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China Finance 40 Forum (CF40) Profile picture
@ChinaFinance40
Aug 25, 2019 • 7 tweets • 3 min read • Read on X
THREAD: CF40 just concluded the third Yichun Forum in northeast #China’s Heilongjiang province. Here are some takeaways from the keynote speakers: mp.weixin.qq.com/s/qAmqQE2XQOyU… 1/7
Chen Yuan, chairman of CF40 Executive Council: China should reconsider the strategic significance of its foreign reserves, turning it into the focus of financial
battlefield in the future from its past role as a highly reliable core fortune. 2/7
Zhou Xiaochuan, former #PBoC governor: Only when #RMB is truly internationalized, can China effectively deal with the side effects of various distortions at the global monetary market which is now dominated by US dollar. 3/7
Xiao Gang, CF40 non-resident senior fellow: China should speed up efforts to develop #AI and promote its combination with financial industry, which matters as it concerns whether China can seize opportunities brought by the new round of technology and industrial revolution. 4/7
Yu Yongding, CF40 advisor: The biggest challenge to China’s #economy now is a continuous decline in economic growth. Policymakers should rely on active fiscal policies to stop this from happening. It is not impossible for China to maintain high growth rate for ten years. 5/7
Zhu Jun, CF40 member: The continuously escalating China-US #trade friction has not only been an important external factor for the volatility of RMB exchange rate over the past one year, but also a huge root cause of instability on the global financial market. 6/7
Sun Tianqi,CF40 invited member: #Libra can be a new stimulus for China’s reform & opening-up.When China eventually realizes capital account liberalization, yuan's free floating & full convertibility, it would be more confident to open to digital currencies like Libra. 7/7

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More from @ChinaFinance40

China Finance 40 Forum (CF40) Profile picture
Feb 22, 2023
According to CF40’s latest macroeconomic quarterly report ‘China's Countercyclical Fiscal Policy and Sustainability of Government Debt’, China has never heavily relied on budgetary spending to provide counter-cyclical stimulus. 1/5
Instead, it mainly adopts a model where local governments, financial institutions and local government financing vehicles work together to boost investment. 2/5
Statistics show that such a model has helped China stabilize its economic growth, but also increased the broad government debt to GDP ratio, raising concerns about the sustainability of government debt. 3/5
Read 5 tweets
China Finance 40 Forum (CF40) Profile picture
Feb 22, 2023
China could consider implementing negative individual income tax (IIT) to boost consumption and employment, advises CF40 research department. 1/4
It means that the government provides taxpayers with a certain amount of subsidy when the level of working income is lower than a given threshold. 2/4
A CF40 policy brief proposes a two-pronged policy scheme consisting of rewards and subsidies for businesses adding new jobs on one hand, and negative IIT on the other hand, which could drive spending and employment without causing excessive fiscal expenditure burdens. 3/4
Read 4 tweets
China Finance 40 Forum (CF40) Profile picture
Feb 21, 2023
The PBC's "benign neglect," an indirect policy tool devised in 2022 to influence the value of the RMB, was quite successful. It allows the market to determine the exchange rate while retaining capital controls as a last resort.1/5
It should be the most effective currency strategy for China's central bank, said CF40 Advisor Yu Yongding in a recent seminar.2/5
China should maintain a floating exchange rate regime to bring out its role as an automatic stabilizer while maintaining necessary capital control as a last resort.3/5
Read 5 tweets
China Finance 40 Forum (CF40) Profile picture
Feb 17, 2023
Despite the shrinking working-age population, there is a tremendous pool of surplus rural labor in China., said Caifang, Chief Expert of National Think Tank of Chinese Academy of Social Sciences. 1/5
Many analysts predict that China will not have a rapid growth rate in the future or emerge as the largest economy in the world because its working-age population and total labor have stopped growing. 2/5
23% of the total labor in China are rural labor. In comparison, the percentage in highincome economies is only 3% or 4%. That means China needs to transfer 20% of its labor from rural to urban industries, which is huge given China’s enormous population. 3/5
Read 5 tweets
China Finance 40 Forum (CF40) Profile picture
Feb 16, 2023
#China could consider implementing negative individual income tax (IIT) to boost consumption and employment, suggests CF40 Research Department in a 2022 policy brief ‘Negative Individual Income Tax: Some Thoughts on Policies to Drive Employment and Consumption’. 1/4
It means that the government provides taxpayers with a certain amount of subsidy when the level of working income is lower than a given threshold. 2/4
The policy brief proposes a two-pronged policy scheme consisting of rewards and subsidies for businesses adding new jobs on one hand, and negative IIT on the other hand, which could drive spending and employment without causing excessive fiscal expenditure burdens. 3/4
Read 4 tweets
China Finance 40 Forum (CF40) Profile picture
Feb 3, 2023
Given China’s macroeconomic environment in December 2022, the following policies should be taken to boost China’s economic growth and deal with potential risks, said ZHANG Bin, CF40 Nonresident Senior Fellow: 1/5
1. Lower interest rate by 25 bps each time until the employment and growth targets are hit.
2. Issue new types of fiscally subsidized bonds and policy loans to support investment in public goods and quasi-public goods infrastructure projects that feature limited returns.2/4
3. Set up special funds to help market entities battered during the pandemic get back on their feet; increase the amount of living allowance for low-income groups. 3/5
Read 6 tweets

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