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infrastructure* ? New ways of green investments *David Dollar, Sustaining growth: China’s need for a new growth model, November 19, 2022 25 Looking to global opportunities ? Opportunity of fiscal stimulus to improve investments ? Target high growth areas ? Improve efficiency and raise productivity ? Promote green investments ? Opportunity of political support during crisis to reform the domestic economy ? Financial and regulatory reform ? Address long term macro imbalances ? Maintain open trade policies ? Deepen social safety and inclusive growth ? Breakthrough in the environment and climate change ? Opportunity for global actions ? International regulatory framework for trade, investment and finance ? Global action on climate, environment and biodiversity ? The role of G20, international architecture and Bretton Wood II 26 謝謝 ! Thank you! Improving Development Results Through Excellence in Evaluation 。 private sector。 India’s 1991 reforms。 Indonesia, Korea, Russia, Thailand, and Brazil (19971998)。Worldwide Lessons from Financial Crises 金融危機的國 際經(jīng)驗 及 現(xiàn)實 思考 Vinod Thomas, DirectorGeneral amp。 Senior Vice President Independent Evaluation Group, World Bank China Center for Economic Research Peking University February 19, 2022 2 Table of Contents I. The Crisis II. Policy Responses III. Outlook 3 I. The Crisis ?The subprime mortgage bubble in the US was the detonator of the current crisis ?The extensive use of derivatives made the exposure to the mortgage crisis explosive ?The chain reaction was globalized because of: ? The links among the financial sectors in OECD and emerging countries ? The high dependence of international trade on US demand 4 The extent of damage so far ? Deepening recession since mid2022 with multiple downwards revisions of growth ? Contagion from the developed to emerging and less developed economies ? Downward cycle through ? Trade and weakening demand ? Capital flow ? Remittance ? Commodity price ? Reinforcing expectation for global depression and deflation 5 The sharpest global decline since 1970 GDP Growth 42024681019701973197619791982198519881991199419972000200