Discover and read the best of Twitter Threads about #BundSummit
Most recents (15)
Robert Dohner，Senior Fellow of Atlantic Council, shared his opinions on huge costs from US-China economic disengagement in #Bundsummit
Disruption of supply chains – adjustment and operating costs; uncertainty that discourages investment – much larger macro effect; and very large potential costs of technological decoupling/ bifurcation were all mentioned.
US shift toward administrative and judicial measures : 1. CFIUS (investment screening) and ECRA (export control) 2. Use of US sanctions, including the Entities List 3. Justice Department prosecutions
#payments system is the foundation of the global financial system, says Ross Lecow, Senior Advisor of Department of Fintech, Strategy and Law in the Bank for International Settlements Innovation Hub in #Bundsummit
Problems with domestic/cross-border payments remain unresolved: 1. Financial exclusion remains in some developing countries and emerging markets 2. Cross-border payments are slow, opaque and expensive.
#Stablecoin initiatives are a private sector response to these problems.
Jim Yong KIM，Vice Chairman and Partner of Global Infrastructure Partners and the 12th President of the World Bank analyzed infrastructure investment in emerging markets at #Bundsummit. 1/6
Over $40 trillion of investment in infrastructure is expected to be required in #emergingmarkets from now until 2035, equivalent to over $2.3 trillion per annum of spend. 2/6
Air Travel: Asia Pacific & Latin America expected to account for over 65% of global air passenger journeys growth over the next 20 years. 3/6
LI Dongrong，CF40 Executive Council Member and President of National Internet Finance Association of China talked about how digitalization reshapes global finance in #Bundsummit.
According to the National Network Information Office, the scale of China's #digitaleconomy was about 31.3 trillion-yuan last year, accounting for 34% of the total #GDP.
Under the background of building China into a digital and #cyberpower, finance is the core of the modern economy and the blood of the #realeconomy.
“Are innovations like #blockchain 'good medicine' or 'drugs?'At a blockchain conference in 2016, I made three remarks that can still be used today: 1. Don't hype up the concept of #blockchain;...
...2. Do not engage in illegal activities or financial activities under the cloak of blockchain;
3. To truly gain market space, this technology must find its own market from the pain point of economy and finance, and from the process of serving the real economy...
3. To truly gain market space, this technology must find its own market from the pain point of economy and finance, and from the process of serving the real economy...
...For example, could this technology help lift the poor out of poverty? Like what Yunus did. Can it play a role in solving the financing difficulties of #SMEs? Can it play a role in establishing a better credit system? ...
"Digital currencies,including #Libra,can flow freely across borders, while RMB is not fully convertible. So we must treat these digital currencies as foreign currencies. ...
... Its exchange and use must be in full compliance with our foreign exchange management framework," said Sun Tianqi, Chief Accountant of SAFE, in #BundSummit in #Shanghai.
"In #China, we must insist that the legal tender is RMB, and domestic transaction pricing and settlement cannot be replaced by other currencies. (If a currency) cannot meet these requirements, it must be banned."weibo.com/ttarticle/p/sh… 
Report Release: Facing the Sino-US #Trade Conflicts Head-on and Adhering to the Deepening of Reform and Opening-up, led by Shanghai Pu Shan Foundation Research Group: live.lujiazui.vip/live/tvchat-80… Jeff SCHOTT from @PIIE will be giving his comments in a few minutes.
@PIIE #Bundsummit Jeff Schott from @PIIE commented on a CF40 report and reckons key priorities for Chinese economic reform lie in competition neutrality among other important issue areas; China should develop rules on the contestability of markets comparable to international standards.
#Bundsummit 1/3 Sun Tianqi, Chief Accountant from SAFE, pointed out that, many dollarized emerging economies approaches Libra with open minds, however, it should be noted that currency convertibility should be compatible with respective developmental stages. #Libra #regulation
#Bundsummit 2/3 Sun pointed out that, for emerging economies, it should be clearly considered to adjust forex management framework simply for the adoption of Libra, or accept domestic CBDC to be substituted by Libra, thus would be at the cost of sacrificing national sovereignty.
