Chinese premier warns of growing "deglobalisation" amid global economic strain: Video
China's Premier Li Qiang has raised alarms about the escalating trend of "deglobalisation" and its impact on the global economy.
Speaking at a summit in Beijing on Monday, December 9, Li addressed leaders from major financial institutions, including the International Monetary Fund (IMF), the World Trade Organisation (WTO), and the World Bank.
“In the context of weak world economic growth currently, uncertainty... has further increased, causing major interference to the operation of the world economy,” Li said during his opening remarks at the Diaoyutai State Guesthouse, an opulent venue in the Chinese capital.
The premier highlighted an annual increase in discriminatory trade and investment measures globally since 2020, adding, “It can be said that the deglobalisation trend is getting worse and worse.”
China’s economy faces significant challenges, including a prolonged property sector debt crisis and high youth unemployment. Official data released shortly before Li’s speech showed the nationwide inflation rate slowing to 0.2% in November, signalling weak domestic demand, as reported by the AFP.
Li’s comments also came amid preparations for the inauguration of U.S. President-elect Donald Trump, who has vowed to impose stricter trade measures on Beijing. Trump, known for launching a trade war with China during his first term, has accused the country of intellectual property theft and other unfair trade practices.
Li criticised “some countries” for their protectionist policies without directly naming Trump or the United States. He said these nations were “imposing high tariffs at every turn (and) setting up protective barriers with more and more restrictions on trade.”
Trump has promised to intensify measures against China by levying higher import tariffs from the world’s second-largest economy once he assumes office next month.
