Headwinds ahead for global growth, say experts

China and the United States should use international multilateral governance frameworks to deal with trade friction and prevent broader headwinds for global economic growth during the second half of this year, experts said.

Sino-US trade friction is expected to hurt the global economy more intensively than the two sides, especially in the third quarter and that has prompted some international organizations, including the International Monetary Fund (IMF), to downgrade its full-year economic growth prospects for this year and the next, said Zhu Guangyao, former vice-minister of finance.

Zhu made the remarks on Saturday at a seminar hosted by the National Association of American Studies (NAAS), a newly established alliance of more than 20 Chinese think tanks. The think tank alliance, initiated by the International Economics and Finance Institute under the Ministry of Finance, will especially focus on research related to trade and economic issues.