Global Trade Tensions Intensify, Warns Chinese Premier Li Qiang
Chinese Premier Li Qiang warned today that global trade tensions are “intensifying” due to rising protectionism and trade frictions. Speaking at the World Economic Forum’s “Summer Davos” in Tianjin, Li emphasized that the global economy is “deeply integrated and no country can grow or prosper alone,” advocating for cooperation over competition
Li’s comments were directed at the current state of global trade, which he believes is undergoing “profound changes” due to protectionist measures and tariffs imposed by countries like the US. “Protectionist measures are significantly increasing and global economic and trade frictions are intensifying,” he added
Despite these challenges, Li painted a bullish picture of China’s economy, stating it continues to grow steadily and provides strong support for global economic recovery. Beijing is aiming for around 5% growth this year, a target viewed as ambitious by many economists
To achieve this growth target, China has implemented measures to boost spending, including key interest rate cuts and initiatives to encourage homebuying. However, results have been varied, and added pressure from US tariffs threatens to hit the country’s vast manufacturing sector. Leah Fahy, China Economist at Capital Economics, expects China’s economy to continue slowing in the coming months. #Global Trade Tensions Intensify, Warns Chinese Premier Li Qiang#
Osagie Okunbor Retires as Shell Nigeria Country Chair After 39 Years of Service
