the same document, the imf also warned that risks to the global outlook remained „ tilted to the downside [UNK] and related to „ ongoing adjustments in the global economy [UNK]. fears of disorderly adjustment were indeed numerous, including in the us1 – the major country which had recovered relatively fast from the global financial crisis even though it had been at its epicentre. indeed, because the imbalances created by the global crisis had healed earlier than in other jurisdictions, the us was also the first advanced economy to raise its interest rates from the zero - lower bound. this process was initially very gradual. however, the us federal reserve system ( fed ) then signalled a likely acceleration in the pace of interest - rate increases ( and and that it would embark on the process of reducing in its balance sheet ) as it had become increasingly confident of meeting its mediumterm growth and inflation goals. in light of the earlier key influence that low us interest rates had exerted on boosting risk appetite and compressing term premiums in global financial markets, investors became concerned about a reversal of these earlier favourable market developments. united states page 2 of 12 the election of a new us administration in november 2016, which pledged largescale tax cuts and an „ america first [UNK] approach to external trade, compounded market fears of a disruptive rise in us interest rates and an appreciation of the dollar. in fact, many observers viewed the 2016 presidential election result in the us as one of many examples – albeit a key one – depicting a general shift of voters in advanced economies towards populist politics and policies, including a rejection of several key tenets of the wave of globalisation over the past few decades. the growing hostility towards these tenets – including free trade, free capital flows, and easier crossborder movement of labour – was seen at its strongest in continental europe. with key elections scheduled throughout 2017, not least in france and germany, observers feared a move towards populism that had the potential to torpedo the already delayed eurozone economic recovery. at the same time, at the other end of the eurasian continent, economic observers noted some stabilization in the chinese economy and capital markets, yet doubted whether this pattern would be durable in light of the continued growth in imbalances that it seemed to involve, not least of which was the ongoing build - up of corporate debt, especially in state - owned enterprises. in turn, investors feared that china would continue to suffer capital outflows, which might

. first, we will introduce new institutional investors, by approving the establishment of more wealth management subsidiaries of banks and insurance asset management companies and allowing foreign specialized institutions to establish foreigncontrolled wealth management companies. second, we will step up the issuance of equity asset management products by supporting wealth management subsidiaries to increase the proportion 2 / 5 bis central bankers'speeches of equity products, trust companies to issue securities investment trust products and insurers to issue portfolio products. third, we will promote in - depth cooperation between banks and fund companies as well as between banks and insurers. banks and their wealth management subsidiaries will be encouraged to enlist more eligible managers of public funds as partners. research will be conducted on introducing policies concerning insurers ’ investment in privately offered wealth management products and private equity funds. fourth, we will guide commercial banks to advance the orderly disposal of non - standard non - performing assets, and encourage newly - established wealth management subsidiaries to increase securities investment. fifth, we will support insurers to ramp up investment in the capital market through direct investment, entrusted investment, public funds and other channels, particularly the equity investment in listed quality enterprises. sixth, we will practice differentiated and proportion - based regulation on insurers ’ allocations of equity assets and guide insurers to allocate more funds to equity assets. fifth, diversified financial instruments will be employed to smooth and restore the global supply chain. efforts should be made to increase financing support for enterprises in the international industrial chain, so as to help them expand domestic and overseas markets and raise the proportion of domestic sale of export products. export enterprises should be bolstered to resume business and trade exchanges with foreign partners at an early date, to stabilize export orders through funding measures such as buyer ’ s credit financing, and to leverage export credit insurance share risk losses. significant steps should be taken to vigorously advance the supply chain finance, to give priority to the financial needs of leading enterprises and key links, and to smooth and stabilize the upstream and downstream supply chains. the covid - 19 pandemic has not only seriously impacted china, but also taken a great toll on most other countries across the world. according to the forecasts of some international organizations, the developed economies will plunge into the worst recession since world war ii and the emerging markets will contract for the first time in nearly 60 years. in the face of such a calamity, all countries in the world should shelve differences for close cooperation.