The RMB is now officially part of the SDR basket. Until couple of years ago, many people in China, including finance experts, had never heard of SDR. The big question is now, “What is the direction of causality between RMB Internationalisation and importance of SDR”. In other words, will the accession to SDR push for more reforms so that RMB internationalization may progress faster? Or, could it be that, since even the RMB is in the basket, the importance of the SDR will be declining, from already pretty much insignificant levels? Geraci was guest on CCTV Dialogue to discuss with issues, together with Xiang Songzuo.
Michele Geraci was invited to participate in China Global Enterprises Forum, which was hosted mainly by Ningbo Government and Center for China and Globalization (CCG). He discussed the role of finance in contributing to China’s sustainable growth. He said: “Finance is like a tiger: once it is out of the cage, it cannot be tamed again. For China: Reforms should slow down. China is good at manufactory and that why I am shoot about made in china 2025.”
There has been an increase fee in the “free ride” after Didi purchased Uber this Augest. Ministry of Commerce talked to Didi after one month of the M&A, suggesting the monopoly in Taxi APP. After the increase in price, customers claim that taking a ride is almost as expensive as taking a taxi.
Geraci was a guest for Al Jazeera TV to discuss Mao’s legacy in today’s China. He thinks today’s China is totally different from China in 1950. China is today 70% capitalist and 30% socialist. He divides Chinese people into two groups. The older people and the younger people. The people who are older have benefits from the last thirty year’s economic reform. They do have memory, but they don’t think much about Mao. The people who are younger have never suffered as they parents and grandparents did, so they are also not very interested in knowing what happing in the past. He divides Chinese people into two groups. The older people and the younger people. The people who are older have benefits from the last thirty year’s economic reform. They do have memory, but they don’t think much about Mao. The people who are younger have never suffered as they parents and grandparents did, so they are also not very interested in knowing what happing in the past.
It is China’s another attempt to enhance its soft power, to be perceived as a responsible player in the international community and to take centre stage when it comes to the global economy. Indeed, China’s goals for the G20 are a greater international focus on sustainable and inclusive development for all sections of the world’s population.
Geraci was interviewed by Agi China 24 Radio. He said the city of Hangzhou was undergoing a major infrastructure work during the G20. It has penalized the citizens in the short terms with many factories and retail shops being closed, sometimes with very little compensation for the owners. This is the negative impact in the short term. But in the long term, the infrastructure of the city has been improved. The citizens could start to enjoy better connectivity and better underground lines. The area around the west lake also has been further embellished. So overall, the G20 brought the city of Hangzhou short term pains but long term gains. Click to listen the full Radio (Italian).