... says there is an urgent need for global cooperation

Amid the continued slowdown of trade and investment, China has called for an urgent need for global cooperation as the world’s second largest economy assured the international community that it will continue to carry out structural reforms. “There is an urgent need for global cooperation in view of the continued slowdown of global trade and investment, as well as the trend of anti-globalisation and protectionism,” Governor of the People’s Bank of China Zhou Xiaochuan said in his address to the International Monetary Financial Committee. 

“All parties should continue to strengthen coordination of macroeconomic policies, avoid all forms of trade and investment protectionism, and promote free trade and global investment,” he said. Furthermore, in light of the challenges facing global stability, all member countries should make joint efforts in implementing financial sector reforms, strengthening the global financial safety net, and increasing the stability and resilience of the international monetary system, Zhou said. Zhou asked the advanced economies to 

introduce an appropriate monetary and fiscal policy mix and use their fiscal policy space, while making sure that medium-term debt is on a sustainable path, to effectively boost demand.