China has issued a warning regarding the possibility of global financial instability resulting from the economic and financial policies of the United States and other developed nations. According to the Chinese Ministry of Foreign Affairs, the aggressive adjustments to monetary policies in developed nations have resulted in significant global financial hazards. These policies have also contributed to an increase in global financing costs and a worsening of international capital flow disorder.
IMF report on the American financial industry
Recently, the International Monetary Fund (IMF) published a report titled Global Financial Stability that highlighted the threat to global financial stability posed by the turmoil in the US banking sector. On Thursday, Wang Wenbin, a spokesperson for China’s Ministry of Foreign Affairs, expressed concern over the state of the global economy during a press conference. Global financial stability is essential for the recovery and growth of the global economy, and it necessitates the collaboration of all nations.
The US presents the greatest difficulty.
The United States’ economic and financial policies, according to Wenbin, pose the greatest threat to global financial stability. Since last year, the massive interest rate hikes by the US Federal Reserve have substantially increased global financing costs and exposed emerging markets and developing nations to greater difficulties. This situation is not conducive to the stability and recovery of the global economy or the development of the global community as a whole.
Encourage prudence and accountability
The Chinese Ministry of Foreign Affairs urges the United States and other developed nations to assess the spillover effects of their economic and financial policies prudently, to stabilize market expectations in a timely manner, and to avoid creating adverse disruptions to global financial stability. Developed countries must also attend to the needs of developing countries and provide tangible assistance to countries in difficulty, cease paying lip service and shifting blame, and assume their responsibility for maintaining global financial stability and fostering global economic recovery.
Source: ©Liao Pan/China News Service/VCG via Getty Images ; News Bitcoin
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