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China accuses US of spreading inflation to other parts of the world

Jul 10, 2023


The US has been using its dollar hegemony, which has spread its own inflation to other parts of the world, China claimed on Thursday.

"The US is the world's largest economy and issue of a major international currency," Wang Wenbin, spokesman of China's Foreign Ministry, told a news conference in the capital Beijing.

Urging Washington to implement "responsible fiscal and monetary policies," Wang said it would avoid the substantial spillover effect on the world economy.

"The US has long used its dollar hegemony, borrowed recklessly, shifted crises, and pursued quantitative easing which knows no limit," Wenbin said.

"China urges the US to embrace responsible fiscal and monetary policies, coordinate with other economies, and contribute to global recovery while jointly safeguarding international economic and financial stability," he added.

Most economists blame global inflation from economic distortions dating from the COVID-19 pandemic as well as the effects of the Russia-Ukraine war.