Chinese President Xi Jinping on Monday called on the world’s major economies to boost growth by coordinating policies as the world continues to emerge from the turmoil caused by the coronavirus pandemic.
He warned of the effects of raising interest rates too quickly, saying such moves could threaten global financial stability.
“If major economies slow down or reverse course in their monetary policies, there would be serious negative fallout,” Xi said. “They would present challenges to global economic and financial stability, and developing countries would bear the brunt of them.”
Many global policymakers are grappling with mounting inflationary pressure and are beginning to wind down their pandemic-era stimulus packages.
But China, the only major economy to grow in 2020, is taking a different approach as its economy slows and grapples with the challenges of maintaining momentum while firmly sticking to its zero-Covid strategy, a tough policy lockdown of areas to prevent epidemics that has isolated the country from much of the world.
The People’s Bank of China has has loosened his purse strings so that everything goes well.
Beijing’s latest moves came as the country announced its economy grew by 8.1% in 2021. While that number exceeded the government’s own targets, growth has slowed to half that pace. in the last quarter of the year and is expected to struggle even more due to Covid and a worsening real estate crisis.
Chinese government economists have warned of a ripple effect from Fed interest rate hikes.
“Historically, Fed rate hikes have repeatedly triggered financial and economic crises in other countries,” Zhu told the paper, adding that an imbalance could prompt foreign capital to flee China.
Zhu also drew attention to the dollar-denominated bond market for Chinese companies, which he said has been growing rapidly. Many companies in China’s troubled real estate sector hold dollar-denominated bonds; if they become even more expensive to repay, it could cause more headaches.
The International Monetary Fund, meanwhile, has warned that a sharp tightening of monetary policy in the United States or Europe could cause economic turbulence in developing economies.
Sentiment on economic growth and inflation has changed in the United States, the IMF wrote, as prices rise at the fastest pace in nearly four decades.
Economic recovery in emerging countries, meanwhile, has not been as robust, he said, adding that those places face “significantly higher public debt”.
“The Fed rate is rising faster in response [to inflation] could rattle financial markets and tighten financial conditions globally,” the IMF said, also warning of slowing demand and trade from the United States and its effects on developing economies, which depend on exports to US consumers.
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