Home / International/ China’s Xi says global economy improving, urges resistance to protectionism

China’s Xi says global economy improving, urges resistance to protectionism


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 6 September 2017 00:00


Xiamen, China (Reuters): Chinese President Xi Jinping told an international summit on Tuesday that although the global economy had improved, risk factors had also increased.

Addressing the “Dialogue of Emerging Market and Developing Countries”, Xi appeared to rebuke the United States’ recent resistance to international agreements - including the Paris climate accord.

He said emerging and developing markets had been the primary engine of global growth and that such countries needed to work closely to build an open world economy.

The leaders of BRICS states and other developing countries are meeting in the southeastern Chinese city of Xiamen.

“Recently, the world economy has taken a turn for the better. International trade and investment has picked up,” Xi said. “At the same time, we must take note that risk and uncertainty in the world economy are also increasing.”

China used the meeting of the BRICS countries - Brazil, Russia, India, China and South Africa - and other developing economies to stress the need to promote trade liberalization and an open world economy.

The summit has also given China, the host, its latest chance to position itself as a bulwark of globalization in the face of U.S. President Donald Trump’s “America First” agenda.

“Multilateral trade negotiations make progress only with great difficulty and the implementation of the Paris Agreement has met with resistance,” Xi said.

“Some countries have become more inward-looking, and their desire to participate in global development cooperation has decreased.”

President Trump has called for improved terms for the United States in ongoing North American Free Trade Agreement (NAFTA) negotiations under threat of leaving the pact, and has said he will withdraw his country from the Paris climate accord.

Xi said on Tuesday that China will contribute $500 million for a South-South cooperation assistance fund to help other developing countries deal with famine, refugees, climate change and public health challenges.

The BRICS leaders are joined by observer nations Thailand, Mexico, Egypt, Guinea and Tajikistan, and officials will discuss a “BRICS Plus” plan to possibly expand the bloc to new members.

Xi said developed nations needed to provide more assistance to developing countries, while the BRICS nations and their developing country partners should oppose protectionism.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

To hang or not to hang!

Tuesday, 17 July 2018

President Maithripala Sirisena dropped a bombshell out of the blues last week, sans all ‘maître’ (loving-kindness) when he launched a coup de main on drug offenders. He threatened to use his powers to place his signature to execute the death sen


The demise of the superstar investor

Tuesday, 17 July 2018

The allure of the superstar investor can be irresistible. You know who they are – the confident, articulate individuals idolised either because of a spectacular non-consensus investment call, the size of their fortune or sometimes because they are


Disruptive economy and poverty of knowledge: Sri Lankans have a lot to learn

Monday, 16 July 2018

The poor are usually defined as those who are below a given level of income that would be insufficient to meet their basic needs. In my view, the poor – no matter whether it is an individual, family or a nation – are those who are unable to read


National prosperity through quality and productivity

Monday, 16 July 2018

I was so delighted to get involved with the national convention of the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP) with the fitting theme, “National Prosperity through World Class Quality and Productivity”.


Columnists More