Igor Makarov Took Part in the Global Strategic Dialogue in Beijing

Igor Makarov, Head of the Laboratory for Climate Change Economics, spoke at the Global Strategic Dialogue organised by the Chinese Academy of Social Sciences in cooperation with China Daily. The discussion featured eight leading experts from around the world, including former UN Under-Secretary-General Erik Solheim, as well as prominent researchers from China and Western countries.

© China Daily

At the end of October, the Global Strategic Dialogue was held in Beijing, an international event dedicated to the prospects for reforming the global economic architecture and the role of developing countries in the transformation of the world economy. It was organised by the Chinese Academy of Social Sciences and the newspaper China Daily.

One of the key speakers was Igor Makarov, Head of the Laboratory for Climate Change Economics. In his address, he drew attention to the need to adapt the existing system of international economic institutions to shifting global realities. "The fundamental problem with international economic institutions, including the World Trade Organization, the International Monetary Fund and the World Bank, is that they do not correspond to the realities of the contemporary world," Igor Makarov noted.

According to him, alongside traditional structures, new mechanisms are gradually emerging that better reflect the interests of developing economies and respond more flexibly to modern challenges. He paid particular attention to the role of the BRICS countries in shaping alternative financial instruments for sustainable development. New institutions, he stressed, should not be perceived as a replacement for organisations such as the World Bank, but can complement them and serve as a source of innovation in development finance.