Asia Bizz: Timothy Giethner Still Stress On His Imbalance Proposal Even After G20’s Disagreement
US Treasury Secretary Timothy Giethner, seem to still stressing on imbalances proposal for the global economy, even after being rejected by the G20 members. It was after his proposal was rejected by the G20 members, he spoke to the media stating, that reducing imbalances would be a strong and a concrete way to get a decent pace of development in the global economy.
Giethner in his speech to the reporters stated “If the world is going to be able to grow at a strong, sustainable pace in the future, if we are going to be successful in building a more stable global financial system, and if we are going to be able to continue to expand opportunities for trade and preserve an open trading system, then we need to achieve more balance in the pattern of global growth as we recover from the (financial) crisis.”
Giethner pointed out towards countries like China, who are depended on the export and import trade to develop their economy, but rather now they should avoid doing this and try to increase their domestic demand, which would help in avoiding and solving global imbalances.