US urged to be cautious on monetary, fiscal policies
Updated: 2013-09-05 21:10
By Fujing in St Petersburg (chinadaily.com.cn)
A Chinese official has urged the US to cautiously scale down its quantitative easing policy to prevent a massive spillover effect on emerging economies.
The topic has already become a major issue at the G20 leaders summit in St Petersburg in Russia, with the international community sounding repeated alarms to the US Federal Reserve, its central bank.
"I hope the US cautiously considers its monetary and fiscal policies when it reshuffles its macroeconomic measures," Zhu Guangyao, vice-minister of finance, told China Daily at a press conference prior to the opening of G20 St Petersburg Summit.
"It should take account of the spillover effects to the emerging economies, while some countries have already suffered from an economic slowdown and loss of capital because of the possible policy change," Zhu said.
Based on the International Monetary Fund's economic outlook figures, China will contribute almost 28 percent of the global economic growth this year, while the share of American's contribution to global growth is just 12.35 percent, Zhu said.
"So we hope the US makes a bigger contribution to the global economic recovery and job creation," Zhu said.