China opposes protectionism by developed countries

An ad for tires on display at a tire market in Beijing. Earlier this month, China had accused the US of 'rampant protectionism' after the U.S. President ordered to impose heavy duties on imported Chinese tyres.   | Photo Credit: Elizabeth Dalziel

Opposing protectionism by developed countries, China on Monday said such practices would not help the world overcome the financial crisis, which needs greater cooperation by all global players.

China’s Assistant Minister for Foreign Affairs, Hu Zhengyue, said major economies should shoulder “greater responsibilities” in the time of the economic meltdown.

“Overcoming the global financial crisis calls for international cooperation among major economies to shoulder greater responsibilities... Trade protectionism cannot solve the issues,” Mr. Hu told a group of visiting foreign journalists here.

Earlier this month, China had accused the U.S. of “rampant protectionism” after U.S. President Barack Obama ordered to impose heavy duties on imported Chinese tyres. China also threatened reciprocal action against U.S. poultry and vehicle imports.

China said it had also approached the World Trade Organisation over the issue.

Mr. Hu said financial cooperation must be intensified among all countries to turn the world economy for better and the developed countries should not transfer responsibilities to developing countries.

“We are particularly opposed to trade protectionism,” he said, when asked to respond to the protectionist sentiments that had developed in some countries in the wake of the financial crisis.

Mr. Hu, however, said: “Relying on developed countries would not be an answer to the issue. The new emerging economies can do their own part but I am sure they should be given due responsibilities and the status they deserve according to their contribution“.

He said world leaders were trying to solve the issues with cooperation as was evident in the past summits within the G-20.

Mr. Hu also said that China was looking forward to intensify cooperation with the SAARC countries.

“Our cooperation with SAARC is a little bit behind as compared to that of ASEAN but we hope to catch up soon,” he said.

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Printable version | Nov 30, 2020 5:19:05 AM |

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