President Xi Jinping: 'Confrontations do not produce winners'

“Trying to build barriers and sever close economic ties is against historical economic laws and trends. It is a short-term approach and is doomed to failure,” Xi told business leaders at an event on the sidelines of the APEC Summit.

Chinese President calls on countries to say no to protectionism and unilateralism. According toStraits Times,Mr. Xi appears to be taking direct aim at the “America First” policies of the Trump administration.

The United States and China are locked in a trade war that experts warn could be disastrous for the global economy. The world’s two largest economies have slapped tariffs on hundreds of billions of dollars worth of each other’s goods and show no signs of backing down. Both sides have threatened to escalate tensions if necessary.

Mr. Xi said the world should maintain the multilateral trading system with the WTO at its center, making economic globalization more open, allowing more people to participate, and creating a balance that benefits all parties.

The Chinese president also warned against a trade confrontation with the US. “History has shown that confrontations – whether in the form of a cold war, a hot war or a trade war – have never produced winners,” he said. Mr. Xi believes that there is no conflict that countries cannot resolve through negotiations, as long as the negotiations are conducted in the spirit of equality and mutual understanding.

The US-China trade war is becoming a hot topic at the APEC Summit. US President Donald Trump will not attend the event, instead, US Vice President Mike Pence will attend and deliver a speech to the leaders of APEC member economies./.