On June 5, 2020, Professor Jin Yuying was invited to participate in the sixth Dialogue Between China Economy and World Economy High Level Forum. The forum was hosted by Shanghai Society of World Economics, with the theme of Challenges and Countermeasures under the COVID-19. World economics research experts from Shanghai expressed their views and opinions on the response of China's economy and the world economy in the post COVID-19 period.
Professor Jin believes that the process of globalization has stagnated before the subprime crisis. The reconstruction of the industrial chain is the result of the imbalance of economic globalization before, and the COVID-19 situation is not the key factor. In 2018, China's manufacturing output exceeded that of the United States, Germany and Japan combined. The COVID-19 highlights the importance of low-end products in the industrial chain, prompting countries to re-examine industrial security. In the future, the competition between the world and China in the field of manufacturing will be more and more fierce, and the global value chain will present more localization, proximity and diversification. Scenario analysis shows that when the external circulation is not good, we can deal with it by expanding domestic demand. It is suggested that we should make efforts from the aspects of business environment and comprehensive deepening of opening up.
