China's President Xi Jinping on Thursday spurned suggestions that his country might decouple or separate itself from the US and other trading partners amid tension with Washington and Europe over technology and security.
The Chinese leader spurned suggestions that his country might separate itself from the United States and other trading partners amid tension with Washington and Europe over technology and security.
The ruling Communist Party has promoted its own standards for mobile phones and other technology, which would encourage customers that adopt them to use Chinese suppliers.
Trump's participation in the Asia-Pacific Economic Cooperation (APEC) forum, which is being hosted virtually by Malaysia, will mark his first participation in the event since 2017.
"We will further reduce tariffs and institutional costs., and expand imports of high-quality products and services from all countries", Xi said in a keynote speech delivered via video at the APEC CEO Dialogues, ahead of a leaders' virtual summit on the future of worldwide cooperation on Friday. The group aims to create the biggest free trade zone the world has ever known. The meeting on Friday is due to be conducted via video conference because of the pandemic. It says little about trade in services and access for companies to operate in each other's economies, which the United States and other developed countries want.
"We will fully leverage the demand of our super-sized domestic market and the strengths of its complete industrial system and redouble efforts to turn research outcomes into real productivity", the Chinese president said. The White House is pressing the Chinese owner of video service TikTok to sell its USA operation, which American officials say is a security risk.
Xi promised to cut tariffs but gave no details.
The US turned away from multilateral bodies during Trump's tenure as he pushed his "America First" agenda, while APEC gatherings were overshadowed by US-China trade tensions.
Xi stressed that China will continue to open its markets wider and contribute to a global economic recovery.
The two-year-long trade war between China and U.S., however, is casting the shadow of uncertainty over the direction the United States will take in terms of its policies toward Beijing.
While he will he cast a more moderate presence on the global stage, analysts say he will seek deeper alliances to hem in Chinese tech - which the U.S. says provides a back door to Beijing - and trade imbalances.
The US also recently clamped restrictions on exports to Semiconductor chips to China, deepening the technology conflict between world's top two economies. "Openness enables a country to move forward, while seclusion holds it back".
Indonesian President Joko Widodo defended a controversial new jobs law that he said would improve the business climate and prop up his country's economic growth.
"Indonesia is using the momentum of this crisis to carry out extraordinary structural reforms.so that we can move quickly through these hard times".
In his opening speech to the APEC CEO Dialogues meeting, Muhyiddin said that the bloc now needed to view its traditional commitment to free and open trade "through a pair of COVID-19 lenses".