China defends free trade, tells G7 to play by global rules

Chinese President Xi Jinping reaffirmed Beijing’s commitment to upholding free trade and multilateralism during the 32nd informal meeting of leaders of the Asia-Pacific Economic Cooperation (APEC) member states held in Gyeongju, South Korea.

“We must jointly safeguard the multilateral trading system, practise genuine multilateralism, and strengthen the authority and effectiveness of the multilateral system with the World Trade Organization (WTO) playing a central role. It is necessary to make joint efforts to ensure the stability and smooth functioning of production and supply chains,” said the Chinese leader, Caliber.Az reports via Russian media.

He noted that the world is undergoing a period of unprecedented changes, and the international situation is marked by extreme instability, which also affects the countries of the Asia-Pacific region (APR). China seeks to work together with APEC members to seize favourable opportunities, pursue mutually beneficial and open policies, promote inclusive economic globalisation, and build a united Asia-Pacific community.

Xi Jinping also called for choosing the “right direction” in reforming the WTO, supporting the most-favoured-nation regime, preventing discrimination and protecting the rights and interests of developing countries, while observing international trade and economic rules.

Meanwhile, Chinese Foreign Ministry spokesperson Guo Jiakun called on the G7 to abide by international trade and economic rules during a regular press briefing on October 30, Xinhua reported. The remarks came in response to reports that the G7 countries plan to announce the creation of an alliance for mining key minerals as a countermeasure against China, which produces more than 90% of the world’s rare earth elements.

“We urge the G7 to genuinely uphold the principles of the market economy, stop undermining the international trade and economic order with so-called ‘exclusive club rules’, and work together to ensure the stable development of the global economy,” Xinhua quoted Guo Jiakun as saying.

The diplomat also noted that China is taking steps to standardise and improve its export control system, which is in line with international practice. According to him, these measures are aimed at more effectively maintaining global and regional stability, as well as fulfilling international obligations, including those related to the non-proliferation of weapons of mass destruction.

By Vugar Khalilov