Caixin Summit: China, U.S. Should Cooperate Like They Did During Global Financial Crisis, Summers Says

China and the U.S. stand to lose from a global recession and from enraging the other country, former U.S. Treasury Secretary Lawrence Summers warned at the 13th Caixin Summit on Thursday.

A situation where the world’s top two economic powerhouses are faced with “considerable economic difficulty” will result in more challenges for the remainder of the global economy — one already suffering from elevated interest rates and oil prices resulting from a rampant dollar, food shortages, along with weak exports due to sluggish growth, he said.