China won’t follow others towards more protectionism: Vice-Premier Zheng

China won't follow others towards more protectionism Vice-Premier Zheng

DAVOS: China will not stop opening up despite many others resorting to protectionism and it is wrong to blame “economic globalisation” for problems of a country, Chinese Vice Premier Han Zheng has said.

He also called for building “an inclusive and open world economy” that will “make the pie bigger” for everyone. In a special address at a plenary session here at the WEF 2020, Zheng said China will not follow others towards more protectionism. Blaming the economy’s problems on globalisation neither reflects the facts nor provides a solution, he said, while asserting that China intends to continue to work closely with multilateral institutions.

He reaffirmed China’s commitment to continued global economic integration and multilateral institutions even amid growing international tension. “Despite the protectionist and unilateral moves by some countries, China will not stop opening up. We will not follow in the footsteps of those moving in the opposite direction,” he said.

He noted that globalism is both an underlying trend and a driver of economic growth in today’s world. Economic uncertainty engenders greater friction in terms of trade and investment, but protectionism is not a good remedy, he said.

“All countries feel pressure, but to simply blame economic globalisation does not reflect the facts nor does it help solve the problem, he noted. The vice-premier also stressed the need to work with multilateral institutions such as the United Nations, the G20, the World Trade Organization and others on issues of economic development, poverty alleviation, the Sustainable Development Goals and climate change.

He also ran through a litany of recent and future policy changes designed to facilitate both imports and foreign investment. Openness is a trademark of today’s China,” he said. Han called the World Economic Forum’s 1 Trillion Trees Initiative “highly valuable” and pledged to share China’s expertise in reforestation. PTI

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