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China supports globalization, multilateral trade to fight downside risks

Updated: Aug 5,2016 7:01 PM     Xinhua

VIENTIANE — China firmly supports globalization and multilateral trade mechanism as a major channel to boost global economic development and opposes all forms of protectionism, Minister of Commerce Gao Hucheng said here on Aug 5.

Gao, who attended the fourth East Asia Summit (EAS) Economic Ministers’ Meeting in the Lao capital, called on all countries to enhance coordination on macro policies and join hands to combat challenges.

Despite rising voices of deglobalization amid increasing uncertainties and instabilities in the world economy, globalization is still undoubtedly an irreversible trend of this era, he said, noting that trade and investment are the two major drivers essential for boosting global economic momentum.

China has always upheld the concept of mutual benefits and win-win results and is willing to jointly work with all parties to promote the construction of the Belt and Road initiative through consultation to meet the interests of all, so as to provide new stimulus to global economic growth and regional economic cooperation.

Gao pointed out that East Asian economies are relatively more export-oriented, therefore, boosting global and regional cooperation is in line with the interests of all its members.

The minister pledged that China would like to join hands with all parties to promote economic integration in the Asia-Pacific, and China expects all free trade agreements in this region to be more open and tolerant with mutual learning and support.

China will enhance cooperation with all parties to push forward an action plan to implement the Phnom Penh Declaration on EAS Development Initiative, and China appreciates and supports Laos’ proposal on adopting the Vientiane Declaration on Promoting Infrastructure Development Cooperation in East Asia at the East Asia Summit later this year, said Gao.