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Trade, debt seen as threats to global growth — International Monetary Fund communiqué
July 20 2018, 08:18 | Alonzo Simpson
Mnuchin considers traveling to China amid trade spat
A surge in investment and trade has brought stronger, broader-based growth in the short term, said the International Monetary and Financial Committee, a ministerial-level panel of 24 countries that gives key advice to the IMF's Board of Governors, in its final communique.
China has received information that U.S. Treasury Secretary Steven Mnuchin is considering a trip to Beijing to hold talks on the ongoing trade dispute, the Ministry of Commerce said in a brief statement on Sunday.
Such trade policies "impede stronger United States and global growth, acting as a persistent drag on the global economy", Mnuchin said as the lending agencies were poised Saturday to wrap up their spring meetings, where the administration's "America First" approach has put it at odds with other countries.
In his speech to the IMF's policy committee Saturday, Yi Gang, the head of China's central bank, said that global growth could be hurt by "an escalation of trade frictions caused by unilateral actions", an obvious reference to America's threatened tariffs against China.
Financial ministers and central bank chiefs of the International Monetary Fund's policy making body have warned of trade conflicts as downside risks of the world economy.
The IMF in the latest World Economic Outlook (WEO) has projected India to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019.
An IMF advisory committee has called on global financial institutions, including the World Bank, to work on a multi-pronged programme to enhance debt transparency and sustainability, as India sought mitigation of the rising debt vulnerabilities of low income countries. "They will discuss this issue", she said.
South African Reserve Bank Governor Lesetja Kganyago, who now serves as the IMFC chairman, and IMF Managing Director Christine Lagarde will discuss the committee's stance at a news briefing in Washington on Saturday.
"We call upon the International Monetary Fund to develop credible policy advice for re-balancing of the global economy while drawing attention to the adverse implications of policy spillovers on other countries", Patel said.
Many have used the finance meetings to protest President Donald Trump's protectionist trade policies, which mark a reversal of seven decades of United States support for ever-freer global commerce.
Tensions between the world's two largest economies have cast a shadow over this week's gathering of finance ministers, given concerns a trade war would undercut the global recovery.
But an intensifying dispute between the US and China over Beijing's aggressive attempt to challenge USA technological dominance has raised the prospect of a trade war that could drag down worldwide growth. "Equally, I think when you look at China's policy stands - also what the Europeans might do if there are any measures targeting China, I think we can expect to see retaliation, and that's where the trade war scenario really begins to potentially become a real one".