Beijing, Nov. 19, (dpa/GNA) – Chinese president Xi Jinping said Thursday China would not pursue “decoupling” and would continue to open up to foreign businesses as he addressed Asia-Pacific leaders, days after the region approved a massive free-trade agreement.
Xi said China would not reverse its trend of integrating into the world economy.
“We will not reverse course or run against the historical trend by ‘decoupling’ or forming a small circle to keep others out,” he said in a video speech as part of the Asia-Pacific Economic Cooperation (APEC) summit, which is hosted this year by Malaysia but held virtually because of the pandemic.
Asia-Pacific countries including China, Japan and South Korea this weekend signed the world’s largest free-trade agreement, encompassing almost a third of global economic output.
China, however, is grappling with uncertainty over the direction the United States will take in terms of its policies toward Beijing under President-elect Joe Biden.
Beijing and Washington earlier this year paused a two-year-long trade war, which slowed the world economy and saw tariffs slapped on billions of dollars’ worth of imported goods.
“Mounting unilateralism, protectionism and bullying as well as backlash against economic globalization have added to risks and uncertainties in the world economy,” Xi said.
He spoke about his country’s new five-year economic plan, which is due to emphasize technological innovation, economic self-reliance and continued market openness.
The plan is set to be approved during the parliamentary session in March.
GNA