李月芬：我曾告诫一些非洲国家，大量借款时要小心(14)

I see room for improvement, for transparency, but I also see that the current discussion has been tinted by the current geopolitical debate in the world. Objectivity is extremely important for economic studies and also for media coverage when it comes to issues like debt. I"ve just been to the World Bank Spring Meeting, and I still see that this objectivity is not being fully reflected and the discussions have sometimes been distracted by geopolitical concerns. And as a result, the most important issues, for instance, the reform of the international architecture on debt has been omitted or not given enough attention.
Guancha: In order to combat inflation and stop the formation of financial bubbles, many developed countries, namely the US, have rapidly hiked their Central Bank interest rates. How has this affected developing countries? What can developing countries do to mitigate any adverse effects?
Li Yuefen: I think this is a terribly important issue for developing countries. First of all, I must say that monetary normalization is necessary. However, with regards to the rapid interest hikes we’ve been facing recently, I think that requires more coordination among the major systemically important countries and also communication with the developing countries. The spillover effects of these rapid hikes of interest rates are enormous on the developing countries. We"ve seen that inflation has hit many developing countries. In some countries, it’s triple digits, surpasses 100%, 200% and double digits inflation in many developing countries.