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CHINA PRESS: The multilateral trade system is the most effective way to contain
the risks of the global financial system and therefore must be upheld by all
countries, said Wang Yong, a professor at the central bank's Zhengzhou Training
College, in an opinion piece published by Shanghai Securities Journal on Friday.
- The weakening of the outlook for global economic growth is partly due to the
sharp rise in trade policy uncertainty over the past year, Wang said;
- Escalating trade tensions and the resulting policy uncertainty may dampen
commercial and financial market sentiment, trigger financial market turmoil and
slow investment and trade, Wang said, citing an IMF report, and added that the
increase in trade barriers will undermine global supply chains, hinder the
spread of new technologies, and ultimately lead to a decline in global
productivity and welfare.