BEIJING / LONDON (IT BOLTWISE) – Facing a record $1 trillion trade surplus, China is facing growing international pressure to reform its economy. Premier Li Qiang calls on global partners to avoid protectionist measures and uphold the principles of free trade.
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China is at the center of a global debate over trade practices after the country posted a $1 trillion trade surplus. That surplus, achieved through a surge in exports to markets outside the U.S., has heightened tensions with key trading partners. These call on China to undertake comprehensive economic reforms to reduce dependence on exports and promote growth through increased domestic demand.
In a speech, Premier Li Qiang appealed to the heads of the International Monetary Fund, the World Bank and the World Trade Organization to strengthen the global trade order and avoid protectionist measures. He highlighted the destructive impact of tariffs on the global economy and called for defending the principles of free trade. Analysts agree that China’s trade surplus and the country’s export focus are encouraging the increase in tariffs worldwide.
The international community, including French President Emmanuel Macron, has threatened China with tariffs to force reforms. While the US under President Donald Trump has already increased tariffs on Chinese goods, China has successfully diversified its exports. This has led to an increase in shipments to Europe, Australia and Southeast Asia, increasing competitive pressure in these regions.
Although China has announced measures to boost domestic demand, analysts remain skeptical. They see little sign that China will abandon its export-oriented economic policy. The economic challenges created by the US-China trade war could prompt other countries to also take protectionist measures to protect their own markets. The question remains whether China is ready to meet international calls for reform.
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