Washington's abuse of monetary and fiscal policies in spotlight

The US Federal Reserve released minutes of its December monetary policy meeting, in which Fed officials reiterated their determination to curb inflation. The Fed was even willing to risk rising unemployment and slowing economic growth to bring inflation back to its long-run target of 2 percent, casting a shadow on the outlook for the world economy.

Although the Fed has adopted a hawkish stance, according to analyses, it just wants to be "politically correct" while being unconcerned about the obvious risk of recession.

That means the Fed will remain tough until inflation slows down substantially, and shift its stance in the event of a crisis to act as a market "savior". In this way, the Fed is attempting to put itself in an "invincible" position while turning a blind eye to the impact on the United States and world economy.

The moves provide an insight into the abuse of the US' monetary and fiscal policies. The measures have also caused problems for the global economy.

At a recent Consumer Electronics Show in Las Vegas, more than 3,700 companies from more than 170 countries and regions displayed innovative technologies and products, including electric vehicles, digital healthcare, artificial intelligence, robotics, food technology, and smart homes. Digital technologies such as big data, cloud computing and artificial intelligence have accelerated deep integration with the real economy, promoting industrial reform and the rapid development of digital products consumption, e-commerce, remote work mode and digital platform construction. This has substantially adjusted traditional manufacturing and service industries and will inject new impetus into world economic growth.

The pandemic has accelerated digital transformation, demonstrating the digital economy's development potential and resilience against headwinds. No wonder many countries are formulating strategies for its development. However, it should be noted that some countries represented by the US are obsessed with the establishment of a scientific and technological "high wall" and the implementation of a technological blockade, blocking the normal development of the digital economy.

Such short-sighted behavior is bound to have a negative impact on global innovation cooperation, scientific and technological exchanges, and industry and supply chains.

As the growth momentum of developed economies such as the US and Europe continues to weaken, all parties should focus on technological innovation and cooperation.