Coronavirus: nations must work together to support global economy, ex-PBOC chief says

International community must be vigilant to ‘risks of inward looking, unstable global supply chains and escalating trade frictions’, Zhou Xiaochuan says

In difficult times, ‘mutual understanding and help between countries … are imperative to bring together wisdom and find solutions’, he says

Reading Time:2 minutes

Zhou Xiaochuan, the former governor of the People’s Bank of China, says the destinies of all countries are bound together. Photo: Reuters

Published: 5:41pm, 9 May 2020Updated: 10:48pm, 9 May 2020

The former head of China’s central bank has appealed for global cooperation to counter the economic impact of the coronavirus pandemic, amid growing calls for the United States to refrain from engaging in unilateralist and protectionist actions.

“The international community should be vigilant to the risks of inward looking in some countries, unstable global supply chains and escalating trade frictions,” Zhou Xiaochuan told an online symposium organised by the Boao Forum for Asia on Friday.

While Zhou, who stepped down as governor of the People’s Bank of China in 2018, did not identify any countries by name, his comments came amid growing criticism of China’s handling of the Covid-19 pandemic by the US.

Chinese Vice-Premier Liu He held a telephone conversation on Friday with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer in a bid to ease tensions and prevent the collapse of the phase one deal the two sides agreed in January after 18 months of trade war.

“The destinies of all countries are bound together,” Zhou said. “During the hard times, mutual understanding and help from each other, between countries and across regions are imperative to bring together wisdom and find solutions.”

The former central banker currently serves as deputy chairman of the Chinese equivalent to the Davos Forum. Friday’s online symposium was attended mostly by former Asian leaders, as well as the European Union’s ambassador to China Nicolas Chapuis.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x