Xi Jinping: "International Cooperation Hindered by Supply Chain Issues"... A Check on the US

Chinese President Xi Jinping is speaking at the Group of Twenty (G20) summit held on the 15th (local time) in Nusa Dua, Bali, Indonesia.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] At the Group of Twenty (G20) summit, Chinese President Xi Jinping emphasized the stabilization of supply chains.

This statement is interpreted as a move to counter the actions of the United States and others who, citing the invasion of Ukraine, have imposed sanctions on Russian oil and sought to exclude China from key industrial supply chains, including semiconductors.

According to China CCTV and others on the 15th (local time), President Xi said in his speech at the G20 summit held in Bali, Indonesia, "The root cause of the current crisis is not a problem of production and demand," adding, "There are problems in the supply chain that are hindering international cooperation."

He emphasized, "We must firmly oppose the politicization, instrumentalization, and weaponization of food and energy issues," and "We must withdraw unilateral sanctions and lift restrictions on related scientific and technological cooperation."

President Xi stated, "China will firmly adhere to the path of peaceful development, deepen reforms unwaveringly, and expand opening-up," and "We will unswervingly promote the great rejuvenation of the Chinese nation through 'Chinese-style modernization'." He also added, "We must place greater importance on development than ever before," saying, "We should build a global economic recovery partnership, uphold 'development first' and 'people-centered development,' always consider the difficulties of developing countries, and address their concerns."

He expressed China's support for the African Union (AU) joining the G20 and called for debt relief for most developing countries from international financial institutions and commercial creditors. He also appealed for the continued maintenance of the multilateral trading system centered on the World Trade Organization (WTO) and actively promoting WTO reform.

Furthermore, President Xi urged advanced countries such as the United States, which have rapidly raised benchmark interest rates to curb inflation, to suppress the side effects caused by this. He said, "Advanced countries should reduce the negative spillover effects of monetary policy adjustments and stabilize debt at a sustainable level."

This content was produced with the assistance of AI translation services.