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Chinese leader warns economic recovery 'elusive'

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Xi Jinping (centre) and leaders from other countries at the Boao Forum for Asia yesterday

Xi Jinping (centre) and leaders from other countries at the Boao Forum for Asia yesterday

Xi Jinping (centre) and leaders from other countries at the Boao Forum for Asia yesterday

Chinese President Xi Jinping said the global economy has entered a period of "profound readjustment" and recovery remains elusive.

The international financial industry was fraught with risks and protectionism was on the rise, Mr Xi said in a speech at the Boao Forum for Asia in the southern Chinese province of Hainan yesterday.

Countries were still facing difficulties in adjusting their economic structure, he added.

Speaking at the same forum, Christine Lagarde, managing director of the IMF, said countries needed to "re-accelerate" the process of co-operation that was evident at the beginning of the financial crisis.

"There was a very strong sense of urgency and a massive desire to co-operate," Ms Lagarde said.

"But let's be honest about it. That sense of urgency has clearly abated." (Bloomberg)

Irish Independent