With Trump's return, China's Xi at APEC criticises protectionism
Donald Trump's imminent return to the US presidency looming over the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Chinese President Xi Jinping said on Friday that unilateralism and protectionism needed to be rejected in favour of economic globalisation.
Xi's critique of protectionism at APEC offers a preview of how China will seek to position itself once Trump takes office in January.
Trump has pledged to impose tariffs on Chinese imports in excess of 60% but Beijing and Chinese companies are hoping that his protectionist policies will also irk US allies in Europe and Asia — giving China an opening to increase its global influence and improve trade ties. In a speech read out to business executives by Chinese commerce minister Wang Wentao on Friday at the APEC CEO Summit, Xi said that economic globalisation was facing «countercurrents», without specifying any particular country or leader.
«The world has entered a new period of turmoil and change, unilateralism and protectionism are spreading, the fragmentation of the world economy has intensified,» Xi said. «Hindering economic cooperation under various pretexts, insisting on isolating the interdependent world, is reversing the course of history,» he added. Xi listed a series of recent measures the Chinese government has taken to attract foreign investment, including increasing the number of Chinese industries that can receive foreign investment, as well as unilateral visa exemptions to foreigners visiting China.
«China will implement more independent
