Former IMF vice president: The world can’t bear having two tech systems
Updated 20:57, 30-Jan-2019
World Insight with Tian Wei
01:00

The first big international gathering of the year was last week's World Economic Forum in the Swiss ski resort of Davos.

This year, concerns of a global recession dominated the summit. The relationship between economic policy and governor style has always been discussed, and now it is becoming ever more relevant.

About that, senior CGTN correspondent Tian Wei spoke with Zhu Min, chairman of the National Institute of Financial Research with Tsinghua University (NIFR), who also served earlier as Deputy Managing Director of the International Monetary Fund (IMF).

Zhu worries about challenges to the global governance system. "Clearly today the governance structure is broken because America takes America first. When you leave the table with the system created in 1945, it is extremely difficult for everyone to think about how to move on," said Zhu.

The last day of the 2019 Davos world economy BBS themed at "Globalization 4.0", January 25, 2019. /VCG Photo

The last day of the 2019 Davos world economy BBS themed at "Globalization 4.0", January 25, 2019. /VCG Photo

According to Zhu, the global governance issue is difficult, but this forum still brings people, particularly the business community, together to share ideas then come to concrete ways to deal with the situation.

He also argues that the governors really need to catch up with technology and the ways people search for a better life.

"The real difficulty and risk I can see are not on the trade issue, is one the technology issue. Because technology is such an international product, you need everybody works together. But now because of a trade war, the political forces really get involved in the technical development. The whole world will develop into two tech systems."

"It is really hard for me to think about the world have two tech system(s). If that is the case, how can we work together? How can we maintain the globalization? I think that is the real risk we are facing today now, the global leaders included political leaders, business leaders, and communities all should work together to stop that thing."

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