Naoyuki Yoshino: Guiding investment for stable development

On December 20, 2021, the Global Strategic Dialogue 2021, an international webinar for the open global economy, was co-hosted by the Chinese Academy of Social Sciences and China Daily in Beijing.

Naoyuki Yoshino, professor emeritus at Keio University, Tokyo, and former dean of the Asian Development Bank Institute, said in his keynote speech that a reasonable budget deficit is conducive to infrastructure investment, while a reasonable adjustment of tax policies can help guide the private sector to invest in infrastructure construction and promote green development.

Naoyuki Yoshino pointed out that from the perspective of government bonds and the interest rate elasticity of demand, China's economy is generally stable. In the future, the Chinese government's bond demand should be more diversified in order to promote stable and healthy economic development. In addition, infrastructure investors and operators should share the tax revenue generated by the spillover effect to incentivize investors to focus on green infrastructure in the long term.

"It is recommended that a green rating system be established globally to promote green development," he said.

Lu Jingyi contributed to this story.