Chinese Prime Minister worries about “deglobalization” of the economy

Chinese power seeks to support foreign trade while Donald Trump has promised to pursue a protectionist policy upon his return to the White House.

Chinese Premier Li Qiang said on Monday, December 9, that the global economy was facing growing challenges due to a trend toward “deglobalization”during a meeting in Beijing of officials from the main multilateral financial institutions. “In the current context of slowing global economic growth, this problem is leading to increased uncertainty, profoundly disrupting the functioning of the global economy”Li Qiang said.

“Some countries are significantly increasing customs duties, erecting protective barriers and increasing trade restrictions.”

Li Qiang, Chinese Prime Minister

quoted by AFP

The number 2 of the Chinese government spoke at the opening of a summit organized in Beijing attended by the leaders of the International Monetary Fund (IMF), the World Trade Organization (WTO) and the World Bank. The discussions will focus on the importance of maintaining international cooperation to stimulate growth and on China's efforts to reform and modernize its economy, according to Chinese state media.

Chinese leaders are actively seeking to support foreign trade amid a return to the White House of Donald Trump, who has promised to increase tariffs on Chinese imports. “Since 2020, the number of discriminatory trade and investment measures have increased by more than 5 600 per year, compared to 3 000 ago”denounced the Chinese Prime Minister.