China's premier urges Asean, Gulf nations to remove trade barriers
Chinese Premier Li Qiang delivering his speech on May 27 at a summit with countries of Asean and the Gulf Cooperation Council. PHOTO: REUTERS
BEIJING - Chinese Premier Li Qiang on May 27 urged South-east Asian and Gulf countries to remove trade barriers and expand opening up amid rising protectionism, and said Beijing is confident it can stabilise its economy in the face of challenges.
Mr Li was speaking at a dinner event during a leaders' summit in Kuala Lumpur with countries of Asean and the Gulf Cooperation Council.
"Facing rising protectionism and unilateralism in some places of the world, we must be committed to expanding opening up and removing barriers," Mr Li said, without naming any countries.
"Economic globalisation is currently experiencing an unprecedented major impact," Mr Li said, urging the countries to uphold a multilateral trading system with the World Trade Organisation at its core.
US President Donald Trump's trade war is upending the global economy, with his administration and the Chinese government engaging in tit-for-tat tariff hikes before walking back most of the increases following negotiations.
Trade tensions with the US have fuelled concerns for China's economy, which has been reliant on an export-driven recovery amid sluggish demand and deflationary pressures at home.
Mr Li said China's economy has continued to recover and improve since the beginning of the year, and that Chinese exports have remained "resilient despite external pressure".
China's fiscal expenditure will reach a record high this year and the government is directing more policy resources towards consumption to unleash demand potential, he added. REUTERS
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