CIGC Scholar Bernes: China Still Makes Big Contributions to Global Growth
CIGC Scholar Bernes: China Still Makes Big Contributions to Global Growth
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Thomas A. Bernes, a Distinguished Fellow of the Canada-based Center for International Governance Innovation (CIGI) and former director of the Independent Evaluation Office of the International Monetary Fund (IMF), gave an exclusive interview to China Pictorial at the media center of G20 Hangzhou Summit.
An expert in studies of international financial institutions, Bernes noted that the potential of the Asian Infrastruture Investment Bank (AIIB), a multilateral financial organization initiated by China, is huge, saying that it will enable more money to be available to support infrastructure development. “Hopefully, the AIIB will learn from other institutions and be able to not only approve projects more quickly, but also ensure they are better projects,” he added.
When asked how to improve international financial governance, Bernes replied, “We need to continue to reform international financial institutions. The G20 has done a great job in the past few years. We need to negotiate for granting emerging markets even greater power. ”
Against the backdrop of stagnant global economic recovery, some worry that the slowdown in China’s economic growth will increase pressure on the world economy. However, Bernes believes that China will remain a major contributor to global growth. “Even though China’s economy faces a slowdown, it is still one of the fastest-growing economies.” He pointed that China’s current growth rate, which stays at about 6.5 percent, is equal to its two-digit growth a decade ago. “China, I think, still contributes one percentage point of global growth, while the U.S. contributes only 0.6 percent. Even at this rate of growth, China is able to continue making a big contribution.”
Founded in 2001, CIGI is an independent, non-partisan think tank focused on international governance, which supports research, advances policy debate and generates ideas for multilateral governance improvements.
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