On March 18, SABIC, a global leader in diversified chemicals, partnered with Caijing Think Tank and Caijing Magazine to launch the 2022 Global Economic Confidence Index (GECI) in Beijing. During the launch event, eight leading experts and leaders, including Li Lei, Vice President and Regional Head, North Asia, SABIC, shared their insights on global economic trends, risks and outlook and China in turbulent times, with discussions and analysis on the course of the global economy. economic recovery on growing attention to sustainability.
Other leaders present were: Zhu Min, president of the National Institute of Financial Research (NIFR) at Tsinghua University and former deputy managing director of the IMF; Cai Fang, former vice president of the Chinese Academy of Social Sciences (CASS) and member of the monetary policy committee of the People’s Bank of China; Li Yang, member of the CASS and director of the board of directors of the National Institution for Finance and Development; Li Daokui, Director of the Institute for Chinese Economic Practice and Thought, Tsinghua University; Zhang Yansheng, Chief Research Fellow, China Center for International Economic Exchanges; Xu Zhaoyuan, Deputy Director General, Industrial Economics Research Department, State Council Development Research Center; Zhang Yandong, editor of Caijing Magazine and chairman of Caijing Think Tank.
“More and more countries are actively participating in achieving the balance between total carbon emissions and absorption – carbon neutrality,” said Li Lei, vice president and regional head, North Asia, SABIC . “Reducing carbon emissions, however, is by no means a one-time task. It requires systematic and long-term planning and changes. Different industries also need to remove barriers, strengthen benign interactions, deepen international cooperation and empower low carbon transformation of the whole industrial chain.As a pioneer in realizing China’s “dual carbon” goals, the chemical industry should intensify technological innovation, accelerate the application of scientific research and create more excellent technical solutions, to help the manufacturing industry and society as a whole to better realize quality development driven by innovation.”
First published in 2020, the GECI scientifically and accurately reflected the confidence and vision of political, economic and academic circles in the global economy, which has been impacted by the pandemic over the past three years. In this year’s survey, the average global economic growth rate is estimated at 4.0% by respondents, mostly made up of prominent economists, political, business and financial leaders and financial media professionals. Compared to 2021, overall expectations are more positive and it is generally believed that the impact of the pandemic will be mitigated in 2022. However, the COVID-19 pandemic, the persistence of high inflation and the turbulence on the international financial markets caused by the tightening monetary policy in developed economies are still considered the three major risks to the global economy.
Other key findings:
Under pressure from contracting demand, dysfunctional supply and weakening expectations, China’s economic growth rate is expected to be significantly slower in 2022.
However, supported by the strong resilience of the Chinese economy, its size and the macroeconomic adjustment margin, the domestic foreign exchange market and the stock market are expected to improve steadily in 2022, and China’s status as a “factory of the world” will be retained. .
Given residents’ insufficient expectations for income growth, China should take effective measures to raise incomes and expand consumption, while giving full play to the leading role of new industries and the new economy.
As labor costs continue to rise in China as the country’s digital technology dominates the world, high hopes are pinned on digital and smart upgrading. Great importance should be given to solving technical bottleneck problems in key products and raw materials and components, as well as helping to raise the average level of industrial technology.
True to its belief that Chemistry that MattersTM, SABIC strives to develop strong thought leadership. He not only took the initiative to launch the GECI for three consecutive years, but also established a fourteen-year partnership with Boao Forum for Asia. At the end of April, SABIC will again participate in the 2022 Boao Forum Asia Annual Conference for the third year as an honorary strategic partner, further gathering wisdom and consensus from all parties, and joining forces with partners of all sectors to lead the bottom of the industry. – the transformation of carbon emissions and thus better support the quality development of the national economy.