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China’s Xi Urges Countries to Reject Protectionism

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Chinese President Xi Jinping on Monday 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 $124 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 U.S. President Donald Trump promotes “America First”.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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