China says country will pursue ‘correct’ path of globalisation as trade woes mount
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China’s Premier Li Qiang said that China will "strive to be a force for stability and certainty”.
PHOTO: AFP
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BEIJING - China’s No. 2 two leader told a gathering of business executives in Beijing on March 23 that the country would pursue economic globalisation despite “fragmentation”, a thinly veiled reference to trade turmoil sparked by US President Donald Trump.
The China Development Forum convenes after weeks that have seen Mr Trump impose multiple rounds of tariffs on goods from the country
Chinese leaders have been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.
They are also now seeking to assert the country’s role as a staunch defender of the multilateral economic system, as Mr Trump wages tariff wars with major US trading partners including China, Canada and Mexico.
“China will firmly stand on the correct side of history, that of fairness and justice, and act in a righteous manner amid the rough waters of the times,” Premier Li Qiang said.
His speech came at the opening of the annual forum, attended in 2025 by prominent business leaders, including Apple chief executive Tim Cook.
The country will “adhere to the correct direction of economic globalisation, practice true multilateralism and strive to be a force for stability and certainty”, Mr Li vowed.
And in apparent reference to renewed trade wars sparked by Mr Trump, he added: “Today, global economic fragmentation is intensifying”, while “instability and uncertainty are on the rise”.
Beijing has in recent weeks expressed an open attitude towards engaging Mr Trump for trade talks.
US Senator Steve Daines on March 22 met Mr He Lifeng, China’s vice-premier responsible for economic matters, during a visit to Beijing viewed as a bid to ease strained relations.
Mr Daines is also meeting Mr Li on March 23 for talks that are expected to involve the cross-border flow of fentanyl and the deadly drug’s precursor chemicals from China into the US.
‘Candid dialogue’
Mr Trump says his new tariffs on China are due to Beijing’s failure to stem shipments of the chemicals, which underpin a devastating drug crisis.
Beijing has insisted that it cracks down harshly on the illicit production and trade of drugs, describing the issue as one for Washington itself to solve.
During his meeting with Mr Daines, Mr He said China “firmly opposes the politicisation, weaponisation and instrumentalisation of economic and trade issues”.
The Vice-Premier added that China is willing to “engage in candid dialogue” with the US to resolve issues.
The two countries have “many common interests and broad space for cooperation”, he added.
The tariffs imposed by Mr Trump since taking office in January amount to a 20 per cent blanket hike on Chinese overseas shipments to the US.
The country’s exports reached record heights in 2024, but observers warn that turbulence in the global trading system could force Beijing to find other ways to boost activity
Data released on March 17 indicated an uneven recovery during the first two months of the year.
Retail sales charted a moderate increase from the previous January-February period, though unemployment rose to its highest level recorded in two years.
Beijing says it is targeting growth of around 5 per cent for 2025 – the same as 2024 and a goal considered ambitious by many economists. AFP
