Peking University, Beijing, Dec 4th, 2008: The International Economic Situation Symposium was held by the Party Committee Theory Center Group of Peking University in the afternoon of December 2nd. Prefessor Zhou Qiren, Dean of the State Development Institute of Peking University, was invited to deliver a guidance report on the current economic situation at home and abroad.

PKU Party and Administrative leaders and Grass-root Party Committees, secretaries of the party's working committee, the general party branch and the party branch directly under the general party branch and department managers of the Party Committee System participated in the symposium, chaired by Min Weifang, Secretary of Party Committee of PKU.

Professor Zhou Qiren analyzed the current international economic situation in his speech entitled “the Change of Economic Trends". First of all, he pointed out that China's economy encountered a rapid change from "hot" to "cold" this year, which could be seen from the decline of export market, tightening of the domestic market, and the downturn in the asset markets. In his view, the external causes of these unusual changes were the big problems in the fiscal and monetary policy of the United States, which created a huge amount of debt and financial bubble, and caused a flood of dollars in global markets and eventually led to an international financial crisis and the impact and shock of China's economy; while the external causes were related to the lack of timely adjustment in China's exchange rate policy in the past period of time, which led the domestic industrial structure to lean to export processing operations heavily, and thus China’s economy would be influenced once an international market crisis took place.

Professor Zhou Qiren thought it was necessary for the Party Central Committee and State Council to decidedly implement a proactive fiscal policy and moderate monetary policy, increase the support to guarantee people's livelihood, expand domestic demands, change the way of development and structural adjustment with comprehensive use of cutting tax and expending investment of the central government. He showed the performance of other countries in the world economic crisis in order to stress that the impact of the international financial crisis on our economy depends on our ability to promote reform in the crisis, convert pressure into driving force and turn challenges into opportunities.

Secretary Min Weifang Fang summarized the symposium. He stressed that the economic issues were the center of our party and nation. It would have big impacts on all industries and the vast majority of members in the community when complex and austere situation was presented. The most direct impact on PKU was reflected in the employment of graduates firstly. Leaders and party cadres of all levels in PKU should do their best to overcome the difficulties in the crisis.

Edited By: Seren
Translated By: Chen Zhenxia

Source: PKU News (Chinese)