On December 3, the second season of the "Great Nation, Economy" series event jointly created by Orient Securities and Sina Finance entered the School of Economics at Fudan University, discussing "China's Economy in a Global Perspective".
Zhang Jun, a first-level professor in the humanities at Fudan University, dean of the School of Economics, and director of the China Economic Research Center at Fudan University, mentioned, "In any industry, if the operation cannot continue, it usually enters bankruptcy proceedings, which is common in Western countries but unlikely to happen in China. The reason is that China often undergoes transformation - when things are no longer viable, they transition as a common way to respond to changes in the external environment."
Zhang Jun believes that the increasing uncertainty brought about by rapid economic transformation poses a huge challenge in absorbing the impacts of the transformation. "At this time, the government needs to provide more support to labor, families, and residents to deal with the effects of the transformation."
He suggests, "At this time, it is even more important to focus on social security, increase transfers to families, care for more low-income groups, pay attention to the elderly and children, and provide them with more economic support. This is what we should be doing now."
"I think for China, and for many countries, in the context of unprecedented changes, transformation may be the best choice. This is also the source of resilience in the Chinese system. However, due to the overly rapid and drastic transformation, and during the period of high growth in the past, we did not establish a well-functioning 'social security'. At this time, it should be given the highest priority, with more resources allocated to a family-centered security system." He concluded. (Yan Yan)
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