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






Science & Technology

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

Apple Patents A ‘Foldable Screen’ For Creating Foldable iPhones

Research Shows Air Pollution Causing Birth Defects

Microsoft tells about operating system of the future

Study: Third of US kids wake up at night to check their smartphones

Deepfake AI Technology Used By Researchers To Bring Mona Lisa ‘To Life'

China is developing technology to capture greenhouse gases

IEA: The growth of renewable energy is slowing

World Politics

World & Politics

Iranian Foreign Minister urges other countries to abandon the dollar

The EC recommends starting penalty procedure against Italy

European Breweries To Up Their Brewing Innovation Amid Green Legislations

‘Frequent’ Shootings Causes China To Issue Travel Advisory Against US To Its Citizens

Facebook’s appeal to stop ECJ data case rejected in Irish Supreme Court

Trump: Japan to buy 105 F-35 fighters from the USA

Theresa May to resign on June 7

The Earth Is ‘Not On Track’ To Tackle Global Warming: The U.N. Secretary General