Global Strategic Dialogue 2021:The Webinar for Open Global Economy

Natalya Ivanova, an academician at Russian Academy of Sciences; head of research at Department of Science and Innovation, Institute of World Economy and International Relations, RAS:

Internationally speaking, countries implemented long-term recovery measures, while the current recovery of the world economy is quite uneven and crisis policies in different countries are coordinated very weakly. We believe that globalization should be and is still a major trend in the world. Countries should abide by the multilateral rules of the WTO and work together to promote world economic development. Digital technologies can be used to create new value, creating new impulse for the economy after the pandemic. We hope the competition in this area can be fair, open and anti-monopoly.

Naoyuki Yoshino, professor emeritus at Keio University and former dean of the Asian Development Bank Institute:

The public-private partnership model which is popular in infrastructure investment is not successful in many countries because there exists a conflict. Users prefer low fees, but investors want a high rate of return. For this, it is recommended to share the spillover tax revenue to increase the rate of return on infrastructure investment so that the active participation of the private sector can be encouraged. Currently, the standards of green bonds vary greatly in many ESG (environmental, social and governance) rating agencies. In better promoting the green and low-carbon development, I suggest that a unified standard for green bond ratings needs to be established globally.

Yu Yongding, an academician at the Chinese Academy of Social Sciences:

China and the United States can escape the Thucydides trap if the two countries can find and fight against common enemies, including global warming and poverty, international terrorism, pollution and pandemics. Now, the most dangerous common enemy is COVID-19. Without close cooperation and coordination among all countries, it is impossible to win the war against COVID-19. Disruptions in the global value chains caused by COVID-19 have exposed the weaknesses of the GVCs. It is time for countries to reshape the GVCs to achieve a better balance between efficiency and safety. Participants in the GVCs need to redefine their own roles and positions.

Chandran Nair, founder and CEO of the Global Institute For Tomorrow, a think tank based in Hong Kong and Kuala Lumpur:

We should think about the purpose of pursuing growth, and what kind of development is truly meaningful to us. In fact, the consumption-driven Western economic model is not reliable and outdated. The economic model that encourages excessive consumption, focuses on the boom of the stock market and ignores climate change, water scarcity and food safety is unsustainable. For developing countries, the goal of economic growth should focus on giving people access to water, electricity and safe food, reducing their risk of survival and giving them meaningful respect. China is doing well. It has already emphasized common prosperity, which will inspire developing countries to find a new economic model.

Pan Jiahua, an academician of Chinese Academy of Social Sciences:

Climate security for sustainability requires carbon neutrality as agreed in the Paris Agreement. A comprehensive transformation is essential to guide and push the process toward net-zero emissions. Sufficient conditions are required to convert the targets on paper into a reality. First, a clearly set and widely accepted target will drive the market to function as a result of rational expectations. Second, energy revolution from both the supply and demand sides is needed, such as the promotion of zero carbon renewables to replace carbon intensive fossil fuels. Third, it can sustainably reduce total consumption by shifting the development paradigm from industrialization to building a harmonious community.

Jean Pisani-Ferry, Tommaso Padoa-Schioppa chair of the European University Institute, senior fellow and former director of Bruegel:

Carbon neutrality is a major transition that will be fraught with challenges and potentially high economic costs. We expect a relatively smooth transition and transformation, but we need to figure out where the obstacles are before addressing them in a targeted way. When adjustment costs are too high, there may be some delay in decisions and actions. The longer a country waits, the more capital it will need to reach carbon neutrality. At the international level, the lack of coherence and consistency in macroeconomic policies will affect the global economic transformation. We need more practical macroeconomic measures.

Venkatachalam Anbumozhi, director of Research Strategy and Innovation at the Economic Research Institute for ASEAN and East Asia:

Past climate actions of developing and emerging economies in the Asia-Pacific region have entailed progressive bottom-up low-carbon initiatives that provide incremental co-benefits. As countries move toward long-term deep decarbonization and circular net-zero economy, the pandemic recovery and stimulus packages offer a rare opportunity to realign the environment, energy, innovation, trade and fiscal policies into macroeconomic planning and national budgets. This will require the crowding-in of much higher levels of private finance and investments in technology development.

Amar Bhattacharya, senior fellow of the Global Economy and Development Program at the Brookings Institution:

The UN Climate Change Conference in Glasgow has been encouraging. We will have the opportunity to experience a different growth story in the future. In the 21st century, we should not plunder resources and a net-zero emission strategy can bring economic growth. Investment can drive a sustainable and resilient recovery. That means investing in all forms of capital, such as human, social, technological and natural ones. At the same time, the quality of investment is crucial.