(Yicai) May 27 -- A new Bretton Woods system is necessary to support economic growth and provide financial stability, a former deputy governor of the People’s Bank of China said at a forum celebrating the 80th anniversary of the Bretton Woods Agreement.

A new Bretton Woods is necessary to benefit all countries and provide all people with financial stability while supporting economic growth, Zhu Min, who is also a founder of the Global Economic Governance 50 Forum and former deputy managing director of the International Monetary Fund, said today at the opening ceremony of the ‘80 Years After Bretton Woods: Building an International Monetary and Financial System for All & 2024 Tsinghua PBC School of Finance Global Finance Forum.’

Impacted by income gaps and geopolitical instability and frictions, globalization is gradually fragmentating, so it is necessary to recombine the global economy to make the future more equal, inclusive, and fair, Marc Uzan, executive director of the Reinventing Bretton Woods Committee, said at the opening ceremony.

Initiated by China’s Tsinghua University in 2014, the Tsinghua PBCSF Global Finance Forum pays attention to the development of new ideas, trends, practices, and momentum in global finance. Experts also use it to make suggestions to help China become a financial powerhouse.

More than 70 senior political and economic leaders, academicians, and experts will attend the two-day forum, which comprises eight themed conferences and four sub-forums on 12 themes, including global macroeconomic changes, emerging market recoveries, future directions of climate financing, and finance-empowered scientific and technological innovations.

Editor: Futura Costaglione