"We agree that the IMF will need to consider the effects of technology and digitalisation in its macroeconomic analysis, including on inequality, productivity, labor and financial markets, fiscal policy, monetary policy, and measurement of the digital economy", it said.
As such borrowers, worldwide financial institutions, and other public and private creditors must collectively address these risks before they develop into full blown crises, Mnuchin said in his address to the Development Committee of the World Bank. China countered by targeting $50bn in U.S. exports. He said the U.S. welcomes the IMF's new initiative, the External Sector Report, which is the Fund's assessment of global currency valuations and FX rate correlations.
The discussions focused on issues related to the Chinese central bank, not trade, said the secretary. "Ensuring that trade is free, fair, and reciprocal will boost global trade and support stronger, more sustainable growth".
Under such circumstances, Tu said, Mnuchin's possible visit to Beijing can be seen as a gesture, whether successful or not, the Trump administration has to take action to prevent rising prices of consumer goods and revenue losses by a large number of US companies dependent on trade with China.
The US has resisted pressure to back off US President Donald Trump's protectionist America First trade policies.
The WTO projects global merchandise trade will expand by 4.4 percent this year, after increasing by 4.7 percent in 2017. "Finance ministers (from around the world) are gathering together".
"A breakdown in trade relations among major players could derail the recovery that we have seen in recent years, threatening the ongoing economic expansion and putting many jobs at risk", he said in a statement to the meetings.
A trip by the US Treasury secretary to China could signal a breakthrough in the spat between the world's two biggest economies, which have threatened to slap tariffs on each other.
Mei said China can conduct negotiations with the US under World Trade Organization rules, and on the other hand prepare measures to firmly fight back the unilateral and unfair trade moves if both sides failed to reach deals via talks. Moscow is seeking "clarification" on United States sanctions, Mnuchin said, without elaborating.
International Monetary Fund chief Christine Lagarde, who has been urging countries to avoid damaging protectionism, said this weekend's spring meeting had 'made progress towards dialogue'. "China welcomes this", the ministry said.
'My key concern.is to help in the process of resolving those issues before they escalate to a point where they would hamper growth and stability, ' she told reporters at the conclusion of the meeting.