China’s Li urges not to turn trade into a political or security issue

Chinese Premier Li Qiang emphasized the importance of global collaboration in trade during his speech at the World Economic Forum’s annual conference in Tianjin. Despite the current trade tensions and barriers, Li insisted that globalization is irreversible and urged countries not to politicize or securitize trade issues. He called for a collective effort to reshape the rules and order of the international economy, emphasizing the need to stay on the right path.

During his address, Li did not directly address the ongoing U.S. trade disputes or the Israel-Iran conflict. However, he made a significant point about the need for a pluralized approach to setting the global economic order. This perspective was echoed by Adam Tooze, a history professor at Columbia University, who highlighted the importance of focusing on processes rather than the entity dictating the order.

Li also referenced the recent signing of a “Convention on the Establishment of the International Organization for Mediation” in Hong Kong by more than 30 countries. He lauded this initiative as a demonstration of leveraging Eastern wisdom to resolve international disputes.

In terms of the Chinese economy, Li expressed optimism and confidence in China’s growth momentum, particularly in transitioning towards becoming a consumption powerhouse alongside its manufacturing prowess. Louise Loo, an economist at Oxford Economics, echoed this sentiment, noting that despite challenges, China’s integration into global supply chains and competitiveness in exports will continue to support economic growth.

The conference saw the presence of political leaders like Singapore’s Prime Minister Lawrence Wong, Vietnam’s Prime Minister Pham Minh Chinh, and Ecuadorian President Daniel Noboa Azín. Key industry figures, including JD.com Founder and Chairman Liu Qiangdong and TCL Founder and Chairman Li Dongsheng, were also in attendance.

In the past week, Li engaged in bilateral meetings with leaders from Singapore, Vietnam, New Zealand, Ecuador, and Kyrgyzstan, as reported by Chinese state media. The discussions likely focused on enhancing trade relations and promoting economic cooperation among the participating countries.

The call for global collaboration and adherence to the right path in trade dynamics underscores the importance of fostering a conducive environment for international economic development. As countries navigate through the complexities of the current global economic landscape, Li’s message serves as a reminder of the mutual benefits that can be achieved through collective efforts towards a more inclusive and sustainable global economy.