IMF deputy head calls for negotiated solution to US-China trade dispute
The United States and China should seek to find a solution to their differences through negotiations which follow a multilateral framework as the ongoing trade dispute between the pair threatens to drag down global economic growth, according to Zhang Tao, deputy managing director of the International Monetary Fund (IMF).
Zhang made the remarks when analyzing the global economic impact of the current China-US trade tensions during an interview with China Central Television (CCTV) in Washington DC recently.
He pointed out that a series of IMF data show that the global economy is suffering from the negative impacts of the escalating trade dispute between the two sides, and urged both parties to work together to reach a resolution.
"Actually we have been saying that the biggest victim is the global economy, which would be dragged down by these frictions and tariffs. Therefore, we hope the relevant parties can conduct real communications and negotiations under a multilateral framework so as to find a sustainable solution and return to the framework. In this way, a well-regulated, transparent, and fair trade system and framework will be achieved. It will benefit the world economy, including the economies of China and the US," said Zhang.
In a report released in July, the IMF lowered its global growth forecast to 3.2 percent in 2019 and 3.5 percent in 2020. In addition to the major trade frictions between the world's two superpowers, the ongoing uncertainty surrounding Brexit was also cited as another important factor in the adjustment.
(Source: Reuters)
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