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China predicts grim outlook for global economy during trade talks

China has insisted that “imbalanced growth” is better than balanced recession – confirming it plans to focus on bolstering its own economy before addressing trade strains with other countries.

Vice Premier of China Wang Qishan
Vice Premier of China Wang Qishan
Image: Jin yi bj/AP/Press Association Images

CHINA GAVE A grim assessment of the global economic outlook during trade talks with the US today, even as the two countries signed a raft of new agreements.

During the 22nd session of the China-US Joint Commission on Commerce and Trade (JCCT), Vice Premier Wang Qishan said that “unbalanced recovery” would be better than balanced recession – and promised that Beijing would focus on strengthening its own economy before addressing any trade strains with Washington, Reuters reports.

He described the state of the global economic situation as “extremely serious”.

China also confirmed plans to spend ¥10 trillion (€1.1 trillion) on strategic sectors over next five years.

The two countries signed five economic and trade agreements during the meeting, including acts pacts on intellectual property rights, trade statistics, technology, energy and business cooperation, reports Xinhua.

Oil price rose close to $97 a barrel following Wang’s prediction about a prolonged global recession.

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