The 2024 Tsinghua PBC Chief Economist Forum was held in Beijing on September 28. Zhu Guangyao, former vice minister of the Ministry of Finance, attended and delivered a speech. Zhu Guangyao called for attention to the study of the development of cryptocurrency, "It does have a negative impact, and we must fully recognize its risks and harm to the capital market, but we must study the latest changes and policy adjustments in the world, because it is a crucial aspect for the development of the digital economy."
Zhu Guangyao reviewed the development of cryptocurrency. Over the past decade, the United States has always believed that cryptocurrency has great destructive power on international anti-money laundering and international anti-terrorist financing. In addition, the sharp fluctuations in the value of cryptocurrency have a huge impact on the international financial market. However, this year, the US policy has undergone a major evolution. Zhu Guangyao introduced that Trump's campaign platform clearly included cryptocurrency, and he also publicly stated, "We must embrace cryptocurrency, otherwise China will replace us." The US Securities and Exchange Commission has also approved the listing of 11 Bitcoin ETFs in the stock market and futures market. Among emerging market countries and BRICS countries, Russia, South Africa, Brazil, and India have also taken action.
This is a relatively positive voice coming out of the mainland recently.
Mr. Zhu Guangyao's point of view is very pertinent. A market has both negative and positive effects, and we cannot treat it in a one-size-fits-all manner.
Looking back at the time, when China was still in the process of building socialism, General Secretary Deng, the great architect of reform and opening up, proposed socialism with Chinese characteristics. Facing the stock market that was already popular in the West, General Secretary Deng said: Let’s try it out first, and if it doesn’t work, we’ll just shut it down. As a result, the stock market started in 1990.
If it weren't for Mr. Deng's enlightenment back then, there would be no stock market as a way to stimulate the economy in today's recession.
Although capitalism has created many tools to facilitate the circulation of capital.
The flow of money can create bubbles, but it can also promote economic activities.
Bubbles are dangerous in themselves, but they are also a catalyst for prosperity.
When facing a thing, it is itself a tool. The tool itself is not entirely bad. It depends on the person who uses it.
Policies are used for supervision. Reasonable policies can bring out the effective side of the tool and restrain its negative side.
We cannot close our doors to the outside world and bury our heads like an ostrich.
Times are moving forward, what is meant to come will eventually come!