#Bundsummit 3/3 Sun said, under the backdrop of combating money laundering, financing of terrorism, and tax evasion ("three combats"), it waits to be seen how digital currency could play an effective role especially in the realm of international remittance. #DigitalCurrency
"The significance of Digital Currency Electronic Payment lies in that it's not the digitization of existing currency,but replacement of M0. It greatly reduces the dependence of trading process on accounts,which is conducive to the circulation and internationalization of #RMB. ...
... At the same time, DCEP can achieve real-time collection of data related to money creation, bookkeeping, etc, providing useful reference for the provision of money and the implementation of monetary policies. ...
... #PBOC has been studying #DCEP for five or six years, and is likely to be the first central bank in the world to launch a digital currency," said Huang Qifan, Vice President of #China Center for International Economic Exchanges, in #BundSummit #stablecoin #digitalcurrency
"As an important emerging technology, #blockchain has great potential in promoting innovative development of the digital economy. We will further study blockchain technology, promote the deep integration of blockchain with the real economy, ...
... and solve the problems of financing difficulties for #SMEs, risk control difficulties for banks, and difficulties in departmental supervision. Commercial #banks' digital transformation should also attach great importance to the application of blockchain technology, ...
... develop application scenarios according to technical characteristics, intensify innovation, establish security guarantee system, and ensure safe and orderly development," said Li Wei, Director-General of Technology Department at #PBOC in the #BundSummit.
Overreliance on monetary policy may have contributed to the low interest rate environment we are in now. Overdose of monetary stimulus may have pushed down equilibrium real rate. This monetary "non-neutrality" can happen in two ways, said CF40 member Miao Yanliang in #Bundsummit.
First is through the financial boom-bust cycle. Low interest rate encourages risk-seeking and build-up financial imbalance. The longer low interest rate stays, the more vulnerable the financial systems will become.
When the music stops, central banks will have to reduce policy rate further to counter the busts. That’s the story since 2000.
Is Global Market Liquidity an Illusion? Euan Harkness, Vice President of Barclays shed light on Market Liquidity and Quantitative Easing during the panel discussion of the #Bundsummit
Banks are restricted by reserve requirements. Algorithms unexpected large markets movements, gapping, flash crashes etc., algorithms circuit breakers applied universally, hedge funds and other fair weather liquidity providers vanish equals no liquidity.
Is quantitative easing the wrong solution and in fact has negative impact? Quantitative easing has camouflaged evolving structural change, according to Euan.
What is “Japanification"? Masaaki Shirakawa, former Governor of Bank of Japan, shared his observation in the inaugural #Bundsummit
Unfortunately, Japan mistakenly took deflation over anything else as the most important challenge and was slow in addressing the issue of raising productivity. In this process, monetary easing was always pursued.
We also have to note that mainstream macroeconomics lent intellectual support to overreliance on monetary easing.
#LIVE #BundSummit Jim Yong KIM, Vice Chairman and Partner of Global #Infrastructure Partners; 12th President of @WorldBank is giving speech on #Infrastructure Investment in Emerging Markets: live.weibo.com/show?id=104215…
Over $40 trillion of #investment in #infrastructure is expected to be
required in Emerging Markets from now until 2035, equivalent to over $2.3 trillion per annum of spend, according to Kim.
required in Emerging Markets from now until 2035, equivalent to over $2.3 trillion per annum of spend, according to Kim.
Emerging market demand for Gas and LNG expected to significantly increase over the next 20 years, surpassing developed markets.
The #BundSummit live from #Shanghai. Chen Yuan, Chairman of Bund Summit Organizing Committee, and Chairman of CF40 Executive Council is making a keynote speech on #blockchain, #technology, & #finance: live.weibo.com/show?id=104215… #fintech
