Xi Jinping Warns Against Reversing Globalization Amid U.S.-China Tensions

Chinese President Xi Jinping cautioned against any attempts to reverse globalization in his first major comments following Donald Trump’s election victory. The U.S. president-elect had threatened to impose tariffs as high as 60% on China, the world’s second-largest economy.

Xi’s Strong Message on Economic Cooperation

Chinese Commerce Minister Wang Wentao delivered a speech at the APEC CEO Summit in Lima, Peru. Xi emphasized the risks of retreating from global economic cooperation. He warned against blocking economic cooperation under various pretexts, which harms progress. Xi stated that dividing an interconnected world is a step backward in history.

Globalization Faces Rising Challenges

Xi Jinping outlined the current global economic landscape as one of turbulence and transformation. Unilateralism and protectionism are on the rise, and the fragmentation of the global economy is deepening. Economic globalization faces formidable challenges,” he added.

Xi Positions Himself as a Defender of Globalization

At the APEC and Group of 20 summits this week, Xi positioned himself as a defender of economic globalization. He adopted this stance during Trump’s first term, emphasizing global economic integration. The incoming U.S. president’s tariff threats pose a significant challenge to China’s fragile economic recovery. These threats could disrupt China’s ongoing efforts to stabilize its economy. Xi’s leadership continues to focus on maintaining global economic cooperation amidst rising tensions with the U.S.

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China’s Economic Growth Target Remains in Focus

Despite these challenges, Xi expressed “full confidence” in achieving China’s 2024 growth target of approximately 5%. Furthermore, October data indicated signs of recovery. This was primarily driven by stimulus measures to revitalize the economy. However, the economy still struggles with weak demand and deflation.

Support for Emerging Nations in Global Affairs

Xi advocated for emerging nations, especially those in the Global South, to have a larger role in global affairs. He emphasized the need to steer economic globalization in the right direction. According to Xi, this requires avoiding the outdated path of a few nations imposing hegemony. He called for a more inclusive and fair approach to global economic development. Xi’s remarks highlighted the importance of multilateralism in shaping the future of international relations.

Xi and Biden’s Final Meeting Before Trump’s Inauguration

Xi is scheduled to meet with U.S. President Joe Biden for their final face-to-face meeting before Trump takes office. Over the past year, U.S.-China relations have improved. These improvements were marked by regular high-level discussions between both nations. Earlier tensions had risen due to issues over Taiwan and the downing of a Chinese spy balloon. The face-to-face meeting marks a significant moment in diplomatic relations between the U.S. and China.

Trump’s Tough Stance on China

Trump’s administration appointed long-time critics of China, signaling a shift in foreign policy. Marco Rubio is Secretary of State. Mike Waltz was appointed National Security Adviser. This suggests a potentially tougher approach to China in the future.

Xi’s caution reflects a strong stance against protectionism, emphasizing globalization’s importance for economic stability, accordong to wsj subscription.