Venezuelan President Nicolas Maduro is travelling to China to discuss economic agreements, as the crisis-struck OPEC nation seeks to convince its key Asian financier to disburse fresh loans.
The threat of trade protectionism is the biggest concern looming over a solid upswing in the global economy, IMF managing director Christine Lagarde said. The “darkest cloud” on the economic horizon is the “determination of some to actually rock the system that has actually presided over the trade relationships that we have all undertaken and enjoyed to some extent over the last many decades”, said Lagarde.
China's parliament has endorsed Xi Jinping for a second term and appointed Wang Qishan as his vice-president. The ballot at the National People's Congress unanimously approved Mr Xi while Mr Wang received 2,969 votes in favor and only one against. Wang Qishan was previously in charge of corruption investigations in China.
China and the UK are to develop an offshore trading hub for the Yuan based in London. UK Chancellor George Osborne confirmed the agreement after meeting with Chinese vice-premier Wang Qishan in London.
China's surging inflation eased slightly in April as Beijing tightened controls to cool its overheated economy. Consumer prices climbed 5.3% over a year earlier, driven by an 11.5% jump in food costs, data showed Wednesday.
US Secretary of State Hillary Clinton pressed for greater commercial access for US businesses in China on Sunday, urging Beijing for a “level playing field”. Ms Clinton spoke to US and Chinese business executives in Shanghai, following a tour of the World Expo.