BEIJING, September 12, 2022 /CNW/ – Innovation and globalization will continue to drive Asian growth in years to come despite challenges such as the COVID-19 pandemic and the current recession, panelists said Thursday at the 24th Financial Forum Academic Seminar. international (IFF).
Asiawhich has grown tremendously over the past 50 years, has benefited from the pragmatic policies and approaches of many Asian governments, said Takehiko Nakaopresident of the Mizuho Research Institute and former president of the Asian Development Bank (ADB).
The seminar began with Nakao’s presentation of his memoir “The Rise of Asia: Prospects and beyond” (published in July 2022 and available on the AfDB website), in which he reflects on his tenure at the Asian Development Bank between 2013 and 2020.
The IFF has also invited leading economists to discuss current challenges and opportunities in Asia. Panelists included Professor Justin Yifu Lin from Peking University, Daniel RundeSenior Vice President of the Center for Strategic and International Studies (CSIS), and Hoe Ee Khor, Chief Economist of the ASEAN+3 Macroeconomic Research Office (AMRO Asia).
Industrialization, technological development, the demographic dividend and globalization have driven from Asia get up, Nakao said.
“There is no Asian consensus,” said Nakao, “but effective policies, strong institutions, the determination of governments to introduce reforms, a capacity to learn and a clear vision of the future often championed by forward-looking leaders mattered.”
Justin Lin from Peking University said that standard economic theories such as the Washington Consensus do not differentiate between developed economies and emerging markets.
“It’s important to have an Asian voice in the global community,” Lin said.
from Asia dynamic growth over the past decades and an increasing share of global GDP at 24 percent from 4.1 percent over the past 50 years best explains the region’s success, Lin said.
The panel also agreed on the important role government has played in the innovation-driven development of Asiain the promotion of education, the deployment of investments, the protection of intellectual property and the private sector.
Although supply chain disruptions have hampered growth during the pandemic, Runde argued companies should rethink supply chain issues as many have adopted the “China Plus One strategy” to move part of the manufacturing from China.
Khor, however, said China the manufacturing ecosystem was too advanced to replace.
“The global supply chain is so efficient and complex that any attempt to dismantle it is nearly impossible,” Khor said.
While the tensions between China and the American mount, the panel agreed that both parties should have open communications. Experts said a stable and cooperative China-US relationship would benefit the region.
Khor added that developing countries can benefit from competition for infrastructure investment between China and the United States. Lin pointed out that China growth would benefit the rest of the world.
China adopted a series of policies, such as investing in infrastructure to boost the economy, which will boost Chinese people’s confidence and boost consumption and investment, Lin said.
Jianhai Lin, vice-president of the IFF and ex-secretary of the IMF moderated the discussion. The IFF Academic Seminar is one of the flagship events of the International Finance Forum (IFF) where we bring together senior officials, economists and academics to discuss the latest happenings and developments around the world.
The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in beijing in October 2003 and established by financial leaders from more than 20 countries and regions, including China, United States, the European Union, emerging countries and the leaders of international organizations such as the United Nations, the World Bank and the International Monetary Fund (IMF). The IFF is a long-standing high-level dialogue and communication and multilateral cooperation platform that has played the role of F20 (Finance 20).
SOURCE International Financial Forum (IFF)
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