Protectionism has harmed mutual trust among countries and limited the scope for ...
Chen Yulu, vice governor of the People's Bank of China , attends a news conference during the ongoing session of the National People's Congress in Beijing, China March 10, 2019. REUTERS/Jason Lee
Chen Yulu, a vice governor at the People’s Bank of China , urged the International Monetary Fund to continue supporting a rules-based multilateral trade system as tariffs play “only a limited role” in fixing bilateral trade imbalances. “Unilateralism and protectionism can only exacerbate domestic imbalances and impair necessary structural adjustments, which can negatively affect the countries concerned as well as global growth,” he said.
The comments came as Beijing and Washington seek a deal to end a bitter trade war marked by tit-for-tat tariffs that have cost the world’s two largest economies billions of dollars, disrupted supply chains and rattled financial markets.
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