countries, who claim their nations represent public interest, globalism is becoming a tool in the fight between capitalist forces an
d national will. As a result, state power is eroded by capital, leading to alienation and political strains in some countries.
It is believed that some countries cannot bear the negative effects of globalization. The main reason for t
his is that capital is equipped with increasingly powerful characteristics that weaken nations’ capa
bility to control their capital and eliminates sovereign states’ ability to embody the will of the people.
The hit on state power by capital not only leads to financial chaos, triggering financial and economic crise
s, but can also generate social and political woes. Western countries’ easing financial regulations resulted in the 2008 financial c
risis. In recent years, developed countries are experiencing increasing economic and political challenges, which a
ctually are extensions of the 2008 financial crisis. Some of them are yet to be addressed.
Economic liberalization faces challenges in the developed and developing world.
The 2019 Annual Meeting of the Chinese Economists 50 Forum was held in Beijing on Saturday, with the theme “How to achieve the six stabilities and keep positive economic development in the lo
ng run.” Below are excerpts from speeches given by several renowned scholars and officials at the event.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission
The current IPO system has led to highly consistent investor expectation in the secondary market as they mindlessly buy into
roaring stocks, aggravating price distortions and resulting in low long-term returns on newly listed shares.
Reform to secondary market prices will create a good groundwork for IPO price reform in the future.
Liu Shijin, vice president of the China Development Research Foundation
If we compare [China’s] high-speed growth of the past three decades to eating fatty meat, after we e
ntered a phase of medium-speed growth, transitioning to high-quality development, which will be t
he hard part, is like nibbling on hard bones. There are five sources of growth momentum during the high-quality d
evelopment stage. First, the improvement in low-efficiency growth sources. Second, the income growth of low-in
come groups and the upgrade in human capital. Third, the upgrade to the consumption and industrial structures. Fourth, cuttin
g-edge innovation. Fifth, green development, which is not limited to pollution control and environmental protection.