There are no winners in a trade war, Xi Jinping tells Apec summit as he urges leaders to defend globalisation
- Chinese president tells summit of Asia-Pacific leaders in Papua New Guinea to chose cooperation over confrontation
- Xi defends Belt and Road Initiative from claims it is locking poorer countries into a debt trap
President Xi Jinping said China was committed to giving more market access to foreign companies as he criticised protectionism and called on the Asia-Pacific nations to protect the global trade system amid ongoing tensions with the United States.
Addressing the Asia-Pacific Economic Cooperation summit in Papua New Guinea on Saturday, Xi also defended China’s “Belt and Road Initiative”, insisting it was neither a closed club nor a debt trap.
Xi told delegates: “The world is currently going through big changes, the trend of globalisation must go forward, but unilateralism and protectionism are overshadowing economic growth.”
“Mankind will have to choose between cooperation or resistance – opening up for mutual benefits or a zero-sum game.”
To applause from the audience he also warned: “History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war will produce no winners.”
China is currently locked in a escalating trade war with the United States, but Xi did not directly mention the United States or Donald Trump in his speech.