The global financial crisis is by no means over, and the risk of a double-dip recession seems increase by the day. With the foundations of real growth so severely shaken, the future of the world’s economic and financial system has become incredibly hard to predict. Years of excessive currency issuing and fiscal deficits led to an intractable situation that could not have continued.

There is no way to rebuild without first laying a solid foundation. Confronted with such a tumultuous global economy, can traditional government relief measures still achieve their goals? Can countries around the world reform global governance and reorient monetary and fiscal practices to avoid falling into the same traps again?

In the seemingly resilient Chinese economy, what kinds of risks must be considered or ruled out? Should China continue to linger under the shadow of being “the world’s factory”? Or should it undertake deeper political and economic reforms, become more open to the public and strengthen property rights protections? Does China need to develop its mechanisms for innovation in order to find new growth drivers, thus avoiding the “middle income trap”?