These savings are also looking for opportunities, looking for what kind of opportunities can be used out, and can properly maintain and increase value. Of course, there are also negative factors for the savings rate, the negative factor is the expansion of unemployment. Most countries seem to see unemployment increase by one or two percentage points, three or four percentage points. Some countries have double-digit unemployment rate growth. The impact of unemployment is because they have no income or can only rely on subsidies. In this case, it has a negative impact on the savings rate. However, one belt, one road or another, is a positive factor in the support of the one belt and one road fund. Zhou Xiaochuan said.
Moreover, the new one of the one belt, one road trend is to emphasize green development and sustainability. Zhou Xiaochuan said that the outbreak has given us a lot of inspiration, making people aware of the importance of social affairs and governance, so the demand for ESG is also increasing.
In response to the problem of high debt and high leverage, Zhou Xiaochuan believes that the experience emerging from the predicament is that these countries need to create productivity, reform the system, give full play to their comparative advantages, and take advantage of the opportunity to integrate into globalization to solve it.
In response to the question of how RMB internationalization should go under the current situation, Zhou Xiaochuan replied that RMB internationalization is a relatively long-term and gradual process, which is to a large extent related to the development of Chinas economy and trade, as well as the deepening of Chinas reform and opening up, which will contribute to the improvement of RMB confidence. At the same time, we should also see that there are still some shortcomings in the reform and opening up, which should be carried forward with greater courage and courage. This will not only benefit the whole Chinese economy for the whole international cooperation, but also benefit the future international status, the degree of use, and the degree of free use of RMB.
But at the same time, this topic is a relative one, which is actually complementary to the choice of other currencies in the international use. We have always said that if the US dollar, euro, Japanese yen, pound, Swiss franc and so on, the most important thing is the US dollar. If they have some policies that cause peoples confidence in the use of the US dollar to weaken, then they will make people choose other currencies to trade, which provides more opportunities for other currencies. First of all, it involves the stability of the U.S. economy, whether there will be another round of economic and financial crisis, of course, it also involves whether these big countries will use their currencies to impose sanctions on other countries or transactions, which all affect the currency feasibility. There is also a complex issue of global capital flows. The way and extent of global capital flows will also affect the choice of currencies. Zhou Xiaochuan believes that on the whole, if China can do its reform and opening-up work patiently, this matter (RMB internationalization) will gradually move forward, and it is not necessary to rush for success.