China’s Xi Jinping denounced Monday the “winner-takes-it-all” approach to trade employed by U.S. President Donald Trump, saying there was no room for protectionism in international trade.
He made the comments at the opening of the inaugural China International Import Expo in Shanghai, an event which aims to showcase the country’s importance as a destination for foreign goods. Although over 3,600 companies from 150 countries attended the prominent event, no U.S. official did, further underscoring the tense relations between the two nations.
Xi’s remarks were a veiled swipe at Trump, whom he never mentioned by name. “Today, with the deepening of economic globalization, ‘law of the jungle’ and ‘winner-takes-all’ are a dead end,” the Chinese leader said.
“A global economy is an irreversible trend and won’t change because of one person. Every country should fight against protectionism and build an open economy,” he went on.
The two leaders are to meet later this month at the G-20 summit in Argentina to discuss trade. On Thursday, they spoke for the first time in months in a phone call described by the U.S. president as “long and very good.”
However, the question of how China can appease U.S. complaints over unfair trade practices and technology theft remains unanswered and the two countries are far from resolving trade tensions. On Friday, top White House economic adviser Larry Kudlow said the two countries were “not on the cusp of a deal.”
Xi also noted during his speech that China will continue to protect foreign businesses already operating there and promised to further open the country’s economy to international investment.
“China will remain a strong advocate of openness at the global level, and will continue to act as a stable engine of global growth, a big market with enormous opportunities, and an active supporter of global governance reform.”
Xi’s remarks came only a day before the U.S. midterm elections in which Democrats are largely expected to retake control of the House, but experts warn that even in such a scenario the hardline stance toward Beijing is unlikely to change.
“I don’t think Beijing understands just how popular in DC a tougher line on China is,” said Issac Stone Fish, a senior fellow at the Asia Society.
Be the first to comment