Stock markets fall as IMF pleads US-China trade war truce

Stock markets fall as IMF pleads US-China trade war truce

The government has chose to approach the International Monetary Fund for stabilisation and economic recovery.

"It is time to build fiscal space against the next downturn". Total debt is 247 per cent of the GDP.

And, overall, it may help to put public wealth to work at the service of societies' economic and social goals.

It said that the composition of spending and revenues should be growth friendly and protect the most vulnerable.

As Washington and Beijing trade tariffs, economic growth is slowing for both countries and others. "So, clearly, that is a priority".

"In the tax administration, to increase the compliance rate, something could be done to increase tax audit, use e-filing to greater extent, there is data matching exercise; generally try to reduce tax invasion, possibly corruption as well".

The US also wants Beijing to rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion (£283 billion) US goods trade surplus.

China's net worth has deteriorated to eight percent of GDP because of off-budget borrowing by local authorities and poor returns from powerful government-run businesses, the International Monetary Fund found.

"Owing to these changes, our worldwide growth projections for both this year and next are downgraded to 3.7 per cent, 0.2 percentage point below our last assessments and the same rate achieved in 2017", the report said.

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"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali.

Thor Equities CEO Joe Sitt on the increasing USA trade tensions with China.

Milesi Ferretti, Deputy Director Research said while presenting the report.

"We will get out of this".

The scenario, which imagines a deep global recession, rising interest rates but collapsing stock and real estate prices, would see sovereign debt balloon by nine percent but net worth dive by another 17 percent, mainly because falling real estate prices would drag down the value of publicly owned structures.

The IMF talked about continued capital outflows from emerging market economies and pressure on exchange rates because of monetary normalisation in the US.

According to estimates, since 2007, China contributed nearly 60 percent to the world's accumulation of non financial private debt.

The Group of 24 (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on worldwide monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on global monetary matters. Over the medium term, growth is expected to gradually slow to 5.6 per cent as the economy continues to make the transition to a more sustainable growth path with continued financial de-risking and environmental controls, it noted.

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