China's central bank governor on Friday took a swipe at efforts by Western economies to trade more with allies and rely less on the world's largest goods-exporting country, saying such 'friend-shoring' attempts could prevent global supply chain tension from easing.
People's Bank of China Governor Yi Gang attends a news conference in Beijing, China March 3, 2023. REUTERS/Florence LoWASHINGTON, April 14 - China's central bank governor on Friday took a swipe at efforts by Western economies to trade more with allies and rely less on the world's largest goods-exporting country, saying such "friend-shoring" attempts could prevent global supply chain tension from easing.
"The global economy is facing increasing downward pressures," Yi Gang, governor of the People's Bank of China, said in a statement to the International Monetary Fund's steering committee. U.S. Treasury Secretary Janet Yellen has recently encouraged "friend-shoring," or the diversification of supply chains away from China to market-oriented democracies such as India.
The fragmentation of global trade has drawn warnings from international institutions including the IMF.
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