Caixin
May 09, 2020 05:40 AM
ECONOMY

Asia to Drive Global Recovery After Pandemic, Zhou Xiaochuan Says

What’s New: Asia will continue to be the driving force of global economic growth after the Covid-19 pandemic given the resilience of its economies, said Zhou Xiaochuan, China’s former central bank governor.

Asia’s economies benefit from the continent’s huge market, rising middle-class population, improving fiscal conditions, thriving labor market and digital commerce, Zhou said Friday at an online seminar of the Boao Forum for Asia.

As the largest economy in Asia, China has reinforced its commitments to further open and restructure markets with recent policy guidelines on factor market reform, said Zhou.

More from the forum: The Boao Forum, which moved its annual gathering online because of the pandemic, in a newly issued report forecast that Asia for the first time will account for more than half of the global economy in 2020, although the continent is likely to register zero growth amid the pandemic.

The growth prospects will mainly depend on how soon the disease can be put under control, but the Asian economy is likely to continue on the low-speed track in years to come, according to the report. Meanwhile, Asian countries are facing challenges that stem from persistence of unilateralism and protectionism, deeper structural problems and aging labor forces, the report found.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)


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