It is important to distinguish which debt difficulties are caused by the pandemic. The real number of debt burdens increased due to the pandemic is not large, as many high-leverage and debt issues have already existed before. Attention should be paid to relevant moral hazards. As a result, it is difficult to find a uniform solution to debt burdens now; it is important to figure out corresponding solutions based on different debt situations of relevant countries. For the time being, some are keen on dealing with debt issues under a common framework, but I think such an approach will encounter many difficulties.

Refomr of the RMB exchange rate formation mechanism should aim to make the exchange rate more flexible, so that the exchange rate can better play its role as an "automatic stabilizer" in the macro economy and international balance of payments. The internationalization of RMB must stick to the principle of being market-oriented, and regulatory authorities need to reduce restrictions on the cross-border use of RMB.

The 21st century will be enormously affected by whether the United States and China can have a constructive relationship built around climate change, economic norms, dealing effectively with nuclear weaponry, and so much else which is in our mutual self-interest, or whether we have an adversarial relationship.

History has shown that a country’s reserve currency strength and its financial strengths lag its other strengths, and that it now appears that destiny is calling upon China to internationalize the RMB and develop financial centers. I believe that now is right time to do it, because I believe that as China opens its capital markets, it will find favorable capital flows because the fundamentals of investing in China are strong.