China Criticizes the Lack of a Single International Macroeconomic Approach

Ma Delun, deputy governor of People’s Bank of China (central), criticized the lack of a “single approach” in dealing with macroeconomic reforms in different countries, which he said “has a detrimental effect on inflation.”

“Policies are different or even contradictory among some countries, this adds complexity to the global economy and creates pressure on inflation globally,” Ma said in a statement released today by the official China Daily.

The deputy governor said that the consequences for China were “negative”, but refused to talk about a hypothetical increase in interest rates, which could control the pace of inflation but also prevent the growth of the second economic power.

Ma added that now “it’s time to put measures together,” and “more extreme turbulence have been leaving developed nations in a slow recovery.”

These statements appear in a time when China is struggling against a rising inflation above its forecast, which in 2010 was 3.3 percent and in 2011 is expected to exceed 4 percent set as a target by the Chinese Executive.