into an improvement in people's living standards.

If I want to sum up, I would like to encourage China to continue to do some work now.

In the past few weeks, we have provided a breathing space for the world economy, but there is still much work to be done.

Let's talk about China.

Economy

China's economic performance has always been the focus of attention all over the world for many years.

We also marvel at China's record of refreshing economic growth year after year, and in 30 years, China has created 370 million job opportunities, so that 500 million people can get rid of poverty.

People may remember the situation when the global crisis hit. But one thing you may not remember is that China, as the first country to announce and launch fiscal stimulus policies, shows its leadership in this process. Without China's impetus to growth and stability, the economic stimulus plan, the global economic situation may be even worse, or 7.5%.

I still want to emphasize that China is the first country to launch or announce such a stimulus policy.

China's leadership role in global institutions also reflects some of its economic success and economic achievements.

China is a very influential member of the group of 20, and China also provides a very important help to reduce the risk of global economic crisis.

But the prospect of global economic development is still very fragile. China, I think, should carry out work in three fields, accelerate the pformation of its economy, and continue to play an important role in global policy discussions.

First, we must continue to support growth. In this respect, China is still in an enviable place because of its ability to provide moderate financial support to its country.

Second, we must change the driving force of economic growth from investment and export to domestic demand. The third point is that China must raise the living standard of the people so that the whole nation can share the benefits of sustained high growth.

I am very excited that these goals are not only supported by the government, but also reflected in the recent "12th Five-Year" planning policy framework, and these measures are effective. I will discuss with you again at lunch time.

Let me make a conclusion. I can give you a hint from China. I also want to use Confucius's words to make a simile. He once said that every precondition is established, it is unprepared to waste, ready to succeed can not succeed.

We can see that the preparations made before China are also a note for today's fruitful results.

We hope that all countries will be prepared for this work and adopt strategies to contribute to the success of the global economy.

Thank you.