Chinese President Xi Jinping made a detailed pitch for globalisation, liberalised trade and shared economic growth on the Asia-Pacific Economic Cooperation’s sidelines in Peru on Friday, drawing a sharp contrast with the US as it turns increasingly inward.
While Donald Trump was not mentioned by name in the 20-minute speech delivered at the CEO summit, the American president-elect’s expected global impact was the clear subtext, as it has been throughout the week.
Trump has been the main topic of conversation at the sessions and in hallway chatter centred on his threats to impose tariffs of up to 20 per cent on all imports and 60 per cent on Chinese goods.
“The world is entering a phase of rapid transformation marked by increasing protectionism, geopolitical tensions and challenges to globalisation,” said Xi in remarks read out by Chinese Commerce Minister Wang Wentao.
“These challenges test our ability to foster economic cooperation and navigate the structural demands of growth and development.”
Despite the headwinds and setbacks, Xi argued, economic globalisation remained an unalterable trend. The Chinese leader said that to block globalisation and promote isolationism with “all sorts of excuses” would be “nothing but back-pedalling”.