Washington and Beijing must follow up on their pledges to tackle global economic imbalances, the incoming chief of the Organisation for Economic Cooperation and Development (OECD) said today.
Mr Angel Gurria, visiting Paris, said economic growth was set to slow a little from a rate of expansion in 2005 that was the best in decades.
The main risks now were from high oil prices and imbalances, among which the ballooning US current account and trade deficits and China's rigid currency controls are the most frequently cited.
"Who is minding the shop?" said Gurria, who has been named to succeed Donald Johnston in June as secretary general of the OECD, an agency whose 30 member countries account for some 60 per cent of world GDP.
On economic prospects in general, Mr Gurria said: "It looks okay but more mediocre than last year".
The good news was that Japan now appeared to be "back in black" after years of economic stagnation, he said. The United States was doing well and Europe was "the weakest part", but confidence appeared to be rising in Germany, he said.
High oil prices might explain why a growth rate of 3 per cent was now more plausible than a rate of 5 per cent, he said.