Greater coordination in global monetary policy stressed at Lujiazui Forum in Shanghai

Experts emphasized the need for greater coordination in global monetary policy to foster stable economic growth at the 2025 Lujiazui Forum which opened in Shanghai on Wednesday.

The two-day event, under the theme of "financial opening-up and cooperation for high-quality development in a changing global economy," has gathered more than 70 policymakers, regulators, and financial leaders from over 10 countries and regions.

On Wednesday afternoon, experts shared their insights on global monetary policy coordination, emphasizing the importance of international cooperation in maintaining financial stability while pursuing individual national policy goals.

Former Governor of the People's Bank of China Zhou Xiaochuan noted the increasing interconnectedness of global economies and the responsibility of major economies.

"With the advancement of globalization, there are more and more converging phenomena in the global economic cycle and macroeconomic conditions. Developing countries demand influential major countries and reserve currency issuing authorities to consider global impacts and coordinate to find solutions if a crisis occurs," Zhou said.

Christopher Hayward, chairman of the policy and resources committee of the City of London Corporation, called for policy transparency and information sharing to mitigate systemic risks.

"So the question of how to fulfill the conditions of these tests is of course more complex, but I'm convinced that a combination of greater policy transparency and information sharing can go along way through real time dialogue. Expectations are aligned and systemic risks are mitigated. We must all do more improved information sharing mechanisms and policy dialogue forums which encourage greater participation from emerging markets matched with open, transparent and accountable decision making processes," said Hayward.

Experts also called on countries to leverage existing international mechanisms to deepen monetary policy coordination, while incorporating emerging factors like climate change and technological innovation into policy frameworks to promote sustainable growth.

They also agreed that the strategic use of combined fiscal and monetary policies is important to mitigate the negative impacts of tariffs, urging for concerted efforts to maintain the stability of the multilateral trading system if there's further fragmentation in global trade.

Initiated in 2008, the Lujiazui Forum has become a platform for dialogue among policymakers, financial experts and business leaders from around the world. This year's forum, themed "Financial opening-up and cooperation for high-quality development in a changing global economy," runs from Wednesday to Thursday.

Greater coordination in global monetary policy stressed at Lujiazui Forum in Shanghai

Nicaragua's co-foreign minister Valdrack Jaentschke has warned that militarism must never be allowed to rise again, as Japan's recent moves to lift its arms export ban and revise the pacifist Constitution continue to draw international concern.

This year marks the 80th anniversary of the opening of the Tokyo Trials, where Japan's Class-A war criminals from World War II were brought to justice.

In an interview with China Global Television Network (CGTN), Valdrack Jaentschke voiced his concern that today's world order is being undermined by interventionism and other challenges.

"It is necessary for us to remember that after the end of World War II, countries worked hard to build a new international order based on international law. However, regrettably, more than 80 years later, we are seeing that this once explored and attempted order is being challenged by interventionism, a confrontational mindset, and tendencies like 'might makes right.' These are precisely the conditions that gave rise to fascism and militarism in the past, which ultimately led to the tragedy of World War II," he said.

He said the international community has a responsibility to pursue a new international order -- one fundamentally grounded in peace.

"Looking back at the history more than eight decades ago and comparing it with today's reality, it is our responsibility to recognize that the world should, and must, build a new international order that is more just, fairer, rooted in international law, based on a logic of mutual benefit and shared success, and fundamentally grounded in peace," said the minister.

"Today, as we revisit the Tokyo Trials, it is meant to remind the world that such a tragedy must never be repeated -- and that we must do everything in our power to prevent it from happening again. We must stop that dark world -- born from militarism, interventionism, and fascism -- from ever returning," he said.

Nicaraguan FM warns of militarism revival