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Fiscal Policy, Coronavirus

China remains 'hugely important' to the global economy, says Standard Life Aberdeen chairman

China remains 'hugely important' to the global economy, says Standard Life Aberdeen chairman

9/17/2020 6:28:00 AM

China remains 'hugely important' to the global economy, says Standard Life Aberdeen chairman

Geopolitical tensions between China and other countries can present new challenges for businesses, but the Asian giant's role in the world has not diminished, said Douglas Flint, chairman of Standard Life Aberdeen.

— beginning to expand their operations, even during this period in China," Flint said.That shows continued progress toward the integration of the Chinese economy into the global economy that both sides have aspired to, he said."But the political rhetoric is somewhat distant from what's happening on a commercial side. I think we need to try and bring the two back together and, as I said, I think that should be done through engagement."

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Weaning off fiscal supportFlint also pointed out that many economies have become dependent on government support as a result of thecoronavirus crisis, and it will be difficult to wean them off aid."That government support was timely," he said. "It was extremely heavy in terms of its impact, but it can't go on forever."

Countries rolled out generous fiscal packages to help businesses and individuals in the wake of the Covid-19 outbreak and subsequent lockdowns. However, concern has grown over what will happen when that support is withdrawn or runs out."I think the challenge for governments across the world is how to wean the economy off governmental support," he added.

How to get the economy functioning in an independent way again ... is going to be very important.Douglas Flintchairman of Standard Life AberdeenIt will be a "significant" challenge because confidence will fall as people start losing their jobs. "That then has sort of a multiplier effect on what happens, in terms of people's willingness to go out and spend, and do the things that would bring the economy back."

"How to get the economy functioning in an independent way again ... is going to be very important, and how to use the firepower that the central banks and governments may have left, to target that very specifically and efficiently to the sectors that need it," he said.

Flint added that the need to build resilience in various sectors is an important lesson from the coronavirus. He said the banking system was reinforced after the global financial crisis, and that helped it to withstand an "extraordinary stress test" this year.

"If the amount of money that had been spent strengthening the financial system had been spent on strengthening the health service and other parts of the economy that have been severely tested in the pandemic, we probably would have had a much lower cost to society," he said.

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Is he referring to Hong Kong. Sort of cryptic language. Maybe his company is over hedged. Has he counts his money from China 🇨🇳 ☠️ Stupid trump drives American economy to a deadend then he brags abt it. He's known for self-inflict of humiliation. His crooks and stupidity will be written down in the txtbook as the most lunatic human ever becomes the president of earth leading country in the new millennium.

Indonesia to beef-up patrols after China coastguard raises suspicionIndonesia will increase maritime security operations near some of its islands in the South China Sea after a Chinese coastguard vessel was spotted nearby, raising suspicions about its intentions, a senior security official said on Tuesday. La démocratie ne concerne pas seulement les droits de l’homme, la démocratie est au cœur de la construction de la société, de son intégrité. Nice photo/// Naughty boy XiJinping! You're not supposed to piss off other countries in your coming war with America 🤦 imagine if you make Indonesia your enemy 🙊 they can easily cut off your supply to oil from the Middle East...

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