Summers said even if the U.S. and China sign the partial deal, 'there will still be large tensions and uncertainties' between them.
Summers said even if both sides sign the partial deal as planned, "there will still be large tensions and uncertainties" between the two countries — which would weigh on the global economy.about Chinese theft of U.S. intellectual property and forced technology transfers would take longer to resolve.Other than uncertainties on the trade front, Summers said financial strains in China and concerns in Europe also contribute to the current weakness in the global economy.
In the coming years, structural changes within the Chinese economy means the country would contribute less to global growth than it did before, according to Summers. He cited a rapidly aging population in China as one factor behind that trend. China has for years been a large contributor to global growth, but the economy is now expanding at a slower rate — which many economists said is more sustainable for the country.
"I think the next decade in China is going to be less miraculous than the last two," Summers said. "I would be surprised if China was able to be a source of strength for the global economy over the next decade in a way that ... it has been in recent decades."
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