Daily Management Review

Xi Jinping: Protectionism is dangerous for the global economy


04/16/2018


Growing protectionist sentiment in the world are increasing risks and uncertainty for the global economy, Chinese President Xi Jinping said at a meeting with Klaus Schwab, the founder of the World Economic Forum (WEF) in Davos, on Monday.



Foreign and Commonwealth Office via flickr
Foreign and Commonwealth Office via flickr
"Anti-globalization ideas and protectionist sentiments are being heated in the world, this increases the risks and uncertainty in the world economy. The Fourth Industrial Revolution is in the process of continuous development, but it involves many challenges and dangers," Xi Jinping said.

The Chinese leader stressed that "at the moment there are many problems and many challenges in the world, but it is necessary to respond to them by strengthening multilateral cooperation and solving through equal dialogue."

"History has proved that closeness and secrecy ultimately lead to a deadlock, and only open cooperation can gradually open up new opportunities." Large countries in this regard undertake important and special obligations," Xi Jinping said.

He stressed that "as a major responsible country," China is ready to work with the international community within the framework of open cooperation to strive for mutually beneficial cooperation in order to bring stability and justice to the world."

Earlier, the US published a list of 1.3 thousand Chinese goods, against which import duties could be imposed as a response to China's violation of intellectual rights to American products. This way, the United States intends to overcome the multi-billion-dollar trade deficit with China. According to the calculation of the US administration, China will lose about $ 50 billion annually on these duties. The US declares that this is only the first step in the issue of countering China in the field of trade.

In response, the State Council of China decided to impose duties at a rate of 25% on 106 items of goods imported from the United States. Among the goods are soybeans, cars, airplanes, chemical products. According to the trade department, in 2017, imports from the US of this product amounted to 50 billion dollars. The timing of the introduction of trade measures will depend on when the US authorities announce the introduction of their duties on Chinese goods.

source: reuters.com






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