Cooperate to build open world economy: Xi

This article is more than 12 months old

XIAMEN: Chinese President Xi Jinping told an international summit yesterday that although the global economy had improved, risk factors had increased.

At the Dialogue of Emerging Market and Developing Countries, Mr Xi appeared to rebuke the US' recent resistance to international agreements, including the Paris climate accord.

He said emerging and developing markets had been the primary engine of global growth, and countries needed to work closely to build an open world economy.

The leaders of Brazil, Russia, India, China and South Africa (Brics) and other countries are in the Chinese city of Xiamen.

"Recently, the world economy has taken a turn for the better. International trade and investment has picked up," Mr Xi said. "At the same time, we must take note that risk and uncertainty in the world economy are also increasing."

China used the meeting to stress the need to promote trade liberalisation and an open world economy.

It also allowed China to position itself as a bulwark of globalisation in the face of US President Donald Trump's America First agenda.

"Multilateral trade negotiations make progress only with great difficulty, and the implementation of the Paris Agreement has met with resistance," Mr Xi said.

"Some countries have become more inward-looking, and their desire to participate in global development cooperation has decreased."

He also said China will contribute $500 million to a fund to help developing countries deal with challenges including famine, cliamte change and refugees. - REUTERS

TRADINGFinanceXi Jinping