#Zhou Xiaochuan Discusses Global Debt Risks#

Zhou Xiaochuan, at the "Boao Forum for Asia Annual Conference 2025," pointed out that global public debt is about to exceed $100 trillion, which will exacerbate external financing costs and currency depreciation pressure for emerging markets and developing countries, and pose challenges to the fiscal sustainability of developed countries. He also stressed that the impact of digital encrypted assets on global financial stability and security needs to be guarded against, especially in the absence of effective regulation, which could exacerbate systemic financial risks. Zhou Xiaochuan believes that countries need to strengthen cooperation on the regulation of encrypted assets and improve the rules governing digital currency transactions. The International Monetary Fund's (IMF) Fiscal Monitor also points out that global public debt is already at a high level, and is expected to exceed $100 trillion by the end of 2024 and reach nearly 100% of global GDP by 2030, 10 percentage points higher than before the COVID-19 pandemic. Zhou Xiaochuan believes that the world will face profound changes and challenges in 2025, including continued uncertainty in the international environment, intensified competition among major powers, setbacks in economic globalization, uncertain global economic recovery, industrial chain reshaping, opportunities and risks brought by the rapid development of general artificial intelligence, and the intensifying climate change crisis. He also stressed that the trend of accelerating growth in the Global South will not change, the direction of Asian countries promoting inclusive and equitable economic globalization will not change, and China's determination to reform and open up will not change.