Trade disputes, debt burden threaten global growth

Trade disputes, debt burden threaten global growth: IMF

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

"We support further efforts to address the withdrawal of correspondent banking relationships and its adverse consequences, including on remittances, trade flows, and financial inclusion". The world economy, which grew by 3.8% previous year, appears to have settled into a run of stronger growth.

Irwin believes China's rising debt, as well as a looming trade war between China and the United States, could pose a threat to the global economy.

"We call upon the International Monetary Fund to develop credible policy advice for rebalancing of the global economy while drawing attention to the adverse implications of policy spillovers on other countries", Jaitley said.

Experts said that although the move may seem positive, China must prepare for countermeasures if both sides fail to reach consensus because policies made by the Trump administration lack consistency.

French Finance Minister Bruno Le Maire said the steel and aluminium tariffs could lead to retaliation by other countries and "a significant risk that the situation could escalate".

Under such circumstances, Tu said, Mnuchin's possible visit to Beijing can be seen as a gesture, whether successful or not, the Trump administration has to take action to prevent rising prices of consumer goods and revenue losses by a large number of US companies dependent on trade with China.

Many have used the finance meetings to protest President Donald Trump's protectionist trade policies, which mark a reversal of seven decades of U.S. support for ever-freer global commerce.

The WTO projects global merchandise trade will expand by 4.4 percent this year, after increasing by 4.7 percent in 2017.

But German central bank chief Jens Weidmann said the G20 officials all agreed trade must benefit all countries.

China's economic fundamentals are strong and it has sufficient policy tools to guard against systemic risks, central bank governor Yi Gang said, as the International Monetary Fund cautioned that the world economy is under threat from trade tensions and heavy debt burdens.

"We didn't have a discussion on specific measures on trade", Argentine Treasury Minister Nicolas Dujovne told reporters after the meeting.

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.

Mnuchin said China has been "very helpful" in supporting USA sanctions against North Korea, and welcomed the regime leader's announcement on Friday to suspend nuclear testing.

"We strongly reject moves toward protectionism and away from the rules-based worldwide trade order", said Mr Gumundsson, governor of the Central Bank of Iceland.

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