Economic conference shows free trade determination

Although 2023 is the first year fully free of COVID-19 prevention and control measures worldwide, global economic growth has not been as good as last year's. Worse, the growth rate is expected to further decline next year.

A round of strong monetary tightening by Western central banks led by the US Federal Reserve's interest rate hikes that started in March 2022, instead of "suppressing inflation", has not only caused consumer prices to rise and worsened people's living conditions in Western countries, but also further weakened the foundation of their manufacturing sectors, creating risks across the financial, real estate and debt markets.

In particular, the ballooning of the US government's deficit, and debt service and interest could endanger the foundation of the entire international financial system.