China’s premier warns against "chaos and conflicts" in Asia
WORLD 30 March 2023 - 10:54
Asia must avoid “chaos and conflicts” or the region’s future will be lost, Chinese Premier Li Qiang has said.
Speaking to an international audience of political and business leaders on Thursday, Li said China can be an “anchor for world peace” and stability and will continue undertaking reforms and opening up, Al Jazeera reports.
“In this uncertain world, the certainty China offers is an anchor for world peace and development,” Li told the annual Boao Forum for Asia on China’s Hainan Island. “This is the case in the past and will remain so in the future.”
Dozens of business leaders, including Apple Chief Executive Tim Cook, HSBC Chief Executive Noel Quinn, and Blackstone founder Stephen Schwarzman, are attending the forum, which comes as China faces heated competition with the United States as well as the task of reviving the world’s second-largest economy after nearly three years of isolation under a tough “zero-COVID” policy.
Political leaders attending the event include Spanish Prime Minister Pedro Sánchez, who is due to become president of the European Union in July, and Malaysian Prime Minister Anwar Ibrahim.
IMF managing director Kristalina Georgieva also spoke on Thursday morning about the need for cooperation and solidarity to overcome problems like trade fragmentation and find solutions to “reinvigorate international trade in an equitable way and diversify supply chains.”
Despite weak economic data in the first two months of 2023, Li said China is on the path to recovery after the end of “zero COVID,” which was abruptly scrapped in December following rare mass protests.
China will continue to “seek progress while maintaining stability, consolidate and expand the momentum of economic recovery and promote the continuous overall improvement of China’s economic performance,” Li said.
China’s economy grew by just 3 percent in 2022, the weakest performance in decades with the exception of 2020, when COVID-19 upended business, travel and trade.
Li, a close confidante of Chinese President Xi Jinping who was named the No 2 official earlier this month, said China would remain committed to “reform and opening up” regardless of the “evolving” global situation.
He also said China opposed “trade protectionism” and “decoupling” – thinly veiled references to the US’s efforts to restrict China’s development in key areas such as technology through the use of sanctions and other measures.
Despite Li’s attempts to assure investors, China’s economy faces a raft of challenges, including slowing global growth, a low birth rate, a real estate crisis, and growing pushback from the US and its allies.
Those obstacles will make it a challenge to restore foreign investor confidence in China, said Nick Marro, lead analyst for global trade at the Economist Intelligence Unit.
“It’s clear that the top leadership really wants to convince the world that China is back and that China is open. Li Qiang faces an uphill battle with that messaging, however, given weak recent economic indicators, declining foreign investor optimism, concerns around China’s future domestic policy direction, and growing geopolitical concerns regarding China’s relationship with Russia, or its designs over Taiwan,” Marro told Al Jazeera. “The rhetoric doesn’t match the reality, at least not yet – and that’s going to keep many people anxious.”
“The focus on stability is reassuring, after several years of disruption, but I think a lot of investors are looking for more than that,” Marro added. “They’re looking for growth and opportunity, not more of the same cautious status quo.”
Chinese industrial profits fell by 22.9 percent year-on-year for January and February, according to government data, while the profits for foreign firms fell by 35.7 percent.
Profits for private firms and state-owned enterprises fell by 19.9 percent and 17.5 percent, respectively, over the same period.
Investment houses say China is constrained domestically by a weak property sector and exports, while consumption is recovering slower than hoped for after years of pandemic-related uncertainty.
“We don’t have good data to show for a country that has opened up so massively and this is a worry I’m sure for China,” Alicia García-Herrero, the chief economist for Asia-Pacific at Natixis, told Al Jazeera.
“I think the situation is unfortunately much worse than it was thought to be. The stock markets obviously show that the big recovery in December and early January is over,” García-Herrero said.
