China defends globalization at the Boao Forum
March 27, 2017 Category Macro-economy, Weekly
“We should try to solve the economic imbalance, promote a more inclusive economic globalization and let it light every corner of the world,” Vice Premier Zhang Gaoli said at the Boao Forum for Asia, an annual summit to deliver Asian voices on global issues. China would “firmly maintain the World Trade Organization-centered multinational free trade system and push forward the early implementation of a China-ASEAN free trade zone, and the early conclusion of Regional Comprehensive Economic Partnership (RECP) talks,” Zhang said. The RECP is widely regarded as an alternative to the Trans-Pacific Partnership (TPP), which has been abandoned by U.S. President Donald Trump, and which did not include China. Trade is expected to be one of the key topics at a meeting between Trump and Chinese President Xi Jinping, expected to take place at the Mar-a-Lago estate in Palm Beach, Florida, on April 6 and 7. Zhou Xiaochuan, Governor of the People’s Bank of China (PBOC), said at the Forum that globalization was “a challenge that you can’t avoid”. Zhou said that reallocating resources to manufacturing would simply not be efficient for some countries. Instead, he called for nations to give more training to laborers who would move from one sector to another, and to focus on strengthening knowledge-based industries. Zhou said international policy coordination would take time, and that hopefully there would be clearer language on free trade and globalization at the G20 summit in July in Hamburg, the South China Morning Post reports.
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