Chinese Premier Li Qiang Warns of Intensifying Global Trade Tensions at World Economic Forum
Chinese Premier Li Qiang delivered a cautionary address at the opening ceremony of the World Economic Forum’s “Summer Davos” in Tianjin on Wednesday, highlighting the escalating global trade tensions.
Li’s remarks come at a time of significant changes in the global economy, with a clear reference to the tariffs imposed by US President Donald Trump.
“Protectionist measures are significantly increasing, and global economic and trade frictions are intensifying,” Li stated, emphasizing the interconnected nature of the global economy and the importance of collaboration for mutual success.
He advocated for cooperation over a “law of the jungle” approach, particularly in times of economic uncertainty, emphasizing that no country can thrive in isolation.
Credit: Bangladesh Sangbad Sangstha
Despite facing economic challenges such as slowing growth and weak consumer spending, Premier Li expressed optimism about China’s economy, stating that it continues to provide strong support for the global economic recovery.
China aims for a growth rate of approximately five per cent this year, with the government implementing various measures to stimulate growth, including interest rate cuts and incentives for homebuying.
Li’s speech at the World Economic Forum aimed to position China as a defender of the rules-based international trading system, which he suggested is under threat from the Trump administration.
Other leaders at the forum echoed concerns about increasing global fragmentation and conflict, with Singaporean Prime Minister Lawrence Wong emphasizing the importance of economic integration for peace and stability.
Vietnamese Prime Minister Pham Minh Chinh highlighted the need for preparedness in the face of uncertain global affairs, emphasizing the importance of a balanced foreign policy in navigating relationships with major trading partners like the United States and China.
