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Challenges in Global Economic Recovery Call for Better Economic and Financial Governance System

Updated:2017-12-4 10:07:50    Source:www.tannet-group.comViews:108

Tannet learns from Xinhua News that while the global economy is back on track, problems still remain and an improved economic and financial governance system is needed globally for preventing future crises.

This was the consensus at a recent forum organized in China's southern Guangzhou city, attended by economists and politicians.

Some 20 members of the World Leadership Alliance-Club de Madrid came together at the 2017 Imperial Springs International Forum held on Nov. 28-29, sharing insights and offering suggestions on global governance.

Recent reports and projections released by various international financial institutions have demonstrated a consolidated economic recovery, seemingly ending nearly a decade of a global slump triggered by the 2008 financial crisis.

The International Monetary Fund, for example, said in its World Economic Outlook in October that "the global upswing in economic activity is strengthening."

Many participants, while acknowledging the positive development, stressed that it's still too early for celebrations.

Former Greek prime minister and economist George Papandreou told Xinhua that while the global economy seemed to be doing better, the overhang of the 2008 crisis was still there.

The spread of wealth is not equal, and that is causing a backlash to globalization, he said.

More multilateral financial institutions and development banks should be established to provide funds and boost cooperation in various fields, such as mitigating climate change, he said.

Besides, developing countries should gain a bigger say on the international stage, Ocampo added.
As the world's second largest economy, China's efforts in pulling the world economy out of the slump were lauded by the delegates, who said Beijing is set to play a larger role in global economic governance.

The initiative, comprising the overland Silk Road Economic Belt and the 21st-Century Maritime Silk Road, aims to build a trade, investment and infrastructure network connecting Asia with Europe and Africa along and beyond the ancient Silk Road trade routes.

The forum was started in 2015 by the Chinese People's Association for Friendship with Foreign Countries and the Australia-China Friendship and Exchange Association. It aims to promote mutual understanding and trust between China and the rest of the world, and discuss important international and regional issues. (Source: Xinhua News)

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