Experts call for Sino-US trade deal_美文_趣味英语-查字典英语网

Experts call for Sino-US trade deal

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Within days after the summit between President Xi Jinping and US President Barack Obama, experts were trying to figure a way to instill greater cooperation and power-sharing between the two countries.

Arvind Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, said he is worried that despite their economic cooperation, economic skirmishes between the rising power and existing power could undermine global financial institutions.

The best way to preserve the current global system is for the two countries to strike a great bargain, he said.

"Essentially, this means the US giving up power in existing multilateral structures and multilateral institutions. I think, in return, China's stake and incentive in preserving this open system will be reinforced," Subramanian said on Tuesday at a seminar at the Washington-based Peterson Institute for International Economics.

Subramanian said the US and Europe often talk about what China should do, but overlook what they should do themselves.

Washington should work to increase China's power and influence in financial institutions such as the IMF and the World Bank, putting Beijing on a par with the US and Europe, the former IMF economist said.

He said that Europe, which is now a debtor, has 30 percent of the voting rights and veto power at the IMF, and that's too large a stake. "If everyone has veto power, so should China," Subramanian said.