China’s Premier Li calls for trade reform, warns unilateralism hurting global order

China’s Premier Li Qiang warned that rising protectionism and unilateral trade measures have caused severe disruptions to the global economic order, urging nations to reaffirm their commitment to mutual cooperation and free trade amid slowing global growth.

Li said the past few years have seen a surge in trade restrictions worldwide, which has made it harder to do business and harmed developing countries in particular. He said the world should “uphold equality and mutual benefit” and consolidate “the foundation of legitimate common interest.”

“Some unilateral and protectionist measures have had severe impact on the economic world order,” Li said. “It is all the more important for us to stay committed to mutual cooperation and pursue free trade when economic growth is slowing.”

Li pledged that China remains committed to openness, saying the country will “stand with all parties to foster an open and inclusive environment” and continue to expand imports, even as global market access becomes more constrained.

“This is an example of how China cares about the greater good and shoulders its responsibilities,” he said.

The premier also urged reforms to the global trade governance system, saying it was vital to make trade rules fairer, more reasonable, and transparent.

“We all know that the word ‘tariff’ has made headlines this year. This has seriously undermined international trade rules,” Li said, calling for urgent reform of global economic governance.

Invoking a traditional Chinese maxim, Li added that “a gentleman should pursue his wealth via honorable means,” saying countries should avoid “unilateral wins at the expense of others” and balance national goals with the greater global good.

Li’s comments come as trade tensions continue to weigh on global markets following a series of U.S. tariff actions and retaliatory measures that have unsettled exporters and investors across Asia.

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Li adds the more intensive and effective micro polices will be put in place to push for steady economic growth. Adds also:

• In five years the Chinese economy is expected to exceed 170 trillion yuan.
• China will promote pilot programs to open the telecoms and medical sectors.
• China will take further steps to make the country a favored destination for foreign investment.
• Foreign businesses will be ensured to feel more at ease and confident about their operations in China.