习近平向第八届中俄博览会致贺信
习近平向第八届中俄博览会致贺信
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US reckless fiscal policies hold back global recovery: Chinese spokesperson

Source: Xinhua | 2023-06-09
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US reckless fiscal policies hold back global recovery: Chinese spokesperson

BEIJING, June 8 (Xinhua) -- The United States' reckless fiscal and monetary policies have spread its inflation to other parts of the world and seriously held back global recovery, Chinese Foreign Ministry Spokesperson Wang Wenbin said on Thursday.

According to the Global Debt Monitor issued by the Institute of International Finance recently, the global debt stock has hit 305 trillion U.S. dollars, 45 trillion dollars higher than before the COVID-19 pandemic. The United States has the world's highest national debt, which stands at 31.4 trillion U.S. dollars, raising further concerns about U.S. government spending and borrowing costs.

In response to the report, Wang said the United States is the world's largest economy and issuer of a major international currency. It should have adopted responsible fiscal and monetary policies given the heavy spillover effect of its fiscal conditions and policy choices on the world economy.

"However, the U.S. has long used its dollar hegemony, borrowed recklessly, shifted crises, and pursued quantitative easing which knows no limit," he said, noting that this has spread U.S. inflation to other parts of the world, made debt problem and economic woes in some emerging economies and developing countries even worse and seriously held back global recovery.

"The dollar is our currency, but it is your problem," the spokesperson quoted John Connally, the Treasury Secretary of the Nixon administration, to criticize the hazard of dollar hegemony.

"We urge the U.S. to opt for responsible fiscal and monetary policies, and work with other economies to enhance macroeconomic policy coordination, jointly safeguard international economic and financial stability and contribute to global recovery," Wang said.

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