In a recent interview with Xinhua, Stephen Roach , a senior fellow at Yale University's Jackson Institute of Global Affairs, said he expects the qualitative -- rather than quantitative -- aspects of economic development to gain more discussion at the ongoing"two sessions" in China, namely, the third session of the 13th National Committee of the Chinese People's Political Consultative Conference and the third session of the 13th National People's Congress.
Roach's suggestion is for China to continue pushing ahead with developing domestic consumption, transforming to a more service-based economy, and making progress on indigenous innovation -- all of which are key components of the reform endeavors that Beijing has engaged in during the past decade. Roach said the coronavirus pandemic has raised concerns over supply chain stability and"the lack of security that a nation has in being dependent on someone else."
Supply chains are"sticky" and take a long time to build, said Roach, adding that it is the existence of this"real stickiness" that has made it impossible to alter supply chains arbitrarily or quickly. The International Monetary Fund 's latest forecast is for global GDP to shrink by 3 percent in 2020, with only China and India still predicted to gain positive growth.
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