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China warns international community against ‘slamming brakes on monetary policies’

Chinese President Xi Jinping Monday urged the international community to work together to drive economic growth as the world recovers from the Covid-19 pandemic, and warned against “slamming the brakes on monetary policies”.

He gave the warning at the opening session of the World Economic Forum’s Davos Agenda conference monitored by

 Xi called for a bolstering of economic policy coordination.

He said if his fellow world leaders are tempted to backtrack on commitments it would result in “serious negative spill overs” across the world – and developing countries would beat the brunt.

Xi said the two years after the coronavirus crisis hit, the economy is facing many constraints and major disruption to global supply chains continues.

New drivers of economic growth need to be explored by the global community, he said, as he called on nations to remove barrier and seek integration to help “build an open world economy” based on “fairness and justice”. He said such an approach would be vital to prevent the economy from plummeting again.

The online conference is taking place after the WEF postponed its in-person annual meeting because of the pandemic.

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