XI TELLS COUN­TRIES TO RE­JECT PRO­TEC­TION­ISM

Ma­jor mul­ti­lat­eral in­sti­tu­tions urged to join US$124b pro­ject

New Straits Times - - Business - XI JIN­PING

BEI­JING March and fore­casts of seven per cent in a sur­vey by Bloomberg News.

Other fig­ures also dis­ap­pointed. April re­tail sales rose 10.7 per cent year-on-year, be­low the pre­vi­ous that can be drawn from the global fi­nan­cial cri­sis and is still very rel­e­vant to the devel­op­ment of the world econ­omy to­day,” he said.

“We need to seek win-win re­sults through greater open­ness and co­op­er­a­tion, avoid frag­men­ta­tion, re­frain from set­ting in­hibitive thresh­olds for co­op­er­a­tion or pur­su­ing ex­clu­sive ar­range­ments and re­ject pro­tec­tion­ism.”

The Belt and Road ini­tia­tive is seen as part of China’s an­swer to the Trans-Pa­cific Part­ner­ship deal, a re­gional trade pact in­volv­ing Pa­cific Rim na­tions, ex­clud­ing China.

In con­trast, Xi said China’s Belt and Road plan would be in­clu­sive and open to all.

“In a world of grow­ing in­ter­de­pen­dency and chal­lenges, no coun­try can tackle the chal­lenges, also the world’s prob­lems, on its own,” said Xi.

Lead­ers from 29 coun­tries, in­clud­ing month’s read­ing and estimates of 10.8 per cent.

Fixed-as­set in­vest­ment ex­clud­ing rural ar­eas rose 8.9 per cent in the first four months of the year, com­pared with 9.2 per cent Philip­pine Pres­i­dent Rodrigo Duterte and Ital­ian Prime Min­is­ter Paolo Gen­tiloni, as well as the heads of the United Na­tions, In­ter­na­tional Mon­e­tary Fund and World Bank, are at­tend­ing the Belt and Road fo­rum.

But some West­ern diplo­mats have ex­pressed un­ease about both the sum­mit and the plan as a whole, see­ing it as an at­tempt to pro­mote Chi­nese in­flu­ence glob­ally.

Euro­pean Com­mis­sion vice-pres­i­dent Jyrki Katainen said yes­ter­day that EU mem­ber states would not be sign­ing min­is­te­rial state­ments con­nected to the sum­mit, though he down­played the sig­nif­i­cance.

“The Euro­pean Com­mis­sion, which has a man­date, which has the ca­pac­ity to ne­go­ti­ate on be­half of mem­ber states on tradere­lated is­sues, we were not given a chance to ne­go­ti­ate on the text,” he said. Reuters

We need to im­prove pol­icy co­or­di­na­tion and re­ject beg­garthy-neigh­bour prac­tices.

in Jan­uary-March.

“All the data sends the same mes­sage: The econ­omy slowed down mean­ing­fully in April,” said Mac­quarie Se­cu­ri­ties head of China eco­nom­ics Larry Hu. AFP

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