China calls for a fair and equitable global governance system
Chinese President Xi Jinping has called for the building a fair and equitable global governance system, warning against politicising economic issues that could fragment the global market.
During his speech at the recent G20 Summit in Rio de Janeiro, he said: “We should keep in mind that mankind lives in a community with a shared future, see each other’s development as opportunities rather than challenges, and view each other as partners rather than rivals.
“In light of the G20’s mandate, we could build greater international consensus in the economic, financial, trade, digital and eco-environmental fields, among others, to improve global governance and promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization,” Xi said.
The Chinese premier stressed the need to build a world economy characterized by cooperation, the need to improve global financial governance and build a world economy characterized by stability.
He said: “We should press ahead with reforming the World Trade Organisation (WTO), oppose unilateralism and protectionism, restore the normal functioning of the dispute settlement mechanism as soon as possible, include the Investment Facilitation for Development Agreement into the WTO legal framework, and reach early consensus on the e-commerce agreement.
“It is important to avoid politicising economic issues, avoid fragmenting the global market, and avoid taking protectionist moves in the name of green and low-carbon development,” he said.
The Chinese president also emphasized the need to improve global digital governance and build a world economy characterized by innovation, saying that “we should step up international governance and cooperation on artificial intelligence (AI), to make sure that AI is for good and for all, not a game of the rich countries and the wealthy”.
Xi also stressed the need to improve global ecological governance and build a world economy characterized by eco-friendliness. “China stands ready to continue to deepen international cooperation with all sides on green infrastructure, green energy, green mining and green transport, and will provide support to developing countries to the best of its ability,” he said.
China foreign trade continues to grow
China’s foreign trade will sustain steady growth for the remainder of 2024 and exporters should prepare for potential challenges, including higher tariffs, by enhancing product competitiveness and expanding sales in emerging markets, government officials said.
These steps will help address possible obstacles posed by anticipated policy shifts in certain countries, such as trade remedy measures and additional countervailing duties, they noted.
China’s foreign trade increased 5.2% year-on-year to 36.02 trillion yuan ($5.03 trillion) in the January-October period, while its exports rose 6.7% on a yearly basis to 20.8 trillion yuan, statistics released by the General Administration of Customs showed.
Lyu Daliang, director of the administration’s department of statistics and analysis, said that thanks to practical policies introduced earlier this year, China is on track to achieve its annual goal of steady foreign trade growth in terms of both quality and volume.
Zhao Ping, dean of the Academy of China Council for the Promotion of International Trade in Beijing, said that changes in global demand have created opportunities for Chinese exporters to remain competitive in the next stage.
Against the backdrop of accelerated low-carbon initiatives globally and heightened geopolitical tensions, many countries face high energy prices, and they have recorded a surge in demand for China’s electromechanical products, especially those tech-intensive green offerings, said Zhao.
Zhou Maohua, a researcher at China Everbright Bank, said the main risks facing Chinese exporters include protectionism, unilateralism and supply chain disruptions resulting from geopolitical conflicts.
“While the demand from traditional markets such as Europe and the United States is slowing and protectionist policies have caused some disruptions to China’s foreign trade, global demand — driven by many countries’ ongoing urbanization, industrialization and consumption upgrade — is still expanding,” Zhou said.
