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China’s economic headwinds could hit region, US treasury deputy says
- Wally Adeyemo urged China to open up its economy to the private sector, saying that could boost its economy by creating competition
- Adeyemo said China’s economy faces ‘significant headwinds … a slowing Chinese economy is going to have an impact, but mostly on their neighbours’
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China’s economic problems are more likely to affect the region than the United States, US deputy treasury secretary Wally Adeyemo said on Monday, a day after US President Joe Biden called China’s economic situation a “crisis”.
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Beijing has the resources to deal with its economy short-term but must face longer-term structural economic issues such as demographics and high debt, Adeyemo said in television interviews.
“Those are going to be far harder for them to deal with over time,” he told CNN.
Fears of an economic slowdown have gripped China, whose leader skipped the G20 summit this past weekend.
Biden on Sunday said China’s growth was slowing due to a weak global economy as well as Chinese policies, although he did not cite specific policies.
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