The 15th International Infrastructure Investment and Construction Forum (IIICF) kicked off in Macao Thursday, with industry leaders stressing the importance of digitalization and innovation in building more sustainable and interconnected global infrastructure.
Over 3,500 industry representatives from more than 70 countries and regions attended the event titled "Green Innovative Digital Connectivity."
China's Vice Minister of Commerce, Guo Tingting, pledged her ministry's commitment to green infrastructure development through policy dialogues and practical cooperation in areas such as green energy, transportation, and finance.
Meanwhile, the exhibition area of this year's forum has been expanded by 60 percent compared to the previous editions, showcasing projects of global infrastructure connectivity.
Praising the forum's collaborative approach, Uzbekistan's Minister of Ecology, Environmental Protection and Climate Change, Aziz Abdukhakimov, emphasized the value of uniting policymakers, companies, and government representatives to explore new avenues for economic development.
Wang Bin, president of China's Power Construction Corporation, underscored the growing importance of green innovation and digitalization within the infrastructure industry.
Fang Qiuchen, chairman of the China International Contractors Association, noted the forum's broader impact, extending to China's Belt and Road Initiative.
"The most important and prioritized area of the Belt and Road Initiative is infrastructure connectivity. The annual IIICF in Macao also focuses on international infrastructure cooperation. Now we are building it into an important international cooperation platform serving the Belt and Road Initiative, especially infrastructure connectivity. I believe that the Belt and Road Initiative will achieve solid progress in the future," he said.
The forum, co-organized by the China International Contractors Association and the Macao Trade and Investment Promotion Institute, will conclude on Friday.
Macao forum highlights digitalization, innovation in global infrastructure projects
A leading Japanese economist has warned that the Bank of Japan's anticipated interest rate hike will not address the country's fundamental economic problems, calling instead for structural reforms and stronger support for small and medium-sized enterprises.
The economist's comments come as the yen exchange rate continues to hover near 160 yen per U.S. dollar, with Japanese media and financial markets widely expecting the Bank of Japan to announce a rate hike at its monetary policy meeting on June 15 and 16.
"Japanese political and economic scholar Hamada Kazuyuki said: "The future trend of the Japanese economy is also affected by factors such as rising crude oil prices and inflation, and there are no signs of these problems being resolved anytime soon. If left unchecked, they will develop into a serious inflationary trend. This will not only affect enterprises but also the daily lives of ordinary people. Therefore, in order to curb these impacts, the Bank of Japan is taking countermeasures and adjusting toward the direction of raising interest rates. However, whether these measures can truly be effective still remains highly uncertain," he said.
He also noted that the operations of small and medium-sized enterprises in Japan continue to face pressure, and the overall recovery of the Japanese economy is filled with uncertainty. The Japanese government's model of relying on debt to rescue the market only addresses symptoms rather than root causes and cannot solve the fundamental problems of the Japanese economy, he added.
"More than 80 percent, or even 90 percent, of Japanese enterprises are small and medium-sized enterprises. Only a small number of large enterprises have gained profits from exchange rate fluctuations. The vast majority of small and medium-sized enterprises are already on the edge of life and death. Therefore, without more adequate support policies for small and medium-sized enterprises, it will be very difficult for the Japanese economy to achieve recovery or restoration. The current government is in a rather difficult situation. Originally, it said no supplementary budget was needed, but as the economy deteriorates, it has no choice but to rely on supplementary budgets and deficit financing to barely cope. But this is not a fundamental solution. Continuing down this path will only make Japan's situation further deteriorate. Therefore, if the government truly wants to improve the economy, it must cut waste within the existing fiscal scope and concentrate resources into truly effective areas. This is the necessary direction," he said.
Japanese economist warns rate hike inadequate, urges structural reform
