Comments of Yaroslav Lissovolik about China’s Economy, he is ahead of investment research at Sberbank of Russia.

China’s economic recovery from the COVID-19 outbreak has achieved remarkable results and become an important driver of the global economic growth, a Russian economist said Friday.

At the annual Jackson Hole research conference that opened Thursday, U.S. Federal Reserve Chairman Jerome Powell announced that the central bank will seek to achieve inflation that averages two percent over time, a new strategy for carrying out a monetary policy to help fight the COVID-19 pandemic and boost economic recovery.

The Fed cut interest rates to near-zero at two unscheduled meetings in March and began purchasing massive quantities of U.S. treasuries and agency mortgage-backed securities to repair financial markets. It also unveiled new lending programs to provide up to 2.3 trillion U.S. dollars to support the economy in response to the coronavirus outbreak.

Yaroslav Lissovolik, head of investment research at Sberbank of Russia and also program director of Valdai Discussion Club said that for the global economy, an open market is conducive to implementing the monetary policy. He noted the United States should abandon trade protectionism and be open-minded to handle global challenges if it expects for positive results from the monetary policy.

“If the United States wants to see its monetary policy achieve active results on the world economy at a deeper level, it has to be open-minded in the global trade and downplay trade frictions that we see today,” he said.

Lissovolik pointed out national egoism and trade protectionism have been obstacles to the global economy.

Therefore, to seek new solutions, restructure the world economy and develop multilateral trade could be a good way out and China has done well in this regard

“In this regard, I see China has made some proposals on the restructuring of the world economy, such as the Belt & Road Initiative. In addition, China also made another very important proposal on the BRICS plus. It is also a very promising mode based on not only corporation among some countries but also regional collaboration,” he said.

Lissovolik said China has made great contributions to the global economic recovery and its development concept will inject more powerful impetus to the world economy.

“Obviously, China has become an important power to drive world economic recovery. In terms of boosting economic recovery, China has done better than many other regions in the world. Thanks to China’s positive development momentum, other countries (in East Asia) have turned better. Meanwhile, China will bring more active effects to the global economic recovery,” he said.