The Chinese president has warned against “protectionism” which, according to him, is being practiced by the West and “destroying the global trade order” amid a trade war between his country and the US.
Xi Jinping told leaders of the world’s five major emerging economies (BRICS) on the sidelines of the G20 summit in Osaka that “protectionism and bullying” are “destroying the global trade order.”
He made the remarks ahead of an expected meeting with US President Donald Trump at the G20 summit in Japan.
“All this is destroying the global trade order,” said the Chinese president. “This also impacts common interests of our countries, overshadows the peace and stability worldwide.”
Xi was indeed reflecting remarks by other world leaders, including Russian President Vladimir Putting and Indian Prime Minister Narendra Modi, who were also attending the summit.
Putin, who was also attending the same meeting of the BRICS leaders, described the current situation in the global economy as “worrying.”
Senior officials from China and the US hold a phone conversation about bilateral trade ahead of a meeting between the leaders of the two countries.
He said that global trade was feeling the effects of “protectionism, (and) politically motivated restrictions.”
Putin further said that attempts to lower the role of the World Trade Organization (WTO) or to destroy it are counter-productive.