Zhu Hexin: Global capital flows present new features of "volatility, differentiation, and resilience"

At the Lujiazui Forum in 2026, Zhu Hexin, Director of the State Administration of Foreign Exchange, stated that since 2020, the world has been undergoing turbulent changes, with an increasing number of unstable and uncertain factors, and global capital flows showing a new feature of "volatility, differentiation, and resilience." Firstly, global financial conditions are rapidly changing, with increased volatility in international financial markets and the impact of changes in financial structures leading to increased fluctuations in capital flows. Secondly, global funds are further converging towards future industries such as artificial intelligence, semiconductors, bio-manufacturing, and energy transformation, leading to increased differentiation among different countries, industries, and assets. Thirdly, the foundation of global open cooperation remains solid, with strong intrinsic motivation for various entities to allocate resources across borders. The resilience of the global financial system continues to improve, with many emerging economies, including China, having richer experiences in macroeconomic regulation and macro-prudential management, thereby enhancing their ability to withstand external shocks.