China will pursue ‘correct’ path of globalisation as trade woes mount

China's number two leader told a gathering of business executives in Beijing on Sunday that the country would pursue economic globalisation despite “fragmentation”, a thinly veiled reference to trade turmoil sparked by US President Donald Trump.

- 

The China Development Forum convenes after weeks that have seen Trump slap multiple rounds of tariffs on goods from the country, threatening a vital lifeline as economic challenges persist.

Chinese leaders have been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

They are also now seeking to assert the country’s role as a staunch defender of the multilateral economic system, as Trump wages tariff wars with major US trading partners including China, Canada and Mexico.

“China will firmly stand on the correct side of history, that of fairness and justice, and act in a righteous manner amid the rough waters of the times,” Premier Li Giang said.

Li's speech came at the opening of the annual forum, attended this year by prominent business leaders including Apple CEO Tim Cook.

The country will “adhere to the correct direction of economic globalisation, practice true multilateralism and strive to be a force for stability and certainty”, Li vowed.

And in apparent reference to renewed trade wars sparked by Trump, he added: “today, global economic fragmentation is intensifying”, while “instability and uncertainty are on the rise”.