President Fan Gang Attends Boao Forum for Asia Annual Conference 2017

President Prof. Fan Gang spoke at two sessions of the Boao Forum for Asia Annual Conference 2017 on March 25th, namely Global Economy: Moving Beyond Sub-Health and Labor Market Reform: Though, but a Must-Do.

In the Session 24 Global Economy: Moving Beyond Sub-Health, Prof. Fan said when dealing with economic problems, the root cause of global economic sub-health should be taken into account. Besides, he also pointed out that economic growth might not be the symbol of healthy economy. For example, the RGDP in 2007 was 14% and after the financial crisis in 2008, RGDP rose to 12% due to the stimulus policies, which was overheated and unhealthy. In the other session 28 Labor Market Reform: Though, But a Must-Do, Prof. Fan indicated that short and long term problems coexisted in China labor market. The short term problem of China labor market was excess capacity, while the long term problems involved artificial intelligence, automation, etc. In the process of capacity optimizing, a part of workers might lose their jobs. In addition, Dr. Fan also said that China’s labor market was faced with multiple serious problems. For example, Labor Law was at the cutting-edge, but labor mobility reduced and increased labor costs.