Posted Date: 10/01/2019
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Former Deputy Minister of the Ministry of Foreign Affairs 2019 what are the major challenges facing the world?

Former Deputy Minister of the Ministry of Foreign Affairs: 2019, what are the major challenges facing the world?

Saying goodbye to the turbulent 2018, looking forward to the New Year, we are full of confidence in the future of China and the world . At the same time, the world is in the midst of a "great change in a hundred years." Great development, major changes, and major adjustments are the characteristics of this historical turning point. Various contradictions are superimposed, global challenges are concentrated, and the world political economy is uncertain. The instability is further deepened.

First of all, in today's increasingly interconnected economies, economic and financial risks are accumulating, de-leverage and other economic transformations are under great pressure, protectionism is coming back, trade frictions and even trade wars are on the rise, making the world's economy volatile and uncertain. . The International Monetary Fund has lowered the forecast of world economic growth in 2019. The uncertainty of economic growth and the possibility of another financial crisis will test the ability of countries to manage the economy, respond to the crisis, and the reliability of the global governance system.

The main sources of economic fluctuations come from four aspects: First, countries have many difficulties in economic adjustment, the general growth rate has slowed down, trade protectionism has been escalating, and the world economic growth has been cast a shadow. Second, financial risks and asset bubbles have not decreased, but have increased. The US dollar has both the national currency and the world reserve currency, but it only ignores it. It has serious mismatches with other major powers' monetary policies and has an impact on investment and trade. Third, the impact of the technological revolution on the economy and technological progress. It can bring about an increase in labor productivity, and it is quite "destructive", such as the impact on traditional manufacturing employment; the fourth is that commodity prices, especially oil prices, will become more intense, not only causing serious impact on resource economies, It also brings greater uncertainty to the economy of resource-consuming countries.

Take the monetary policy of major economies as an example. According to the statistics of the Global Banking Financial Telecommunications Association (SWIFT), the US dollar accounts for 42% of the total global payments as the international payment currency, and the euro accounts for 37%, with a USD/EUR duopoly. But the euro is currently very fragile, and the euro zone is facing a disintegration or narrowing down the danger. US sovereign debt is close to $22 trillion, and its economy has fallen to about a quarter of its global share. The other major currencies, such as the yen, the pound, and the renminbi, are on the rise. The contest around the international monetary system will become more complicated and intense.

Former Deputy Minister of the Ministry of Foreign Affairs 2019 what are the major challenges facing the world.


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