Chinese Premier Li Qiang (李強) said the country is prepared for “shocks that exceed expectations” as the world braces for US President Donald Trump to announce more tariffs on its trading partners next month.
Countries should open up markets in the face of growing economic fragmentation, Li yesterday told a gathering of global business leaders and visiting US Senator Steve Daines at the start of the China Development Forum in Beijing.
“Instability and uncertainty are on the upswing,” Li said. “At this time, I think it is even more important for each of our countries to open up markets more, and for all of our businesses to share their resources more.”
Photo: AFP
Top executives including Apple Inc’s Tim Cook, Qualcomm Inc’s Cristiano Amon, Pfizer Inc’s Albert Bourla and Saudi Aramco’s Amin Nasser are attending the two-day conference. Bloomberg News earlier reported that plans were being made for corporate titans to meet Chinese President Xi Jinping (習近平) on Friday.
Daines, a member of the US Senate Foreign Relations Committee, on Saturday met with Chinese Vice Premier He Lifeng (何立峰), a rare public exchange between US and Chinese officials since Trump returned to the White House. The US senator also met Li yesterday.
The Chinese premier reiterated a central bank pledge that policymakers would cut interest rates and the reserve requirement ratio when “timely,” and vowed to offer more support when necessary to ensure the economy runs smoothly.
Li’s remarks come as China renews efforts to attract foreign businesses after inbound investment tumbled last year to its lowest in over three decades.
“We are beginning to see some re-engagement with international investors coming into China,” Standard Chartered PLC chief executive officer Bill Winters said on the sidelines of the forum. “The only thing slowing down a little bit is the consumer credit business in China, because we know the economy is a little sluggish, so that stream of activities has not been growing as fast.”
The China Development Forum started in 2000, serving as a platform for high-level dialogue between China and the world.
Most years, the keynote speech was delivered by a vice premier, and the premier would hold a closed-door meeting with executives. In a break with precedence, Li addressed the forum last year while Xi met with a number of US business chiefs after the event, as Beijing sought to counter the downbeat narrative on its economy.
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