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Bisnis.com, JAKARTA – Chinese President Xi Jinping has implicitly condemned the practice of protectionist trade advocated by US President Donald Trump in a speech today in Shanghai.
Before the participants of the China International Import Expo, Xi said that the practice beggar-thy-neighbor will cause global stagnation. Quoting the investopedia page, this practice often refers to international trade policies beneficial to the countries that apply them, but harmful to their trading partners.
Xi also said that China would continue to promote globalization by promising to reduce import tariffs and increase domestic consumption.
"As globalization develops, the practice of jungle law and winner takes all [pemenang mendapatkan semuanya] "It does not lead to anything," said Xi, quoted by Bloomberg.
On the other hand, he continued, the actions of inclusion and reciprocity, cooperation with the same part of the mutually beneficial benefits had a broader trajectory.
Xi's speech was delivered in the middle of a trade war with US President Donald Trump and lingering doubts about China's seriousness about the pace of economic access. But in his speech, Xi promised to further open the country's market access to the world.
"The economy and international trade will succeed if every country opens up," Xi said. "Trade and the international economy will stagnate and the global economy will face difficulties in developing healthily, if each country follows the practice beggar-thy-neighbor"
China ranks 59 out of 62 countries evaluated by the Organization for Economic Co-operation and Development (OECD) in terms of openness to foreign direct investment.
Nearly half of Chinese companies surveyed in June by the European Chamber of Commerce in China said they lost business opportunities due to regulatory hurdles or restrictions on market access. They believe these barriers will increase over the next five years.
At the same time, the trade show held from 5 to 10 November brought together around 3,600 companies from 172 countries, regions and organizations. Despite this, enthusiasm did not seem great before the event.
Eighteen heads of state or government are expected, but almost all come from small countries. Of the G-20 countries, only Russia sends its head of state or government.
There are not many prominent business leaders. Although the event aims to bring together foreign companies to reach Chinese consumers, global brands ranging from Adidas to Walmart, Procter & Gamble and Uniqlo only send their emissaries to this country.
CEO of Starbucks Corp. Kevin Johnson, whose company opens new branches in China every 15 hours, would not even be present, even if he were in the same city.
About 180 US companies sent representatives, including big names such as Google Alphabet Inc., Boeing Co., Caterpillar Inc., Facebook Inc., General Motors Co., Honeywell International Inc., Microsoft Corp., Tesla Inc. and Qualcomm Inc.
Although China said Trump had expressed support for the exhibition during his phone conversation with Xi last week, the US government seemed unwilling to get involved.
A spokesman for the US Embbady said the Trump administration did not intend to send its leaders. China would need to make the necessary reforms to put an end to unfair trade practices that are detrimental to the global economy.
It is known that the Panda country is under pressure to reduce its merchandise trade surplus worth 423 billion US dollars with the world. Xi himself promised China to import from abroad goods worth $ 24 trillion US a year and a half ago.
Although Trump has raised the possibility of reaching a trade deal at its meeting with Xi, which is expected to take place in the coming weeks, the two countries still have differences over a number of trade issues.
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