Indonesia-IMF Warning

Trade spat will take toll on global financial stability: IMF

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Shotlist


Bali, Indonesia - Oct 10, 2018 (CGTN - No access Chinese mainland)
1. Sign of IMF annual meeting at entrance of venue, traffic flows
2. Sign reading "Annual Meetings 2018 Indonesia"
3. Various of conference hall, participants
4. SOUNDBITE (English) Tobias Adrian, financial counselor of Monetary and Capital Markets Department, IMF (partially overlaid with shot 5):
"What we have seen already in China is that financial conditions have tightened significantly this year. And the trade tensions are one of the factors that have led to this decline in investor confidence in China. The danger is that at some point, those trade tensions are going to adversely impact investor confidence hence global financial conditions. We know from economic analysis that those confidence shocks can have significantly adverse consequences for macro economic activities."
++SHOT OVERLAYING SOUNDBITE++
5. Participants
++SHOT OVERLAYING SOUNDBITE++
6. Conference in progress
7. Screen showing "Global Financial Stability Report"
8. SOUNDBITE (English) Takehiko Nakao, president, Asian Development Bank:
"The trade system is important and it has benefited all the countries. After Asian economists studied that having a more open trade system, including economists in China, India and Indonesia; they have started growing. So it's very important."
9. SOUNDBITE (English) Anna Ilyina, division chief of Monetary and Capital Markets Department, IMF:
"I think the Fund has always been very clear about they need to support multilateral approach to solve global problems in various areas, in trade as well as in financial regulation and so on so forth."
10. Traffic outside venue

Storyline


The international Monetary Fund (IMF) has warned that trade tensions between the United States and China will affect many more economies apart from their own.

The IMF issued its Global Financial Report Wednesday, signaling that the trade spat will take a toll on global financial stability. The IMF had cut its growth forecast for the United States and China, citing recent tariffs imposed by the world's top two economies on each other.

The United States has imposed a 25 percent tariff on 50 billion U.S. dollars' worth of Chinese goods, and added in September a 10 percent tariff on an additional 200 billion worth of Chinese products.

On the United States slapping tariffs on all Chinese goods, as President Donald Trump has threatened to do, the IMF said it will probably cut the U.S. GDP by more than 0.9 percent in 2019 and the Chinese economic output by 1.6 percent.

Experts said the world economy would also suffer.

"What we have seen already in China is that financial conditions have tightened significantly this year. The trade tensions are one of the factors that have led to this decline in investor confidence in China. The danger is that at some point, those trade tensions are going to adversely affect investor confidence, hence global financial conditions. We know from economic analysis that those confidence shocks may have significantly adverse consequences for the macro economic activities," said Tobias Adrian, financial counselor of the Monetary and Capital Markets Department of the IMF.

Facing the rising U.S. protectionism and unilateralism, many experts called on countries to maintain multilateralism.

"The trade system is important and it has benefited all the countries. After Asian economists studied that having a more open trade system, including economists in China, India and Indonesia have started growing. So it's very important," said Takehiko Nakao, president of the Asian Development Bank.

"I think the Fund has always been very clear about what they need to support multilateral approach to solve global problems in various areas in trade as well as in financial regulation and so on so forth," said Anna Ilyina, division chief of the Monetary and Capital Markets Department of the IMF.

Observers said that eroding the multilateral trade system will disrupt the existing global trade rules and destabilize the economic expansion. The trade barrier will hurt businesses and consumers around the world, including those in the United States.

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  • ID : 8092839
  • Published : 2018-10-11 11:13
  • Last Modified : 2018-10-12 16:39:11
  • Location : Bali,Indonesia
  • Category : economy, business and finance
  • Duration : 1'42
  • Audio Language : English/Nats
  • Source : China Global Television Network (CGTN)
  • Restrictions : No access Chinese mainland
  • Version : 2
  • ID : 8092839
  • Published : 2018-10-11 18:22
  • Last Modified : 2018-10-12 16:39:11
  • Location : Bali,Indonésie
  • Category : economy, business and finance
  • Duration : 1'42
  • Audio Language : Anglais/Nats
  • Source : China Global Television Network (CGTN)
  • Restrictions : Pas d’accès dans la partie continentale de Chine
  • Version : 2
  • ID : 8092839
  • Published : 2018-10-11 18:28
  • Last Modified : 2018-10-12 16:39:11
  • Location : Бали,Индонезия
  • Category : economy, business and finance
  • Duration : 1'42
  • Audio Language : Английский/Естественный звук
  • Source : China Global Television Network (CGTN)
  • Restrictions : Недоступно материковой части Китая
  • Version : 2
  • ID : 8092839
  • Published : 2018-10-12 15:57
  • Last Modified : 2018-10-12 16:39:17
  • Category : economy, business and finance
  • Duration : 1'42
  • Audio Language : 英語/自然音声
  • Source : China Central Television (CCTV)
  • Restrictions : 中国大陸での使用は不可
  • Version : 2
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