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IMF and World Bank officials downplayed the friction over disputed islands in the East China Sea, saying they were confident China and Japan, the world's second- and third-largest economies, recognize they have more to gain from cooperation than from conflict. On Friday, Japan's foreign minister, Koichiro Gemba, confirmed that the two sides had held high-level discussions in Tokyo and plan vice-ministerial level talks in a next round. Gemba did not give a timeline. In his talk, Zhou reiterated Beijing's concern over inflationary pressures that China and some other developing countries say can be worsened by monetary easing in the U.S. and Europe. Fighting inflation is his No. 1 priority, he said. In a question-and-answer session, Zhou's deputy, Yi Gang, said China plans an appropriately sized stimulus package to counter its economic slowdown. It will be "large enough to stabilize growth but not too large to cause negative impact or problems in the future," Yi said. The task is complicated by so-called quantitative easing that unleashes liquidity in global markets, spurring speculation in commodity and energy markets, he said. But Yi said the outlook for price stability was fine this year, with the consumer price index likely to fall to 2.7 percent for the year, well below the government's 4 percent target. "The key word is to ensure stability," he said.
[Associated
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