Xi slams protectionism at Apec summit ahead of Trump's return

China set to implement more unilateral opening-up policies, expand free trade zones

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With Donald Trump's imminent return to the US presidency looming over the Asia-Pacific Economic Cooperation (Apec) summit in Lima, Peru, Chinese President Xi Jinping said on Nov 15 that unilateralism and protectionism needed to be rejected in favour of economic globalisation.

Mr Xi's critique of protectionism at Apec offers a preview of how China will seek to position itself once Trump takes office in January.

Trump has pledged to impose tariffs on Chinese imports in excess of 60 per cent, but Beijing and Chinese companies are hoping that his protectionist policies will also irk US allies in Europe and Asia - giving China an opening to increase its global influence and improve trade ties.

In a speech read out to business executives by Chinese Commerce Minister Wang Wentao on Nov 15 at the Apec CEO Summit, Mr Xi said that economic globalisation was facing "counter-currents", without specifying any particular country or leader.

"The world has entered a new period of turmoil and change, unilateralism and protectionism are spreading, the fragmentation of the world economy has intensified," Mr Xi said.