Risks of global economic downturn increasing: Chinese official

BERLIN - World economy is recovering, but the process is slow and unbalanced, China's vice finance minister Zhu Guangyao said here Friday.

"The risks of economic downturn and uncertainties are increasing," Zhu said on the sidelines of a G20 finance and central bank deputies meeting.

Monetary policy divergence among developed economies, negative growth of some major emerging economies, decline of world trade, and major geopolitical events have contributed to the slow and unbalanced recovery, according to the Chinese official.

"China is reforming its economic structure steadily and we have the confidence to maintain its stable and healthy development," Zhu said.

Germany takes over the presidency of the G20 leading economies from China on Thursday. Finance ministers and central bank governors from the G20 economies will gather twice before next year's G20 summit in Germany's Hamburg.