China communique signals support for globalisation

China communique signals support for globalisation

26/04/17

Paul Nicholson, Corporate Services Manager

The Chinese Foreign Ministry has drafted a communique for the Beijing ‘Silk Road’ summit ‘leaders’ roundtable’ on May 15, stating support for the World Trade Organization, reports Reuters.

The communique backs globalisation through “upholding the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system with the WTO at its core.”

The statement is likely to be viewed as a criticism of US President Trump’s protectionist stance over Chinese imports, as the US administration seeks to re-balance trade with ‘America First’ policies.

The Beijing summit to promote ‘One Belt, One Road’ infrastructure projects will be attended by 28 countries, although western governments are largely absent.

Some western commentators view the Beijing initiative as a pathway for Chinese state owned firms to dominate eastern trade routes, according to sources quoted by Reuters.