"Global liquidity has exceeded pre-crisis levels, downside risks facing the global economy remains grim." Yesterday at the "2010 Annual Zhongguancun Forum" on the run after the world economic situation in the crisis, the International Monetary Fund Special Advisor Zhu said so. In his view, to save the global economy, "medicine" is the strategic development of emerging industries, but this road is also not smooth."The global economy is facing great difficulties"Europe, America and Japan and other developed economies once again thrown a loose monetary policy statement, no doubt indicates that downside risks have become more severe. In yesterday's keynote speech on the first throw Zhu such a phenomenon, "the current level of global economic growth with a peak before the crisis, there is still a gap.

 More importantly, global economic growth has begun to put slow. "The growth in global industrial production fell sharply in late 2008, rebounded sharply beginning in 2009. But this year in August, the global industrial growth slowed down, and this slowing trend is obvious.International Monetary Fund had also warned that global economic recovery during the first half of this year better than expected, but the recovery in the first half of this year and next year is expected to temporarily slow down. As the continuing effects of sovereign debt problems and financial markets remain weak, the global economic recovery is increasing the downside risks facing.This makes the current global economy is a major difficulty. 

Weak economic growth, and growth in the fall, and the overall low level of government policy instruments at a low level is not before us. This gives the whole a great deal of global economic and financial uncertainty, which is one of the biggest risks facing."Liquidity has exceeded pre-crisis level"Collective higher international commodity, gold has repeatedly refresh the record high prices, the domestic stock market turnover hit, there are indications that excess global liquidity is increasing.Developed countries around the world with the M2 measure of base money in 2000 when the developed countries, M2 is 4.5 trillion dollars, in 2008 rose to $ 9,000,000,000,000.

 "Financial crisis has resulted in decrease in the number M2, but with the implementation of monetary policy around the developed countries has risen to 10 trillion M2. In other words, in today's case, the global liquidity crisis, even more than before level.If from the central bank's point of view, the recent launch of base money does indicate the current market liquidity is more abundant, and Around the world, the Western economies, the higher the uncertainty, the U.S. monetary easing and low interest rates to put more capital began to seek high-yield investment markets, and East Asia with high expected growth in the future to attract more foreign capital in the eye, inevitably there have been "hot money" disappeared.

High level of interest rates in emerging economies, high growth, the environment, so a large scale to global capital in emerging economies, this will lead to appreciation of exchange rates in emerging economies, increased foreign exchange reserves, inflation and asset bubbles. This is a major challenge facing the emerging economies.World Economics and Politics, Chinese Academy of Social Sciences researcher, said Sun Jie, because China's economy has maintained rapid growth for many years, and has a rate advantage and appreciation pressures, therefore, China has also become an international "hot money" an important China  Outdoor Pillar Factory destination. 

Data show that 4-June, was out of state cross-border capital, and 7-9 months to turn into the situation, inflow rate also accelerated, that "hot money" inflows accelerated to further increase the risk."Low growth in progress under the structural adjustment"Post-crisis era, around the world economy is facing a major test for structural adjustment. The starting point of the financial crisis is the excessive financial expansion volume of the polar global economic stimulus policy, but the slow pace of restructuring the global economy is necessary.The current global economy is in a recovery phase, but the speed is very slow, if not adjust the industrial structure of economies inherent pattern, is likely to cycle into the economic downside risks.

If a country from the low-to middle-income countries, labor market, wage demands increase, the labor market in low-income countries will be more dominant, while the technical level but also not as high-income countries, middle-income countries into the "bottleneck "so that economic growth is slowing, structural adjustment needs; and high-income countries also face the risk of technological stagnation, need to innovate, it faces the global economic restructuring.Meanwhile, Zhu stressed that the world is entering a low growth under the structural adjustment, but this is a medium-term or even a long-term process of deleveraging is a long process. Since the financial crisis, "deleveraging" became synonymous with the times. In short, the "deleveraging" is a company or individual the process of reducing the use of financial leverage, that is the original variety of ways to "borrow" the money back out to the trend. In this process, turn domestic demand, external demand, and strategic development of emerging industries to become critical.