China warns of rising global instability at Beijing forum
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The news: On day one of the China Development Forum on Sunday, Chinese premier Li Qiang urged countries to combat “rising instability and uncertainty” by opening up their markets.
The context: Speaking to a group of business executives in Beijing, the country’s number two leader said that China would pursue economic globalisation despite “fragmentation,” alluding to pressure from incoming US tariffs.
"In today's increasingly fragmented world with rising instability and uncertainty, it is more necessary for countries to open up their markets and enterprises ... to resist risks and challenges," Li told foreign CEOs and Republican senator Steve Daines attending the gathering. Daines’ visit marks the first time a US politician has visited China since Trump took office in January.
CEOs including Tim Cook of Apple, Cristiano Amon of Qualcomm, Pascal Soriot of AstraZeneca, and Amin Nasser of Saudi Aramco, are attending the two day event on Sunday and Monday, and some of the business leaders are expected to meet President Xi Jinping on Friday, according to Reuters.
In his opening speech for the event, Premier Li said that "China will firmly stand on the correct side of history, that of fairness and justice, and act in a righteous manner amid the rough waters of the times.”
China is working to attract foreign investment in efforts to offset headwinds from the US tariffs, which amount to an approximate 20% hike on Chinese imports to the US. Officials from the Chinese commerce ministry have been meeting with executives from foreign entities over the past few weeks as they work to rebuild direct foreign investment which dropped off sharply during 2024.
Without elaborating on specific stimulus measures, Li said that the country will focus on combining policy intensification with stimulating market forces. "We will implement more active and promising macroeconomic policies, further intensify counter-cyclical adjustments, and introduce new incremental policies when necessary."
Li added that he hoped entrepreneurs will be "staunch defenders and promoters of globalisation... (and) resist unilateralism and protectionism."
The sources: Reuters, Agence France Presse
