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

Chinese Vice Premier Ding Xuexiang called for enhanced bilateral cooperation and friendship with Singapore when he met with Singaporean Deputy Prime Minister Gan Kim Yong in southwest China's Chongqing Municipality on Monday.

Ding, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said that the long-term and stable development of China-Singapore relations has benefited from the strategic guidance of the leaders of both countries, who have upheld the correct political direction.

The two sides should continue to enhance mutual trust, respect each other's core interests, and ensure the steady and sustained progress of their friendly relations and mutually beneficial cooperation, he said.

Gan said that Singapore highly values its relations with China, firmly upholds the one-China principle, opposes the secessionist forces in Taiwan, and is willing to maintain close exchanges with China at all levels to promote greater development of bilateral relations.

Ding and Gan co-chaired four China-Singapore mechanism meetings on bilateral cooperation, namely, the 21st meeting of the China-Singapore Joint Council for Bilateral Cooperation, the 26th meeting of the China-Singapore Suzhou Industrial Park Joint Steering Council, the 17th meeting of the China-Singapore Tianjin Eco-City Joint Steering Council, and the ninth meeting of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Joint Steering Council.

They comprehensively reviewed and summarized the progress of practical cooperation between the two countries, clarifying the direction and priorities for cooperation in the next stage.

Both sides agreed to deepen the alignment of development plans, promote the upgrading of major projects, cultivate and strengthen new quality productive forces, jointly safeguard the multilateral trading system, and better promote the development of both countries and the prosperity and stability of the region.

Following the meetings, Ding and Gan witnessed together the exhibition of achievements in China-Singapore cooperation, and attended the launching ceremony of two freight trains under the China-Singapore Multi-modal Demonstration Project. They also visited the comprehensive exhibition hall of China-Singapore interconnectivity projects and Chongqing digital city operation and governance center.

At the invitation of Ding, Gan is on a visit to China from December 15 to 16.

Chinese vice premier calls for enhanced cooperation with Singapore