China’s Li Urges Not to Turn Trade into a Political or Security Issue

Chinese Premier Li Qiang urged countries to collaborate on trade and avoid politically motivated barriers during his speech at the World Economic Forum in Tianjin. He expressed optimism about China’s economy and advocated for a shift towards increased domestic consumption. Li highlighted recent international agreements aimed at enhancing diplomatic relations and economic cooperation.

Chinese Premier Li Qiang made a compelling case for international cooperation in trade during his address at the World Economic Forum’s annual meeting in Tianjin, China. He emphasized that with increasing tariffs and trade barriers, it is crucial not to see trade through a political or security lens. “Globalization will not be reversed,” Li firmly stated, advocating for a unified approach that does not politicize trade matters.

Li articulated that engaging in the global economy offers a pathway to “reshaping the rules and order.” He urged nations to adhere to what he termed the “right” path, amid rising tensions, although he refrained from discussing specific issues such as U.S.-China trade disputes or the Israel-Iran conflict. His speech was part of a broader discussion at the annual event, often referred to as “Summer Davos.”

During his talk, Li highlighted recent progress, noting that over 30 countries recently signed a “Convention on the Establishment of the International Organization for Mediation” in Hong Kong. He described this initiative as leveraging “the wisdom of the East in resolving international disputes.” This, he argued, demonstrates a proactive approach to multilateral dialogue and conflict resolution.

Li continued to express optimism about China’s economic trajectory, asserting that the government plans to transform the country into a “mega-sized consumption powerhouse” alongside its manufacturing base. This vision underscores a shift towards enhancing domestic consumption to bolster economic growth.

Louise Loo, lead economist for China at Oxford Economics, observed Li’s confidence regarding China’s economic momentum. She noted, “We still think that there are challenges [for China] this year, but it’s not as far-fetched as we thought before.” This comment highlights the complexities of China’s economic landscape amidst ongoing global tensions.

In her assessment, Loo emphasized that while tariffs might be punitive, it remains quite challenging to fully decouple China from global supply chains. As a result, she anticipates that Chinese exports will retain their competitive edge, which is essential for sustaining growth in the region.

The conference saw attendance from several prominent global leaders, including Singapore’s Prime Minister Lawrence Wong and Vietnam’s Prime Minister Pham Minh Chinh. Local business moguls like Liu Qiangdong of JD.com and Li Dongsheng of TCL were also present. Over the past week, Li Qiang met with various leaders, including those from New Zealand, Ecuador, and Kyrgyzstan, signifying China’s commitment to strengthen its diplomatic and economic ties across the globe.

Chinese Premier Li Qiang’s remarks at the World Economic Forum underscored the necessity of global collaboration in trade and avoiding the politicization of economic issues. His optimistic outlook on China’s economy and emphasis on enhancing domestic consumption resonates with the current global economic climate. Amid escalating tariffs and tensions, Li’s call for a unified approach serves as a reminder of the complexities inherent in today’s interconnected world.

Original Source: www.nbcchicago.com

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