On the morning of October 30, 2024, a delegation of four from the International Monetary Fund visited our school. The delegation included Steven Barnett, Resident Representative of the IMF Resident Representative Office in China; Galip Kemal Ozhan and Eric (Jincheng) Huang, economists from the IMF Research Department; and Zhang Lei, an economist from the People's Bank of China. Liu Liya, Vice President of Shanghai University of Finance and Economics; Yang Youzhi, Deputy Director of the Office of International Exchange and Cooperation; and Chen Yuanyuan, Associate Dean of the School of Economics, attended the event.
Vice President Liu Liya extended a warm welcome to the IMF experts. She pointed out that although the current global economy faces many uncertainties, China's economy remains full of promise. Therefore, discussing China's economic development within the global context is highly necessary and requires a more international perspective.
Mr. Steven Barnett shared the IMF's outlook on the 2024 international economy with faculty and students of the School of Economics. He noted that, in order to better address the challenges of global economic growth, countries should strengthen trade cooperation, jointly tackle climate change, and actively support the recovery of low-income countries. When focusing on domestic policies of various countries, he offered the following recommendations: first, regarding monetary policy, as inflation returns to levels close to central bank targets, interest rates can shift toward a more neutral stance; second, regarding fiscal policy, fiscal reserves depleted during the pandemic should be rebuilt; and third, reforms should be continuously advanced to promote medium-term growth, which is also the most challenging of the three.
Mr. Galip Kemal Ozhan shared the IMF's reflections on recent global inflation. He pointed out that recent global inflation has been driven by a complex set of factors, including both demand-side and supply-side factors. Moreover, analyzing the causes of rising global inflation should be conducted by industry and by sector. The pass-through of sectoral price pressures to core inflation and the steepening of the Phillips curve are key to understanding the surge in global inflation.
Mr. Eric Huang shared survey research on public acceptance of policy reforms. He noted that, due to rising public resistance, securing broad social endorsement during reform processes often faces enormous obstacles. Research has found that resistance to policy change often transcends economic interests. Therefore, approaches based on information, inclusion, and trust can not only improve policy quality but also significantly increase the likelihood of implementing and sustaining structural reforms.
During the interactive exchange session, faculty and students actively asked questions and held in-depth discussions with the visiting experts.
Finally, Associate Dean Chen Yuanyuan stated that the School of Economics at Shanghai University of Finance and Economics is committed to macroeconomic research with an international perspective. In terms of talent cultivation, the School aims to cultivate economic talents who possess a sense of national commitment and an international perspective and who can meet the needs of international organizations and international cooperation. She expressed the hope that, in the future, deeper cooperation with the IMF can be carried out in multiple areas, including academic research, policy discussion, and talent cultivation.
The event was chaired by Yang Youzhi, Deputy Director of the Office of International Exchange and Cooperation.
