Christine Lagarde,IMF Managing Director gave a speech at University of Hong Kong, days before the IMF and the World Bank Group hold their Spring Meetings. According to her, in spite of the recently economic growth -driven by stronger investment, a rebound in trade, and favourable financial conditions -there is looming uncertainty in the global economy. This is mostly due to protectionist pressure, an exacerbated focus on trade deficits and the dangers that the rules-based international trading system is facing. According to Lagarde, 'that system of rules and shared responsibility is now in danger of being torn apart. This would be an inexcusable, collective policy failure'. In the past months, trade tensions among some of the world's largest economies have risen, with national leaders and intergovernmental organisations warning against an escalation and the proliferation of unilateral trade measures