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China 'welcomes' Mnuchin's offer to hold trade talks in Beijing

China 'welcomes' Mnuchin's offer to hold trade talks in Beijing

"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".

The US has had discussions with Japan on a bilateral trade agreement, the secretary said. -China trade war threatened to damage confidence, investment and growth. Despite the trade disputes, the global economy is enjoying its strongest growth in years.

This might no longer be the case in the wake of a sweeping macroeconomic overhaul in the U.S., as the International Monetary Fund has generally maintained its commitment to what it sees as free and unrestricted trade.

Secretary Mnuchin pointed out that countries with sustainable trade surpluses pose a hazard to the worldwide trading system, as such practices are helping certain national governments take advantage of productive forces and consumer markets overseas, thus hindering the overall performance of the global economy.

Mnuchin differed markedly from his counterparts, saying the risk to global growth was from unfair trade practices, rather than the trade tensions.

He urged the International Monetary Fund to go beyond its traditional role as an emergency lender for countries in financial distress and said it should more closely monitor the practices of countries that persistently run large trade surpluses.




In a statement to the IMF's steering committee, which meets on Saturday, Mnuchin said countries which have large and persistent external surpluses must do more to carry their share of the adjustment.

Bankers and finance ministers from the IMF's 189 member countries met in Washington, DC, on the 10th anniversary of the global financial crisis. "So that is a genuine concern over the next few years over the stability of the global economy". "Ensuring that trade is free, fair, and reciprocal will boost global trade and support stronger, more sustainable growth".

The government has recently announced a major recapitalisation plan for the public-sector banks in order to accelerate the work out of non-performing loans, as well as made some important legal improvements through a new insolvency and bankruptcy law, Kang said.

Escalating tensions between the USA and China have rattled financial markets and raised concerns the world is barreling toward a trade war.

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 welcomes this", the China Commerce Ministry said in a statement on its website, confirming it had received information about Mnuchin's potential visit.

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