Zhu Guangyao: The International Economic Order Is Undergoing Drastic Changes, and the Most Important Thing Is to Unswervingly Handle China’s Affairs Well.

Source: CBGG   

Published: 2022-4-29 

On April 23, 2022, the Academic Seminar on the Impact of US-European Financial Sanctions on Russia and the World and the Reform of the International Monetary System, jointly organized by the Center for BRICS and Global Governance (CBGG) and the World Finance Forum(WFF), was held in Beijing. Zhu Guangyao, academic advisor to CBGG and WFF and former vice minister of Finance of China, attended the seminar and delivered a keynote speech on the theme of “Calm Observation and Calm Response to the Dramatic Changes Taking Place in the International Economic Order”.

Zhu Guangyao said that currently the depth and breadth of fierce confrontation between Russia and the United States and the West have shown that the global economic order formed after World War II is being greatly impacted. In this fierce game between sanctions and anti-sanctions, the functions and influence of the three pillars of the international economy, namely the International Monetary Fund, the World Bank and the World Trade Organization, are being dealt a heavy blow. In this case, China needs to observe the situation closely and respond to it accordingly.

Zhu also suggested that the first and the foremost thing for China is to unswervingly run our own affairs well, adhere to the general principle of seeking progress while maintaining stability, maintain the healthy and sustainable development of China's economy, and achieve China’s socio-economic development goal for 2022. We should maintain and improve the current international economic order, raise the voice and representation of developing countries and emerging market countries, oppose long arm jurisdiction, and have reserve policy tools in combination with the possibility of serious changes in the international economic order. China should strengthen policy communication with BRICS countries, as well as with developed countries such as the United States, Europe and Japan.