On August 18, Liu Zhiqin, a senior fellow at the Chongyang Institute of Financial Studies, Renmin University of China (RDCY) was interviewed by CGTN Dialogue to share his view about China's Digital Currency.
Guo Shuqing, chairman of China Banking and Insurance Regulatory Commission, has once again emphasized the importance of reining in financial risks, especially because the novel coronavirus pandemic has created uncertainties in China's external market and put downward pressure on the domestic market. That Guo's article, first published in Qiushi magazine, was also posted on the central bank's website on Sunday shows how important it is to control the financial risks.
Facing the plight of COVID-19 and the looming economic prospects, governments and international organizations have devoted themselves to avoiding a debt crisis. According to recent reports, over 100 low- and middle-income countries will still have to pay a total of 130 billion U.S. dollars in debt service in 2020.
China will form a new development pattern centered on "internal circulation," and speed up a "dual circulation" growth model in which "internal circulation" and "international circulation" promote each other, said the Political Bureau of the Communist Party of China (CPC) Central Committee during a meeting convened on July 30. The meeting studied the current economic situation and made arrangements for the economic work for the second half of the year.
China’s National Bureau of Statistics released a report on July 16 on Q2 economic performance that showed 3.2 percent GDP growth year-on-year, a dramatic rebound from the 6.8 percent decline registered in Q1, thus narrowing the H1 fall to 1.6 percent from a year ago. China’s sharp V-shaped economic upturn serves as a bright lighthouse in a world of economic darkness in which most of the leading economies continue to struggle with the worst recession since the Great Depression of the 1930s. Nicolas Lardy, senior fellow at the Peterson Institute of International Economy, regards it as an important and positive contribution to the world economy.
The recovery of the Chinese economy from the COVID-19 pandemic has entered a new stage as boosting market demand has replaced supply-side support as the top policy priority. As the government pushes business resumption and policy assistance to help market entities overcome difficulties, China's economy has rebounded at a faster-than-expected speed from the impact of the novel coronavirus contagion.