Monday 19 March 2018

Dire warning about global recession from China’s top finance minister

CHINA has warned that the global economy is in a grim state and that an "unbalanced recovery" might be the best option.

The remark by vice-premier Wang Qishan - made at talks between Chinese and US officials - marked Wang's second dire comment on the world economy in just a few days.

On Saturday, he said a "chronic" global recession was certain, and China must focus on its domestic problems.

And today Singapore and Thailand forecast their economies would shrink in the fourth quarter and Japan posted a much bigger fall in October exports than expected.

"Global economic conditions remain grim, and ensuring economic recovery is the overriding priority," said Wang, the top official steering China's financial and trade policy.

His comments also indicated that China should focus on bolstering its own growth before it worried about global imbalances, which was interpreted as meaning that a strong Chinese economy would be better for the world economy than a slowdown in China itself.

Business Newsletter

Read the leading stories from the world of Business.

Also in Business