08:17 GMT13 July 2020
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    China and the United States must improve their coordination of mutual macroeconomic policies in light of falling global forecasts, Chinese Vice Finance Minister Zhu Guangyao said Friday.

    BEIJING, June 19 (Sputnik) – The World Bank Group issued its 2015 Global Economic Prospects report last week, projecting a 2.8 percent, less than expected, growth in gross domestic product.

    "Much uncertainty reigns in the world economy. It is important in these circumstances that China and the US strengthen coordination of economic policy," Zhu said at the Lanting Forum, organized by the Ministry of Foreign Affairs of China.

    The politician asserted that the World Bank's second growth prospects revision in 2015, as well as the International Monetary Fund’s bleak assessments, illuminates the necessity of boosting US-Chinese cooperation.

    "The main problem is falling growth rates of investment and multifactor productivity. In this situation, the economic development of China and the US has a profound impact on the global economy."

    The World Bank’s latest report highlighted a continued economic slowdown in China, while noting a robust economic expansion in the US.

    Washington is in the midst of attempting to negotiate the Trans-Pacific Partnership (TPP) trade deal with 11 Southeast Asian and Latin American nations, estimated to cover at least 40 percent of the global economy.

    US President Barack Obama described the move, which is part of his Pacific Pivot strategy, as an attempt to rewrite global economic rules before Beijing overtakes the United States in growth.

    The ongoing TPP negotiations, which do not include China, coincide with Beijing’s plans to launch a $50-billion Asian Infrastructure Investment Bank (AIIB) with an eye to finance infrastructure projects in the wider region.

    The Lanting Forum facilitates discussion on foreign policy and issues of common interest between government, business, media, academic institutions, and the general public.


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    GDP, economy, Trans-Pacific Partnership (TPP), International Monetary Fund, Asian Infrastructure Investment Bank (AIIB), World Bank, Zhu Guangyao, United States, China
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