At the opening of the World Economic Forum’s “Summer Davos” in Tianjin, Chinese Premier Li Qiang delivered a stark warning: global trade tensions are intensifying at a pace not seen in decades.
His remarks, delivered to a packed audience of global leaders and business executives, underscored Beijing’s growing concern over the rise of protectionism and the potential unraveling of the international economic order.
A Call for Cooperation Over Confrontation
Premier Li emphasized that the global economy is undergoing “profound changes,” a veiled reference to the escalating tariff wars and economic nationalism sweeping across major economies.
“Protectionist measures are significantly increasing and global economic and trade frictions are intensifying,” he stated.
“In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome.”
His comments appeared to be a direct response to recent moves by the United States, including sweeping tariffs on Chinese on technology exports.
While not naming the U.S. directly, Li’s speech reflected Beijing’s frustration with what it sees as unilateral actions that threaten the stability of global supply chains.
China’s Economic Outlook and Strategic Shift
Despite the external pressures, Li painted a confident picture of China’s economic trajectory. He highlighted efforts to expand domestic demand and transition China into a “major consumption powerhouse,” building on its foundation as a global manufacturing leader.
“China’s economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy,” he said.
This pivot toward domestic consumption is seen as a strategic move to reduce reliance on exports, especially as trade relations with key partners remain strained. Beijing has introduced a series of stimulus measures, including interest rate cuts and incentives for homebuyers, in an effort to stabilize growth and boost consumer confidence.
A Broader Message to the World
Li’s speech also served as a broader appeal to the international community. He urged nations to resist the temptation of economic isolationism and instead embrace multilateralism.
“No country can grow or prosper alone,” he said, reiterating China’s commitment to a rules-based global trading system.
The Premier’s remarks echoed sentiments expressed by President Xi Jinping earlier in the week, who warned against a “return to hegemony” and called for unity in the face of global challenges.
Together, their messages signal China’s intent to position itself as a defender of globalization and a stabilizing force in an increasingly fragmented world economy.
Looking Ahead
As trade tensions continue to mount, the world’s second-largest economy is navigating a delicate balancing act—asserting its interests while trying to avoid further escalation.
Whether Premier Li’s call for cooperation will resonate with other global powers remains to be seen. But one thing is clear: the stakes for the global economy have rarely been higher.
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