China’s Xi denounces ‘protectionism, isolationism and populism’

HONG KONG: Chinese President Xi Jinping Thursday lambasted “protectionism, isolationism and populism” and again vowed to open up Asia’s largest economy, as Beijing faces an escalating trade dispute with the United States. Xi told a gathering of foreign business executives that after “signs of stability and improvement in the world economy” last year, “we must also stay vigilant because ... we have seen a surge of trade protectionism, isolationism and populism”. The leaders of mining giant BHP Billiton, German carmaker Volkswagen and British conglomerate Swire were seen at the meeting according to images from Chinese state television. Trade relations between Beijing and Washington risk descending into all-out conflict, with US President Donald Trump having threatened to impose tariffs on almost all of Chinese exports to the United States. Without mentioning the Trump administration, the Chinese president condemned “Cold War mentalities and zero sum games” where exporting countries are seen as the only winners of trade exchanges. “The peace and development of the world faces more and more severe challenges,” Xi cautioned.