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Xi slams 'self-centred', 'closed door' trade policies

Press Trust of India  |  Qingdao (China) 

In a veiled attack on the US, Chinese Jinping today said rejects "self-centred" and "closed-door" policies and called for a non-discriminatory and rules-based multilateral trading regime.

His comments at the (SCO) summit are seen as directed towards the US with which is engaged in a fierce trade dispute.

The US, the world's largest economy, has a trade deficit of almost USD 500 billion with the world's second largest economy

said protectionism in trade should be opposed as he urged the SCO to work for upholding the authority and efficacy of the (WTO) rules and contribute in strengthening an open, inclusive and transparent trading regime.

"We should promote open and inclusive cooperation for win-win outcomes. We should reject self-centred, short-sighted and closed-door policies. We should uphold WTO rules and support the multilateral trading system so as to build an open world economy," The Chinese said.

He also announced that China would set up a 30 billion yuan (USD 4.7 billion) equivalent special lending facility within the framework of the SCO Inter-Consortium.

He said that all parties should uphold the authority and efficacy of WTO rules, strengthen an open, inclusive, transparent, non-discriminatory and rules-based multilateral trading regime, and oppose trade protectionism of any form.

China is locked in a dispute with the over trade tariff.

"We should pursue common, comprehensive, cooperative and sustainable security. We should reject the Cold War mentality and confrontation between blocs and oppose the practices of seeking absolute security of oneself at the expense of others, so as to achieve security of all," said.

The summit was attended by Narendra Modi, Russian and several other leaders of the eight-member grouping.

The SCO, which currently has eight members, represents around 42 per cent of the world's population and 20 per cent of the global GDP.

In his address, Xi also mentioned China's ambitious Belt and Road Initiative.

"All parties will continue to work in line with the principle of mutual benefit to improve regional economic cooperation arrangements, enhance the Belt and Road cooperation and complementarity of our respective development strategies, deepen cooperation in business, investment, finance, connectivity and agriculture, advance trade and investment facilitation," he said.

Xi said SCO members should respect each other's choice of development paths and accommodate each other's core interests and major concerns.

"We should enhance mutual understanding by putting ourselves in others' positions and boost harmony and unity by seeking common ground and setting aside differences," Xi said.

The Chinese President also underlined the need to strengthen the foundation for shared peace and security.

"We need to actively implement the 2019-2021 programme of cooperation for combating 'three evil forces' of terrorism, separatism and extremism," he said.

He further said the SCO will have to play a major role in to facilitate peace and reconstruction of the country.

"China offers to train 2,000 for all parties in the next three years through for SCO International Exchange and Judicial Cooperation and other platforms to enhance law enforcement capacity building," Xi added.

The US has threatened to impose 25 per cent tariffs on up to USD 150 billion in Chinese goods while China has targeted USD 50 billion in American exports.

The two countries have not yet implemented their tariff increases to reach a negotiated settlement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, June 10 2018. 19:50 IST