China steps up opening up, supply chain security charm offensive in wake of Biden-Xi summit
- Following the meeting between Xi Jinping and Joe Biden, Chinese Vice-President Wang Qishan and Premier Li Keqiang spoke about China opening up further
- Li also said that China wanted to work with all countries to keep industry and supply chains stable and enhance coordination of macro economic policies
“China will keep its arms wide open, provide more market investment and growth opportunities to the world,” Wang told the Bloomberg New Economy Forum in Singapore on Wednesday.
A day earlier, following the 3½-hour meeting between Xi and his “old friend” Biden, Chinese Premier Li Keqiang had already stated that China wanted to work with all countries to keep industry and supply chains stable and enhance coordination of macro economic policies.
We may focus on commerce, trade and economy in our discussion, but we all need a peaceful environment for this to happen
“We may focus on commerce, trade and economy in our discussion, but we all need a peaceful environment for this to happen,” he told over 300 business leaders from over 40 countries as part of a “special dialogue” on Tuesday organised by the World Economic Forum.
The meeting between Xi and Biden was aimed at defusing tensions between the world’s two largest economies, while also calling for more pragmatic cooperation in the fields of trade and economy.
But there has been widespread concern among foreign business communities in China that they might face tougher challenges and a more closed economic system stemming from the country’s push for self-reliance under the so-called duel circulation strategy, a focus on national security and rising nationalism.