Senior political and economic figures have warned banks that they risk falling behind to digital finance networks and providers – and suggested it may be unsafe to overuse the “magic money tree” that has helped central banks around the world navigate their way through the coronavirus pandemic and its economic fallout.
Today, the speakers were attending an online session at the World Economic Forum, entitled Strengthening the Financial and Monetary System.
Mohammed Al-Jadaan, the Saudi Arabian Minister of Finance and the Acting Minister of Economy and Planning, stated,
“The banking sector, past-2008, is liquid, regulated […] and part of the solution, not the problem.”
During the same session, Yi Gang, the governor of the central People’s Bank of China (PBoC), stated that China was on track to make a strong recovery from the crisis.
He claimed that the pandemic would not detail the PBoC’s plans to help guide the country away from an export-based model to a consumption-powered version. He claimed that the transition would be “smooth” and stated that savings were down in China, a sign that consumers were already spending more in the domestic economy.
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