Beijing sends an opening message to the economic elite in Davos. The Chinese vice premier, Ding Xuexiang, warned this Tuesday against an increase in trade tensions, considering that “there are no winners in a trade war” and has assured that Beijing is not seeking to obtain a surplus but rather to increase its imports.
“Protectionism leads nowhere. There are no winners in a trade war,” said the Chinese leader in his speech at the World Economic Forum. Drawing a parallel, Ding has indicated that protectionism is “like locking oneself in a dark room. Although the wind and rain are kept out, the dark room also blocks light and air.”
The Chinese vice-premier has stated that, in terms of foreign trade, Beijing “does not seek a trade surplus.” Instead, “we want to import more quality and competitive products and services to promote balanced trade,” he continued.
The leader of the Asian giant has assured that Beijing has shown its intention to increase its imports, with low tariff rates of 7.3%. He also explained that the zero-tariff policy for less developed economies only shows Beijing’s intention to expand its influence in the so-called Global South.
Ding was referring to PRC President Xi Jinping’s speech at the Davos Economic Forum before President Donald Trump’s previous term. The American’s intention, openly expressed, is to impose tariffs on imports from the Asian giant. The continuity of TikTok in the American market is also in doubt.
At a time when the world is showing fragmentation compared to the previous trend towards a globalized economy, Ding has opted to “see the opportunities to take globalization in the right direction” and to strengthen it through “cooperation inclusive”. On this basis he has urged to find a solution “that is mutually beneficial for all parties.”