Zhou Xiaochuan: We need to be vigilant about the impact of digital encrypted assets on global financial stability and financial security

At the "Boao Forum for Asia New Year Outlook 2025" event, Zhou Xiaochuan, former governor of the People's Bank of China, said that the world will face profound changes and challenges in 2025: the international environment continues to be full of uncertainty, competition among major powers intensifies, and economic globalization is frustrated; the recovery of the world economy is unpredictable, and the industrial chain is forced to reshape due to the "decoupling and disconnection" of trade and technology; the rapid development of general artificial intelligence brings opportunities and risks; the climate change crisis intensifies, and sustainable development faces a huge test. At the same time, he emphasized that there are several major changes in 2025: the trend of accelerated growth of the global South countries will not change, the direction of Asian countries to promote inclusive economic globalization will not change, and China's determination to reform and open up will not change. In his speech, Zhou Xiaochuan pointed out that global public debt is about to exceed 100 trillion US dollars, which will increase the external financing costs and exchange rate depreciation pressure of emerging markets and developing countries, and debt will bring challenges to the fiscal sustainability of developed countries. The impact of digital encrypted assets on global financial stability and financial security needs to be vigilant.