LIMA:Chinese President Xi Jinping Warns of Rising Protectionism at APEC Summit in Lima
Chinese President Xi Jinping cautioned on Friday that the world was entering a harmful era of “protectionism,” as he addressed an Asia-Pacific summit in Lima. His remarks came amid growing concerns about potential trade wars under incoming U.S. President Donald Trump.
Speaking ahead of his final official meeting with outgoing U.S. President Joe Biden, Xi expressed concern over “spreading unilateralism and protectionism,” according to China’s state news agency Xinhua. He also warned against the “fragmentation of the world economy” in a written speech prepared for a meeting of CEOs on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.
The summit brought together the leaders of the 21-member APEC group, representing around 60% of global GDP and more than 40% of world trade. Xi and Biden are scheduled to hold their last official talks before Trump assumes office in January, potentially setting the stage for a shift in U.S.-China relations.
APEC, established in 1989 to promote regional trade liberalization, focused its agenda on trade and investment aimed at fostering inclusive growth. However, uncertainty about Trump’s policies loomed large over the discussions, as it did for other international meetings, including the COP29 climate talks in Azerbaijan and an upcoming G20 summit in Rio de Janeiro.
Trump has hinted at a tough stance on Beijing, proposing tariffs of up to 60% on Chinese imports to address what he describes as an unfair trade imbalance.
In his prepared remarks, Xi noted that the world had entered a “new period of turbulence and transformation,” according to Xinhua. Summit host and Peruvian President Dina Boluarte also emphasized the need for enhanced economic cooperation in light of the “increased levels of uncertainty” facing the global economy.
“We need more contribution, collaboration, and understanding, and less fragmentation,” Boluarte stated during the summit’s opening session. While Xi was absent from the opening, Biden attended alongside U.S. Secretary of State Antony Blinken. Trump is expected to replace Blinken with Senator Marco Rubio, a vocal critic of China, signaling a potentially more confrontational approach to U.S.-China relations.