From October 21 to 22, the Global Wealth Management Forum 2023 Shanghai Suhewan Conference was held in Jing'an District, Shanghai. Zhang Wencai, vice president of the Export-Import Bank of China, said at the theme forum on Challenges and Responses to Global Economic Recovery that the various challenges in the process of global economic recovery not only concern the interests of all countries, but also affect the common future of mankind. "We need to take a more open and inclusive attitude and make concerted efforts to draw a 'concentric circle' of mutual benefit and win-win situation."

Zhang Wencai introduced, the current global inflation level overall decline, consumption and service industry performance is relatively strong, the world economy to continue the recovery trend. However, the negative impact of tightening monetary policy is becoming more and more obvious, unilateralism and protectionism has increased significantly, geopolitical conflicts continue, the world economic growth momentum shows a weakening trend. In his view, in the coming period, the world economic recovery is mainly facing five major challenges.

First, global trade and investment have encountered headwinds. In recent years, the rise of anti-globalization thinking has led to an increase in trade barriers and fragmentation of trade relations, industrial layout politicization, coupled with the tightening of monetary policy to inhibit end-demand and manufacturing investment, global trade and cross-border investment growth slowed down significantly.

Secondly, the high interest rate environment has increased potential risks. Although the interest rate hiking cycle in major economies has nearly come to an end, the high interest rate environment may continue for a longer period of time. Under the high-interest-rate environment, debt-servicing pressure on the Government and the private sector has increased sharply, and the operational risks of small and medium-sized banks have risen markedly. At the same time, cross-border capital flows have intensified, and the scale of capital outflows from emerging markets has continued to expand, with global financial risks continuing to accumulate.

Thirdly, geopolitical conflicts continue. On the one hand, geopolitical conflicts limit the production and cross-border trade of food, energy and other strategic materials, and exacerbate the volatility of commodity prices; on the other hand, geopolitical uncertainties have led to the adjustment of the foreign policies of some countries, and multinational enterprises have lowered their risk appetite, which has further impeded the global economic and trade cooperation and economic recovery.

Fourthly, climate change threatens sustainable development. The world economy continues to face the challenge of climate change, as the pace of global carbon emissions reduction and green transformation has slowed down due to the weak economic recovery and the intensification of geopolitical conflicts, among other unfavorable factors. As climate change intensifies, extreme weather events are likely to become more frequent globally, which may severely constrain global economic development.

Fifthly, developing countries face a financing gap. The tightening of the global financial environment has increased the refinancing pressure on developing countries and low-income economies, and some countries are facing multiple difficulties, such as deteriorating balance of payments, currency depreciation and increased difficulty in financing. Heavy interest payments and high borrowing costs have increased the debt burden of these countries, affecting economic development and increasing the financing gap.

In this regard, Zhang Wencai suggests promoting openness and cooperation to create a more suitable environment for development. Although the process of opening up the global economy and development has been seriously hampered, it should be seen that economic globalization is still an unstoppable historical trend. We should abandon the zero-sum game and cold war thinking, reduce trade and investment barriers, oppose unilateral sanctions, economic coercion and "decoupling and breaking the chain", and create a more open, fair and development-friendly economic and trade environment.

At the same time, adhere to multilateralism, and jointly maintain world peace and development. Zhang Wencai said that from the perspective of history and reality, bloc politics and camp confrontation will only fragment the world and hinder global development and human progress. Only by practicing and upholding multilateralism, so that unity replaces division, cooperation replaces confrontation, and inclusiveness replaces exclusion, can all countries of the world join hands to deal with all kinds of global problems and challenges, and the global economy can realize more inclusive, inclusive and resilient development.

Similarly, attention should be paid to safe development and the prevention and resolution of economic and financial risks. According to Zhang Wencai, the risk of financial vulnerability facing the world has intensified, and the importance and urgency of integrating financial development and security has become more prominent. Countries need to further build a solid bottom line of financial security and do a good job of risk prevention and resolution. They should not only practice good internal skills, continuously improve their financial system and financial regulatory system, and strengthen the monitoring and early warning of risk-prone areas, but also focus on the use of big data, artificial intelligence, cloud computing and other emerging technologies to improve risk identification, disposal and response capabilities. It is also necessary to strengthen coordination, promote international macroeconomic policy coordination, grasp the strength and pace of policies, and strengthen regulatory cooperation in areas such as cross-border capital flows and maintenance of financial stability. In accordance with the basic principle of "common action and fair burden", we should reform and improve the existing international debt disposal rules and mobilize multilateral and private creditors to participate more in debt disposal.

In addition, it is necessary to strengthen the synergy of efforts to make up for the development financing gap. Zhang Wencai said that the lack of development financing is an important factor constraining the economic growth of developing countries, and it is necessary for all parties in society to strengthen cooperation and jointly provide adequate financial support for developing countries. In the main body of support, efforts should be made to give full play to the leading and exemplary role of international financial institutions and policy-oriented development financial institutions, and to mobilize more social capital and private capital to participate. In terms of areas of support, we will ensure that funds are used on the "knife edge", focusing on poverty reduction, climate change and green development, industrialization, digital economy, connectivity and other key areas. In terms of support modes, we should not only emphasize innovative financing modes through third-party market cooperation and other means to form a diversified support synergy, but also emphasize the simultaneous implementation of financing and wisdom-raising, so as to help developing countries strengthen their capacity building and enhance their endogenous development impetus.

Finally, we should increase our support to promote green and low-carbon development. Zhang Wencai believes that, in the face of increasingly severe climate and environmental challenges, green development has become a global consensus, the realization of this goal will generate huge financial needs, including financial institutions, including all parties should continue to increase support for green low-carbon development. On the one hand, they should adhere to the concept of green development as the lead, and incorporate ESG requirements throughout the whole process of business development, project preparation, project implementation, operation and management, as well as post-evaluation; on the other hand, they should innovate financial products and services, and continue to improve the diversified product system covering credits, bonds, investment, consulting, etc., so as to better satisfy the capital needs in the fields of clean energy, green manufacturing, energy-saving, low-carbon, and so on, and to push forward the greening transformation and development of the economy. Green transformation and development.

Data show that since its establishment 29 years ago, the Export-Import Bank of China has always been committed to supporting the development of foreign trade and investment and international economic cooperation. Over the past 10 years since the "Belt and Road" initiative was put forward, its loan projects have stimulated investment of more than 400 billion U.S. dollars, driven trade of more than 2 trillion U.S. dollars, and actively contributed to regional and global economic development.