The China Development Forum (CDF) wrapped up in Beijing today, with the focus remaining on the benefits of globalization and cooperation. Speakers debated on how domestic reform and international cooperation can provide a much-needed course correction in the globalization process.
Many finance leaders tried to explain why some countries benefit more than others under the same rules. Jin Liqun, President of Asian Infrastructure Investment Bank, noted that developing countries which are doing well are doing so because of the implementation of appropriate reforms.
Over the first two days of the forum, speakers debated many aspects of globalization, with a general consensus that the main issue is making sure the benefits of globalization are shared, with this also requiring governments to look internally.
Noting that the “unwillingness of not talking about tax” was what led the United States to take a wrong direction in the past, former US Treasury Secretary Jack Lew also looked forward to the important role that younger generations can play in the future.
Lew stressed the importance of ensuring future generations play a role in economic development. “It would be difficult for someone who works on a factory assembly line to become a computer app designer. But their children could.”
On the international front, Jin said he would like to see more collaborations with other lenders. “We will go on with co-financing... because infrastructure investment is normally very big,” noted the AIIB President.