China hails untapped Asian partnerships amid protectionism, ‘external changes’

In the face of trade protectionism and rising global uncertainties, China and the entirety of Asia can find ways to work together, one of China’s high-ranking vice-premiers said, while reiterating support for foreign investors “regardless of external changes”.

Speaking on Thursday at the Boao Forum for Asia, Ding Xuexiang, the sixth-ranked member of China’s Politburo Standing Committee, reaffirmed Beijing’s commitment to propping up the economy with more proactive macro policies and the fostering of emerging industries.

“An important lesson behind Asia’s dynamism and growth potential is its openness,” Ding said. “We should … firmly oppose trade and investment protectionism and make full use of cooperation mechanisms in regions such as East Asia and the Asia-Pacific.”

And in line with fresh legislation aimed at helping private firms collect back-owned payments, Ding again stressed the importance of further supporting private firms.

Ding’s speech came after Premier Li Qiang similarly said on Sunday that China was prepared for bigger-than-anticipated external shocks and would open up more sectors of the nation’s economy to international investors, during his opening address to the China Development Forum.

At the forum, attended by more than 80 top executives of leading foreign multinationals, Li also reiterated a vow that China would roll out new policies to ensure the smooth operation of its economy.

The Boao Forum – an annual gathering of high-level officials, academics and business executives – is being held in the southern island province of Hainan until Friday.