Forum stresses efforts for recovery worldwide

Concerted efforts and wisdom of all countries are needed now for a global economic recovery as shifting dynamics are impeding global cooperation, officials and leaders of global organizations said on Wednesday.

Addressing the International Finance Forum (IFF) Spring Meetings for 2022 via a video link on Wednesday, Zhou Xiaochuan, former governor of the People's Bank of China, the country's central bank, noted that currently, factors hampering global cooperation are greater now than in the past. Yet, international financial cooperation to tackle climate change is emerging as a bright spot, underlining the need for broader cooperation in all fields.

He urged the financial sector to accept certain related responsibilities with professional measures to tackle the global challenge brought by climate change.

Pierre-Olivier Gourinchas, economic counselor and research director of the International Monetary Fund, said that in light of the several negative factors plaguing the world, the IMF has recently downgraded the outlook for global economic growth to 3.6 percent for this year. The IMF holds a relatively flagging outlook for global recovery this year.

He also said China's COVID-19 containment measures have successfully controlled the number of confirmed cases and mortality rate in the past two years, and have helped sustain stable economic performance. He said improving the level of immunity globally is still an important guarantee for world economic recovery.

Recent data from China's National Bureau of Statistics showed that the Chinese economy grew by 4.8 percent in the first quarter, led by particularly faster recovery in manufacturing investment, exports and infrastructure investment growth.

Zhong Zhengsheng, chief economist at Ping An Securities, said more structural monetary policy moves are needed to support weak links in the market like the small and medium enterprises.

More steps to incentivize private investment are also needed, he said. The growth of private investment lagged that of government-led investment in the first quarter, suggesting there is room for boosting private investment, thereby increasing its role in catalyzing growth. Similarly, the manufacturing sector could boost growth in the coming quarters, he said.