Caliber.Az
1
|
Phantom arms deal: How false claims aim to derail Baku-Tehran diplomacy Azerbaijan embraces "forewarned is forearmed" principle
25 July 2024 - 15:34
|
2
|
Could France’s anti-NATO rhetoric trigger domestic turmoil? Leftist Mélenchon's stance sparks historical echoes
24 July 2024 - 10:24
|
3
|
Azerbaijan: The new powerhouse of aluminium production amid global market strain "Green" era's requirement
25 July 2024 - 17:05
|
4
|
Brussels' bait and Yerevan's rush to swallow it The visa-free temptation
24 July 2024 - 09:00
|
5
|
West-backed Armenia likely to spark conflict with Azerbaijan rather than seek peace Caliber.Az reveals expert prognoses
25 July 2024 - 11:10
|
Japan addressing increasing incidents of customer harassment
Service culture under strain27 July 2024 - 03:05
Swiss spots struggle with social media-driven visitor impact
Tourism vs. nature27 July 2024 - 01:03
German chancellor tackles EU expansion, internal reform challenges
Path forward26 July 2024 - 23:03
Italian newspaper explores Azerbaijan's ancient Albanian churches
26 July 2024 - 21:08
Azerbaijani prosecutor general declares ties with Türkiye as strategic partnership
PHOTO26 July 2024 - 20:55
Azerbaijan, Italy strengthening military relations
PHOTO26 July 2024 - 20:42
China demands withdrawal of US nuclear weapons from Europe
26 July 2024 - 20:29
Pentagon concedes to spreading anti-Sinovac propaganda in Philippines
26 July 2024 - 20:16
COP29 presidency team hosts events to tackle key climate agenda issues
26 July 2024 - 20:03
Israel targets Türkiye’s TRT Haber team covering Al-Aqsa mosque incident
26 July 2024 - 19:51
COP20 president: Azerbaijan should lead with ambition at COP29
26 July 2024 - 19:38
Turkish defence minister, Azerbaijani ambassador discuss strengthening military ties
26 July 2024 - 19:25
FBI seeking to interview Trump as part of assassination attempt investigation
26 July 2024 - 19:12
US presidential candidate cites potential path to victory with Biden out of race
26 July 2024 - 18:58
Turkish MP confirms plans for official Azerbaijani school in Istanbul
26 July 2024 - 18:44
US vice president’s call for peace in Gaza sparks controversy with Israel
26 July 2024 - 18:30
FM: Italy to appoint ambassador to Syria after 10 years
26 July 2024 - 18:17
Head of Georgian Parliament blames opposition for compromising national safety
Aid to Ukraine at Georgia’s expense26 July 2024 - 18:03
South Caucasus on edge: West fuels Armenia's war drums
Yerevan clings to deceitful rhetoric26 July 2024 - 18:02
Media: Iran arms Hezbollah with advanced weapons
26 July 2024 - 17:49
Bolsonaro intends to run for Brazilian presidency in 2026, citing confidence in winning
26 July 2024 - 17:36
Armenian PM visits modernised Margara checkpoint on Turkish border
VIDEO26 July 2024 - 17:22
Boeing considers to convert its top fighter into an electronic warfare jet
Caliber.Az on YouTube26 July 2024 - 17:17
Belarus ready to expand cooperation with North Korea
26 July 2024 - 17:09
EU appoints new special representative for South Caucasus
26 July 2024 - 17:01
Azerbaijani-Chinese partnership defies "first among equals" attitudes
Rising above geopolitical cynicism26 July 2024 - 16:55
Armenia's militarization: A "peace agenda" with an armed approach
Yerevan must revisit recent historical lessons26 July 2024 - 16:42
Azerbaijan approves cooperation pacts with Türkiye, Kazakhstan
26 July 2024 - 16:33
Media: US informs Iran of readiness to return to nuclear deal
26 July 2024 - 16:29
Turkish forces take down PKK terrorists in coordinated Iraq and Syria raids
VIDEO26 July 2024 - 16:16
Israeli air strikes hit Hezbollah outposts in response to rocket fire
26 July 2024 - 16:03
Kremlin spox: EU ridicules Orban over Moscow visit
26 July 2024 - 15:51
Armenian parliamentary delegation visits Georgia to strengthen bilateral ties
26 July 2024 - 15:38
Washington talks peace while arming Yerevan
26 July 2024 - 15:38
Travellers from 13 nations explore rebuilding of Karabakh, East Zangazur
PHOTO26 July 2024 - 15:25
European Commission transfers €1.5 billion from frozen Russian assets to aid Ukraine's defence
26 July 2024 - 15:25
Trump says US to destroy Iran in case of his assassination
26 July 2024 - 15:12
Kremlin declares dialogue with West futile amid hostility toward Russia
26 July 2024 - 14:59
Somalia, Azerbaijan share common positions on many international forums
Minister’s statement26 July 2024 - 14:46
Azerbaijan promoting tourism potential in India
PHOTO26 July 2024 - 14:33