Some analysts said, however, that China’s pitch as a counterbalance to a protectionist US has lost its shine.
Chinese President Xi Jinping said on Nov 15 that unilateralism and protectionism needed to be rejected in favour of economic globalisation.looming over the Asia-Pacific Economic Cooperation summit in Lima, Chinese President Xi Jinping said on Nov 15 that unilateralism and protectionism needed to be rejected in favour of economic globalisation.
In a speech read out to business executives by Chinese commerce minister Wang Wentao on Nov 15 at the Apec CEO Summit, Mr Xi said that economic globalisation was facing “countercurrents”, without specifying any particular country or leader. Mr Xi listed a series of recent measures the Chinese government has taken to attract foreign investment, including increasing the number of Chinese industries that can receive foreign investment, as well as unilateral visa exemptions to foreigners visiting China.
Dr Chong Ja Ian, a political scientist at National University of Singapore, said that unlike 2016, there were now widespread concerns in the international community about how Chinese state subsidies to industrial sectors and their resulting overcapacity negatively affect other countries’ economies.
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