A former Beijing official described how the global economy seeing the weakest growth since the global financial crisis in 2008/09 as ‘a very dangerous signal.’ The Organization for Economic Cooperation and Development claimed that the global economy is to slow down to 2.9% this year, following last year’s 3.6%. It is also predicted to slow down to 3.0% next year. 

China’s former vice-finance minister, Zhu Guangyao, insisted that the U.S. and China should put their differences aside and come together in reaching an agreement to put the dispute away. This would, then, help the global economy grow. Zhu said, ‘We hope that China and U.S. can reach an agreement with mutual respect, mutual benefit with equal treatment for each other.’ 

‘That’s not [only] important for China and for U.S. — also for the world,’ the former vice-finance minister added. Trade war talks took a slight turn, after a two-day meeting took place in Washington last week between U.S. and Chinese officials. The meeting was set to prepare the basis for further, elaborated discussions in October. The Chinese representatives cancelled their plans to visit U.S. farms after U.S. President Donald Trump stated that he will not be making a ‘limited’ trade deal to end the trade war. 

Zhu explained, ‘That’s a very dangerous signal…So it’s time for China, U.S. to really [go] back to serious communication based on mutual respect, mutual benefit.’ 

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