China will look to coordinate its economic policies with the United States as a buffer against the turbulence and would also like the G20 group of nations to play a role in strengthening the global response, Zhu said.

But the United States needs to take a hard look at its own fiscal situation in the light of what has happened in Europe, he said.

“We hope that the U.S. deficit will fall as a proportion of GDP as the economy recovers and reach a sustainable level,” Zhu said.

This is a matter of concern for China and it has noted that U.S. officials, including President Barack Obama, have promised to keep an eye on debt levels, he said.