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USA-IMF/Trade Protectionism
Washington D.C., USA - April 18, 2018 (CCTV - No access Chinese mainland)
1. Press conference
2. SOUNDBITE (Chinese) Zhang Tao, Deputy Managing Director, International Monetary Fund(IMF):
"The multilateral trading system based on rules was developed after the Second World War and made unprecedented achievements in promoting world economic growth. In the past 70 years, multilateral trading system had changed our world significantly. First it reduced half of the population living in extreme poverty. It also cut everyone's living costs, promoting technologies in a more rapid and wider way. It created tens of thousands of jobs. Of course we have noticed that the system is under severe challenge. Just as our Managing Director Christine Lagarde said, those challenges impose ‘risk of disintegration'. If the risk become true, it will be ‘an unforgivable collective policy failure'."
3. Various of press conference
4. SOUNDBITE (Chinese) Zhang Tao, Deputy Managing Director, International Monetary Fund(IMF):
"As to multilateral trading system, no one will win in trade protectionism. Then who is the biggest loser ? There are always people asking the question. The biggest loser is global economy, is you and me, is the global economy shared by you and me."
5. Press conference
6. SOUNDBITE (Chinese) Zhang Tao, Deputy Managing Director, International Monetary Fund(IMF):
"(The IMF) calls for all governments to take good use of the momentum of economic growth, making polices and reforms that is urgently needed, especially the reform in labor market and service industry, so as to make the economic growth sustainable enough to cope with the next round of economic downturn."
7. Various of press conference
FILE: Ningbo City, Zhejiang Province, east China - Date Unknown (CCTV - No access Chinese mainland)
8. Various of containers, facilities at port
No one will be a winner in trade protectionism, the International Monetary Fund's(IMF) Deputy Managing Director Zhang Tao said on Wednesday in Washington D.C..
Zhang told a press conference that the multilateral trading system has made unprecedented achievements in promoting world economic growth over the past 70 years.
"The multilateral trading system has changed our world significantly. First, it has reduced half of the population living in extreme poverty. It has cut everyone’s living cost and promoted technologies in a more rapid and wider way. It has created tens of thousands of jobs," said Zhang.
Despite all the benefits it has produce, some countries still choose trade protectionism, imposing risks of "disintegration" on the system, as Christine Lagarde, chairman of the IMF warned on April 11.
"No one will win in trade protectionism. Then who is the biggest loser ? There are always people asking the question. The biggest loser is global economy; it is you and me, the global economy shared by you and me," said Zhang.
The IMF's senior official then called on all governments to take the advantage of the growing momentum of economic growth to take policy actions and reform, especially the reform on the labor market and the service sector so as to make the economic growth more sustainable and more capable of coping with the next round of economic downturn.
The IMF's Spring Meetings are scheduled for April 16-22 in Washington D.C..
USA-IMF/Trade Protectionism
Dateline : April 18, 2018/File
Location : Washington D.C.,United States
Duration : 3'05
Washington D.C., USA - April 18, 2018 (CCTV - No access Chinese mainland)
1. Press conference
2. SOUNDBITE (Chinese) Zhang Tao, Deputy Managing Director, International Monetary Fund(IMF):
"The multilateral trading system based on rules was developed after the Second World War and made unprecedented achievements in promoting world economic growth. In the past 70 years, multilateral trading system had changed our world significantly. First it reduced half of the population living in extreme poverty. It also cut everyone's living costs, promoting technologies in a more rapid and wider way. It created tens of thousands of jobs. Of course we have noticed that the system is under severe challenge. Just as our Managing Director Christine Lagarde said, those challenges impose ‘risk of disintegration'. If the risk become true, it will be ‘an unforgivable collective policy failure'."
3. Various of press conference
4. SOUNDBITE (Chinese) Zhang Tao, Deputy Managing Director, International Monetary Fund(IMF):
"As to multilateral trading system, no one will win in trade protectionism. Then who is the biggest loser ? There are always people asking the question. The biggest loser is global economy, is you and me, is the global economy shared by you and me."
5. Press conference
6. SOUNDBITE (Chinese) Zhang Tao, Deputy Managing Director, International Monetary Fund(IMF):
"(The IMF) calls for all governments to take good use of the momentum of economic growth, making polices and reforms that is urgently needed, especially the reform in labor market and service industry, so as to make the economic growth sustainable enough to cope with the next round of economic downturn."
7. Various of press conference
FILE: Ningbo City, Zhejiang Province, east China - Date Unknown (CCTV - No access Chinese mainland)
8. Various of containers, facilities at port
No one will be a winner in trade protectionism, the International Monetary Fund's(IMF) Deputy Managing Director Zhang Tao said on Wednesday in Washington D.C..
Zhang told a press conference that the multilateral trading system has made unprecedented achievements in promoting world economic growth over the past 70 years.
"The multilateral trading system has changed our world significantly. First, it has reduced half of the population living in extreme poverty. It has cut everyone’s living cost and promoted technologies in a more rapid and wider way. It has created tens of thousands of jobs," said Zhang.
Despite all the benefits it has produce, some countries still choose trade protectionism, imposing risks of "disintegration" on the system, as Christine Lagarde, chairman of the IMF warned on April 11.
"No one will win in trade protectionism. Then who is the biggest loser ? There are always people asking the question. The biggest loser is global economy; it is you and me, the global economy shared by you and me," said Zhang.
The IMF's senior official then called on all governments to take the advantage of the growing momentum of economic growth to take policy actions and reform, especially the reform on the labor market and the service sector so as to make the economic growth more sustainable and more capable of coping with the next round of economic downturn.
The IMF's Spring Meetings are scheduled for April 16-22 in Washington D.C..
ID : 8078661
Published : 2018-04-19 09:16
Last Modified : 2019-03-14 17:52:00
Source : China Central Television (CCTV)
Restrictions : No access Chinese mainland
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