TCSA Shares Macroeconomic Governance Insights at High-Level International Symposium

SHENZHEN, China, Feb. 9, 2021 /PRNewswire/ -- TCSA participated in the high-level International Symposium: The Post-Covid Era: Redefining and Redesigning the Global Economy Management, hosted by the Reinventing Bretton Woods Committee, St. Petersburg State University of Economics, Hamburg Institute of International Economics, and The Frenkel -Zuckerman Institute for Global Economics, February 9^th – 10^th, 2021. Marc Uzan, Executive Director of the Reinventing Bretton Woods Committee; Mr. Igor Maksimtsev, Rector of St. Petersburg State University of Economics (UNECON); Mr. Henning Voepel, Director of Hamburg Institute for International Economics (HWWI); Mr. Jihad Azour, Director Central Asia and Middle East Department, International Monetary Fund; and Mr. Kairat Kelimbetov, Governor of AIFC, attended the online conference. Constructive and critical questions were proposed during the meeting. Topics discussed included how the current pandemic has changed the world economy in multiple dimensions, prospects of BRICS countries, Eurasian economic integration, and the future of global finance and trade after Covid-19. Together with other economic and academic experts, TCSA shared its insights on Data-Empowered Macroeconomic Governance System, Precise Improvement of Governance Efficiency, etc.

The online conference was internationally recognized by global financial experts and well-known academic and governmental counterparts worldwide. During the webinar, Ms. Mengya Li, the Director of TCSA Global Affairs, explained the significant challenges in modern macroeconomic governance, including the obscurity of current economic policies worldwide and the lack of value anchor in existing monetary systems. Given the current circumstances, especially under the profound influence of the current Covid-19 pandemic, Ms. Li indicated that all countries' macroeconomic governing bodies ought to understand the value of a data-empowered governance system and the importance of a precise improvement of macroeconomic governance efficiency. To clarify the concepts and achieve future macroeconomic goals, a national data collection network consisting of algorithmic units with multidimensional algorithmic platforms and data transmission systems was introduced. After being filtered by such an algorithmic unit, heterogeneous data is automatically homogenized.

According to Ms. Li, the Infrastructural Algorithmic Platforms have helped local governments in China increased their fiscal revenue to more than 60 billion RMB through the application in actuarial calculation and allocation of financial resources of urban infrastructure. Meanwhile, the Infrastructural Algorithmic Platforms have also highlighted the necessity of accurate measurement of government expenditures and the precise benefits of public goods for citizens, thereby resolving cyclical fiscal risks and establishing a fiscal actuarial balance mechanism.

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