The United States should consider the spillover effect of its monetary policy, especially the timing and pace of its exit from the ultra-loose monetary policy known as quantitative easing, said a Chinese official ahead of the Group of 20 nations summit scheduled for Sept 5 to 6 in St. Petersburg, Russia.

Minimizing the negative impact on other nations as the US Federal Reserve "tapers off" QE will be high on the agenda at the summit, which will bring together the leaders of developed and developing nations.

"The United States ... must consider the spillover effect of its monetary policy, especially the timing and rhythm of its withdrawal from the ultra-loose monetary policy," Vice-Minister of Finance Zhu Guangyao said at a news conference on Tuesday in Beijing.