Global risk "backlash" cannot stop the tide of cooperation; how can financial systems become more resilient?

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Securities Times Reporter Qin Yanling and He Jueyuan

During the 2026 Annual Conference of the China Development Forum, broad attention was given to the international monetary order. As the existing single-center dominance shifts toward a more balanced multi-center structure, how to ensure financial security and strengthen economic resilience has become a key focus for attendees.

“In the current international monetary system, the US dollar’s dominant position remains very stable,” said Zhu Min, former Deputy Managing Director of the International Monetary Fund, in an interview. However, over a longer time horizon, the US share of the global economy has decreased from about 40% to around 23-24%, and its share of global trade has fallen from approximately 28% to 14-15%.

Zhu Min believes the real issue now is whether the US economy can support its maintenance of the dollar-led international monetary system. He also discussed the reasons for the dollar’s decoupling from gold in the 1970s—“At that time, Japan and Germany’s economic growth was too strong, and the US’s share of the global economy was shrinking.”

Zhu Min thinks that fundamentally, the world needs a more balanced monetary structure, which would help stabilize the global financial system and improve global financial governance.

Despite the current uncertainties in the international financial environment, the wave of recovery in the real economy continues. “Uncertainty does not eliminate opportunities; it only shifts where they are,” said Antony Jenkins, CEO of HSBC Group. “The global economic landscape is undergoing reshaping, with companies strengthening supply chains, countries investing in new drivers of growth, and businesses rethinking their competitive advantages.” He noted that the domestic markets of Asian countries are expanding, innovative technologies are rapidly spreading, and entire industrial systems are being reshaped—these are new engines of global growth, with China remaining the core force in the next phase.

To unlock these growth potentials, capital remains a key element. “The world has re-priced risks, and in this context, the real economy needs more capital,” said Jim Zelt, President of Apollo Global Management. Whether it’s energy transition, electricity, utilities, or digital infrastructure, the global industrial revival is accelerating. Especially in Asia-Pacific and other regions, enormous capital demands urgently require flexible, long-term financing from financial markets.

The prerequisite for capital supporting the real economy is a resilient financial system capable of withstanding shocks.

“Enhancing the resilience of capital markets and consolidating financial security are necessary,” said Chen Liang, Chairman of China International Capital Corporation. In the short term, support systems can be built, including strengthening the resilience of banks and other financial institutions, providing targeted financial support to enterprises, and developing diversified reserve structures, developing domestic payment and settlement systems, and establishing closer monetary cooperation mechanisms with neighboring countries.

Long-term, multi-layered capital markets are crucial for preventing financial sanctions risks. Chen Liang suggests cultivating patient capital and promoting long-term funds entering the market, improving the capital market ecosystem, and enhancing capital allocation efficiency—fundamentally strengthening the resilience of the financial system to better support the real economy in facing various shocks.

Maintaining market confidence is vital in advancing capital market development. “Erosion of long-term confidence is one of the most underestimated risks today,” warned J. Michael Evans, CEO of UBS Group. “Once confidence is lost, it takes years to rebuild.” Therefore, continuous investment during volatile periods, resisting short-termism, and advocating openness are essential.

Liu Jun, President of Industrial and Commercial Bank of China, also believes that in the face of rapidly evolving risks, a trustworthy international cooperation system needs to be reshaped.

“We call this ‘Globalization 2.0,’ which involves joint efforts to address global issues like climate change and AI governance, injecting certainty into a changing world, reducing risk premiums, and achieving win-win outcomes,” Liu Jun said. He noted that traditional, passive financial services can no longer fully meet the new demands brought by global restructuring and rising economic uncertainties. Therefore, financial institutions need to deeply integrate full lifecycle support and entire industry chain services to build a systematic financial service framework for the real economy. This transformation will turn financial institutions into comprehensive service providers of capital, information, and efficiency, buffering and resolving risks at individual nodes within a multi-dimensional network.