IMF chief Christine Lagarde has pointed out the obvious, that China’s temper tantrum in not sending its top finance officials to global economic meetings in Japan this week due to the ongoing Diaoyu dispute, could cause China to “lose out”.
“We have a lot of substantive issues to discuss, great debates, great seminars organised. I think they lose out by not attending the meeting,” she said of China’s finance minister and central bank chief who are both absent.
Governor of the People’s Bank of China, Zhou Xiaochuan, and Finance Minister Xie Xuren, have both sent deputies in their place. Several private Chinese banks will also reportedly be limiting or cancelling participation in events linked to IMF and World Bank meetings taking place this week.
In related news, the chance of another global recession is now “alarmingly high“.