China to World Bank: US resorting to rate hikes, dollar surge the cause of global economic woes

MASTV: World Bank President David Malpass said recently that “China’s unwillingness to deliver more stimulus during the current international slowdown is putting more pressure on the US to support international growth”. What is China’s comment? 

Zhao Lijian: As the largest emerging economy, China is a key locomotive and stabilizer of world economic growth. The China Economic Update released by the World Bank in June gave a positive review of China’s effective fiscal and monetary policies. During the China International Fair for Trade in Services this year, World Bank officials also said that China’s latest measures of further opening-up will boost post-COVID global economic recovery.

The US, however, is another story. To resolve staggering inflation in the US, the Federal Reserve has resorted to rate hikes several times. The rapid appreciation of the US dollar has led to the depreciation of 36 currencies by at least one-tenth. This has left many developing countries in a bitter economic recession caused by currency depreciation, capital flight, the soaring cost of financing and debt repayment and imported inflation. Countless families were plunged into poverty overnight. The struggling world economy is taking yet another toll from this. The Wall Street Journal also pointed out recently that the dollar’s rapid rise is causing global economic woes.

The US should adopt responsible economic and financial policies and act responsibly for safeguarding international financial stability and promoting world economic recovery. It is the US that the World Bank needs to focus its efforts on in this regard. 

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[underconstruction]

Thank you China for standing up for everyone.

[strongchallenger]

Kishore Mahbubani said it not long ago. Why is the Head Of the World Bank has to be an American? Why can't it be a Chinese or Indian? You should know by now why the World Bank is blaming China.

[bluestarfc]

Thanks for truth it's us the problem with USD

[currawong]

Surely the speaker does not really expect the US to act responsibly for the benefit of wouldn't know how, and if it did, it would reject the notion because all that matters to the US is the US.

[thieunguyen]

The US prints all the dollars it wants and needs. And yet the dollars appreciate again other currencies. How can this be so?

[tomtom]

USA!!!! Currency Reserves!!! ☺️🇺🇸MAGA. Taste America Great POWER!!!!
💵💵💵💵💵💵💵💵

[djtan]

Thrs only one solution.

Everybody migrate to d USA!!!

[makuohua]

Admire Applaud Zhao Lijian Obviously is Exacting in reply .
Already US is exporting Inflation depreciation and recession everywhere .
Trying to targeting selective Countries to uphold it currency trying, to approach World Bank to lobby China to do something for their misery situation .
But China have already done so far, there is always limitation in this respect and US is still mighty Nation. Who is having all rights to Exercise around the World .

[Wiznuke]

i blame china and japan these countries are too addicted to usd..., get rid of the us treasuries....

[wnklee]

Whoever uses the US owned dollar has no right not complain.

[meyer]

have you been grocery shopping lately? Things are already ugly. The best bet for anyone with a brain is to get in on a passive income stream while you still can, doesn't matter which one it is just get on it and stay committed...

[mudshovel]

You guys do whatever you need to do and we’ll do the same. If something benefited your country, you wouldn’t hesitate to do it, especially if it was at the expense of the developed countries who you have some historical vendetta against. So why should any of us care about your complaints? Dump the dollar. Form your clubs. Do what you need to and we’ll do the same.

[karlconfucius]

Did you know SARS-CoV-2 was made in the Wuhan institute of virology, Zhao ?