While vowing to further open up the Chinese market and its economy, Chinese President Xi Jinping has issued a stern warned against a “Cold War mentality”.
In what appears to be an effort to calm down a trade spat with the United States, Jinping made these remarks in a speech at the Boao Forum for Asia which is also identified to be Asia’s Davos.
Promises of further relaxation of the bindings on foreign investments in China, he also announced the reduction in import tariffs on cars.
But there was very little clarity when the changes would take place.
There was however no mention of the ongoing trade related tension and the tit-for-tat announcement of import tariffs on each other’s products.
However, Xi called for openness in what is being seen as a veiled jab at the America First stance taken by US President Donald Trump.
“Human society is facing a major choice to open or close, to go forward or backward,” Mr Xi said to the audience composed primarily of Chinese and international investors.
“In today’s world, the trend of peace and cooperation is moving forward and a Cold War mentality and zero-sum game thinking are outdated.
“Paying attention only to one’s own community without thinking of others can only lead into a wall. And we can only achieve win-win results by insisting on peaceful development and working together.”
There is yet no reaction to the comments from President Trump. The trump administration has been attempting to target hundreds of Chinese products with tariffs and this has created a fear of a possible trade war.
There are allegations by the U.S. that earlier promises of opening up of its economy have not been fulfilled by China. Such allegations include creating entry barriers for international companies wanting to get access to the Chinese market and forcing many of the investing foreign companies to form joint ventures to enter the market and later to hand over the intellectual property.
It is not secret that China’s President Xi Jinping wants to see himself as the champion of globalisation. This is very evident tin his recent speeches at international forums.
And there would probably be no better time than now when the trade row between U.S. and China are gaining traction and when Trump is being looked on as a conservationist in international trade.
Only dialogue can be the way forward and the zero sum mentality and the cold war mentality are not the order of the day, President Xi says.
President Xi is attempting to portray China as a forward looking economy and projecting a new face for China, by announcing measures to further open up the Chinese economy which is in sharp contract to the gusty and fiery rhetoric in President Trump’s tweets.
Other elements that Xi talked about included greater protection of intellectual property rights and enhancement of transparency.
He also said China genuinely doesn’t want a trade surplus.
(Adapted from BBC.com)