The 2024 Tsinghua PBC Chief Economist Forum was held in Beijing on September 28. Zhu Guangyao, former Vice Minister of Finance, attended and delivered a speech. Zhu Guangyao pointed out that attention should be paid to the development of artificial intelligence and the core infrastructure of the digital economy. For example, the networks required for the free flow of data, especially submarine optical cables, "because submarine optical cables across the ocean carry more than 99% of data flows", "we must be vigilant about these."
Zhu Guangyao introduced that the United States passed the Clean Network Plan in 2020, and one of the key areas is submarine optical cables. "Chinese companies have huge engineering and construction capabilities, but the United States is doing everything possible to force American companies not to cooperate with China and is doing everything possible to obstruct it."
"United Nations data shows that 49% of global data is now exchanged in the United States, 24% in Europe, and 22% in East Asia, of which 9% is in China." Zhu Guangyao said that if intercontinental network links are blocked, all parties will suffer huge losses.
Calling for attention to research on cryptocurrencies
Zhu Guangyao called for attention to be paid to studying the development of cryptocurrency. "It does have negative effects. We must fully realize its risks and harm to the capital market, but we must study the latest international changes and policy adjustments, because it is a crucial aspect to the development of the digital economy."
Zhu Guangyao reviewed the development of cryptocurrency. Over the past decade, the United States has believed that cryptocurrency has huge destructive power on international anti-money laundering and international counter-terrorism financing. In addition, the violent fluctuations in the value of cryptocurrency have had a huge impact on the international financial market.
But this year, U.S. policy has undergone significant evolution. Zhu Guangyao said that Trump’s campaign platform clearly included cryptocurrency. He also publicly stated, “We must embrace cryptocurrency, otherwise China will replace us.” The U.S. Securities and Exchange Commission has also approved the listing of 11 Bitcoin ETFs in the stock market and futures market.
Among the emerging market countries and BRICS countries, Russia, South Africa, Brazil, and India have also taken action.