According to the International Monetary Fund, China’s trade surplus has moved to balance, the International Monetary Fund reported on Wednesday.

China’s trade surplus in 2018 was reduced to just 0,4%, compared with the Eurozone’s 2,9% surplus during the same period. In 2007, China’s trade surplus amounted to 10% of its GDP, exceeding Europe’s 6%.

The IMF called on Germany – which currently holds the biggest trade surplus in the world – to adopt a more growth-oriented fiscal policy. The IMF also called on Washington to adopt fiscal consolidation measures, introduce structural reforms, and remove newly introduced tariff barriers.

The IMF also noted that the UK’s current account deficit had deteriorated and could reach 4,2% of GDP by the end of 2019.