Deglobalization getting worse, warns Li

Premier Li Qiang warned that "deglobalization" was putting further strain on the world economy, as he welcomed the heads of multilateral financial institutions to Beijing.

"In the context of weak world economic growth currently, uncertainty ... has further increased, causing major interference to the operation of the world economy," Li told a summit attended by the top leaders of organizations, including the International Monetary Fund, the World Trade Organization and the World Bank.

He added that "the number of new discriminatory trade and investment measures globally has increased annually" since 2020. "It can be said that the trend of deglobalization is getting worse and worse," Li said.

China is battling headwinds, including a prolonged debt crisis in the property sector and high youth unemployment, while official data showed the inflation rate slowed to 0.2 percent in November in a further sign of weak demand.

The country's leaders are looking for ways to shore up foreign trade before the inauguration of US President-elect Donald Trump, who has threatened to slap tariffs on Beijing. Trump had initiated a grueling trade war with China in his first term.

Li criticized "some countries" for "imposing high tariffs at every turn and setting up protective barriers with more and more restrictions on trade."

China unveiled measures last month intended to boost trade, including an expansion of export credit insurance, strong financing support for companies and smoother cross-border trade settlements.

AGENCE FRANCE-PRESSE