英文摘要

《财经》杂志   

2021年02月01日 08:51  

本文3588字,约5分钟

Monetary Policy is Becoming a Major Concern for Policymakers; Can President Biden Save the Economy of US?; China’s New Five-Year Plan Kicks Off, Cities’ Developments Highly Anticipated; The Road to the Achievement of Carbon Neutrality Will Be Bumpy

Monetary Policy is Becoming a Major Concern for Policymakers

China’s stock market has remained sluggish for several days. Some investors suggest that this is an inevitable result of monetary policy.

In 2020, the People’s Bank of China provided 1.75 trillion yuan in long-term liquidity for the real economy by reducing the deposit reserve ratio three times. With easing of liquidity, the stock index rose sharply, as did the property market. Whether this situation will intensify in the future largely depends on whether monetary policies should be shifted appropriately this year. If it does not turn, these problems will certainly continue. This will lead to greater economic and financial risks in the medium and long term. In fact, the global currency oversupply continues to boost the growth of global debt. It is not only China that is re-examining the means of monetary policy control, but the world is worried too especially in the year of the pandemic. The debt risks and asset bubbles caused by the release of currency are becoming more and more concerned by policymakers.

 

Can President Biden Save the Economy of US?

On January 20, 2021, Biden formally took office as the 46th President of the United States. But it was too late in many ways, as the old US had changed beyond recognition. Now in power, Biden faces an unprecedented economic crisis, just like when he became vice president 12 years ago. In order to save the economy, Obama signed the “American Recovery and Reinvestment Act of 2009”. Biden was responsible for overseeing the implementation of that bill.

Although many leading economists believe that stimulus act was effective, there is presently no effective strategy to alleviate the current economic recession, which is far worse than the 2008 Financial Crisis. But most voters never agreed with those economists. Now, some of the economic advisers of the Obama administration who dealt with the financial crisis have joined Biden’s team. This is causing some voters to have reservations about the prospects of his administration’s response to the pandemic and economic recession.

 

China’s New Five-Year Plan Kicks Off, Cities’ Developments Highly Anticipated

In 2021, the “14th Five-Year Plan” kicked off, and China’s regional economy has ushered in a new round of adjustments. They also addressed fixing administrative divisions and the breakthrough of regional administrative barriers.

According to some experts’ estimates, there will be about 30 metropolitan areas in China in the future. The core cities in these metropolitan areas will remain relatively larger and can mainly develop modern service industries such as finance, insurance, technological research and development. At the same time, the development of traditional service industries such as commerce, logistics, and catering will mainly meet the needs of these core cities and their surrounding areas. These small and medium cities and small towns can develop manufacturing, agricultural product processing, and health care industries, etc., forming reasonable divisions of labor around the core cities.

 

The Road to the Achievement of Carbon Neutrality Will Be Bumpy

Wind power and solar power systems are good ways to achieve the ideal of carbon neutrality. But the reality of carrying these out soon is unlikely for these two industries. They’re not ready yet. Still, in the opening year of the “14th Five-Year Plan”, China’s new energy industry has ushered in unprecedented possibilities for their future development. The Chinese government has set targets for carbon dioxide emissions to peak by 2030 and achieve carbon neutrality by 2060. Under new climate change commitments, China’s new energy industry, which has already secured a leading position, will also usher in faster growth.

Large central enterprises producing electric power have put forward ambitious development goals at the beginning of the “14th Five-Year Plan”. But with expectations of prosperity, the road ahead will not be smooth. Taking into account multiple goals and complex changes, the new situation will test the wisdom of decision makers.