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Xi Jinping urges Western countries not to raise interest rates

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But the most eye-catching part of Mr. Xi’s speech was his discussion of inflation risks. Even after acknowledging the supply chain crisis, high commodity prices and tight energy markets, he called on Western central banks to remain cautious.

If major economies slow down or reverse course in their monetary policies, there will be serious fallout that will pose challenges to global economic and financial stability, and developing countries will bear the brunt, he said.

He urged major economies to coordinate the objectives, intensity and pace of fiscal and monetary policies.

The United States, Britain and, to some extent, Europe are facing runaway inflation due to a combination of supply cuts and pent-up demand caused by the COVID-19 pandemic. 19.

Although some inflationary pressures may be relatively short-lived, prices are rising so sharply that many central banks, led by the US Federal Reserve, are signaling the end of accommodative monetary policy.

In China, by contrast, the big worry is an economy that grew just 1.6% on a quarterly basis at the end of last year, following a series of COVID-19 outbreaks. which forced the closure of some factories, ports and airports as authorities sought to contain the virus.

China’s property sector is Beijing’s other main concern, as developers like Evergrande struggle to repay interest on huge loans.

Mr. Xi has expressed concern that rising interest rates elsewhere in the world could pour even more cold water on the Chinese economy, which he is trying to revive through fiscal and monetary stimulus.

Changes in the domestic and international economic environment have exerted tremendous pressure, but the fundamentals of China’s economy, characterized by strong resilience, huge potential and long-term sustainability, remain unchanged, Xi said.

Although he claimed to speak on behalf of developing countries saying that tighter monetary policy from the West would particularly hurt them, he also acknowledged that he was under pressure to maintain growth at home.

We still have a lot of work to do in the longer term to develop the Chinese economy, he said. This included the need to make more visible and substantial progress in the balanced development of individuals.

Although Mr. Xi was criticized for putting China back on the path of market liberalization, his speech was laced with economic rationalism.

As a rising tide lifts all boats, everyone will get a fair share, he said, rejecting active redistribution in favor of economic growth theory.

He promised a market-based system that would not favor some economic actors over others, although he did not mention heavily favored state-owned enterprises.

We will build a unified, open, competitive and orderly market system where all businesses enjoy equal status before the law and have equal market opportunities, he said.

Pandemic policy

Xi also urged other countries not to try to blame China for the COVID-19 pandemic, which originated in the city of Wuhan.

Holding back or shifting responsibility will only unnecessarily delay the response and divert us from the overall goal, he said.

Again playing the role of champion for developing countries, he pointed to the more than 2 billion doses of vaccine that China had distributed to more than 120 countries and international organizations.

He promised 1 billion additional doses to Africa, including 600 million in the form of donations, and 150 million to countries in Southeast Asia. China is a country that keeps its promises, he said.

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2/ https://www.afr.com/world/asia/don-t-raise-interest-rates-china-s-xi-tells-the-west-20220118-p59p05

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