Downside risks in the global economy are likely to persist over the medium to lo...
TOKYO - Downside risks in the global economy are likely to persist over the medium to long term, pressured by the Sino-U.S. trade war and a slowdown in China, Japan’s top financial diplomat said.
Asakawa’s comments came just days after China set an economic growth target of 6.0 to 6.5 percent in 2019, below the 6.6 percent gross domestic product growth reported last year. Asakawa said he wanted the world’s two largest economies to address China’s structural problems over intellectual property, technology transfer and state-owned enterprises.
“G7 and G20 have constantly agreed that excess currency volatility and disorderly movement are undesirable for economy and financial stability,” he said. He has become the longest serving top financial diplomat, exceeding the previous record set by BOJ Governor Haruhiko Kuroda, who served as vice finance minister for international affairs for 3 1/2 years to Jan 2003.
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