Advertisement
Global ImpactChina comes out swinging at ‘Summer Davos’, but talks up markets and US trade
- In this week’s issue, we look back at the World Economic Forum’s Annual Meeting of the New Champions that took place last week in the Chinese city of Dalian
5-MIN READ5-MIN
Global Impact is a weekly curated newsletter featuring a news topic originating in China with a significant macro impact for our newsreaders around the world. Sign up now!
China’s leaders reiterated their defence of its new-energy sector, criticised Western decoupling policies and hinted at the agenda for the upcoming third plenum during the World Economic Forum’s Annual Meeting of the New Champions – also known as Summer Davos – last week in Dalian.
Advertisement
In a port city on China’s northeastern coast, Premier Li Qiang used his opening remarks to refer to the United States’ “small-yard, high-fence” approach as having had a negative impact by raising costs in the global economy and sparking disputes.
The phrase has often been used to describe the Biden administration’s intent to allow most trade and economic relations with China to continue, outside a core area of restricted products, technologies and business activities.
“World economic growth is facing a predicament,” Li said during his keynote speech. “Decoupling and building a ‘small yard and high fence’ is like reversing the progress of history.”
Li said China’s new-three products – electric vehicles (EVs), solar panels and lithium batteries – are helping ease inflation worldwide.
This came before the new punitive tariffs from the European Union on Chinese EVs came into force this week, and ahead of the 100 per cent tariffs that look to be imposed by the US next month.
Advertisement
The international pressure has impeded avenues that Beijing laid down to provide new economic growth points.
Canada has also announced a 30-day public-consultation period to consider additional tariffs on Chinese-made EVs and batteries.
Select Voice
Select Speed
1.00x