China’s Xi Jinping says Belt and Road Initiative needs to reject protectionism

Peace and Freedom

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Chinese President Xi Jinping (right) and his wife Peng Liyuan arrive for a welcome banquet for the Belt and Road Forum, on May 14, 2017. PHOTO: AFP

BEIJING (REUTERS) – Chinese President Xi Jinping on Monday (May 15) urged major multilateral institutions to join his new Belt and Road Initiative, stressing the importance of rejecting protectionism in seeking global economic growth.

Addressing other world leaders at a summit on the initiative in Beijing, Xi said it was necessary to coordinate policies with the development goals of institutions including the Asia-Pacific Economic Cooperation (APEC), ASEAN, African Union and the European Union.

Xi pledged US$124 billion (S$174.6 billion) on Sunday for his new Silk Road which aims to bolster China’s global leadership ambitions by expanding links between Asia, Africa, Europe and beyond, as US President Donald Trump promotes “America First”.

“We need to improve policy coordination and reject beggar-thy-neighbour practices,” Xi said on Monday.

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