At APEC, China’s Xi warns of growing ‘unilateralism’

LIMA: Chinese President Xi Jinping on Friday warned the world was entering an era of growing “unilateralism” and “protectionism,” in comments at a major Asia-Pacific trade summit in Peru.
Xi was in Lima for the Asia-Pacific Economic Cooperation (APEC) summit, and is due to hold talks with his US counterpart Joe Biden on Saturday.
“In a written speech addressing APEC CEO Summit 2024, Xi also warned of the spreading unilateralism and protectionism, and cautioned that the fragmentation of the world economy is increasing,” Chinese state news agency Xinhua reported.
In the wide-ranging speech, Xi said the world had “entered a new period of turbulence and transformation,” Xinhua reported.
In that context, he called for global industrial and supply chains to be kept “stable and smooth.”
US President-elect Donald Trump, set to take office in January, has promised a raft of protectionist trade policies, including 60 percent import tariffs targeting China, with whom he engaged in a trade war during his last term in office.
The Republican has once again signaled a confrontational approach to Beijing for his second term.
Xi said any attempts to reduce global economic interdependence was “nothing but backpedaling,” comments potentially aimed at Trump’s proposed policies on the campaign trail.
China, the world’s second-largest economy, has been reeling from headwinds on several fronts, with growth struggling to recover since the Covid-19 pandemic.
Beijing is pushing for an official national growth target this year of around five percent, a goal most economists believe it will narrowly miss.
But recent weeks have seen officials announce their most aggressive measures in years in a bid to breathe fresh life into the economy.
In Lima, Xi vowed to meet the GDP growth target, and to pursue economic liberalization policies that would “open its (China’s) door even wider to the world.”