Zhu Min there is no financial and monetary policy to stimulate the economic space 纪元1701

Zhu Min: there is no fiscal and monetary policy to stimulate economic space Zhu Min IMF, former vice president of Sina Financial News 2016, Zhejiang International Finance Forum "held in Hangzhou in October 14th. IMF former vice president Zhu Min attended and delivered a speech. It believes that the global financial crisis in 2008 caused a huge impact far beyond people’s imagination. The sharp decline of the economy has not yet restored the original level, the world lost a piece of GDP, this has not come back". In addition, over the past five years, governments have tried to use fiscal policy and monetary policy to stimulate the economy, but, today there is no room for this, Zhu Min think. The following is the speech excerpts: Zhu Min: the theme of this forum is "new" economic situation, I would like to communicate is the trend of global economy and the pattern of change in the situation, it is in great change, as Chinese entrepreneurs, economists and government leaders, we must understand and grasp the situation. Since 2009, the biggest confusion in the global economy, the economy rebounded in 2010, and continued to go down this year, the overall economic growth rate of only about 3.1%. In the past five years, numerous organizations have predicted that the global economy will once again fall into the crisis, it didn’t happen in the past five years, numerous agencies predicted the global economic recovery will be a strong rebound, but it did not happen. The global economy continues to go down to the present, although the International Monetary Fund is expected to rebound in the next year, but the risk is still down, so the global economy is likely to continue downward, at the same time, we see in the economic downturn when the economy is in the output gap — state output does not reach the level of GDP the best level, including the developed countries, about 1.5% in the best output capacity, emerging economies including Chinese, other countries are also in the potential level of output about 1%. Why is this, a very important reason is that the level of investment is declining, for example, compared to residential investment level in 2007 and 2008 the expected level there is a big gap, enterprise investment is also a great gap, weak investment is an important factor in the current global economic downturn. In the weak investment at the same time, we unexpectedly found that global trade growth is falling, in the past 20 years, trade growth is usually twice the speed of GDP, to 2007 is always more than 70%80% at about 1986, 2007 to 2008, the first global trade growth rate of more than GDP. Another big change is the decline in exports, the decline in exports and global capital flows declined, the level of direct investment accounted for the proportion of GDP fell by 40%, so the global economy continues to go down, of course, the demand for oil will fall, so we see that oil prices are also down sharply. In the medium term, the decline in investment, the decline in trade and the fall in oil prices, of course, have led to a decline in prices and the world has entered a period of low inflation相关的主题文章: