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China's Xi Jinping slams 'winner-takes-all' approach to trade

Chinese leader Xi Jinping has taken a veiled swipe at US President Donald Trump the day before the US midter...

Posted: Nov 12, 2018 10:32 AM
Updated: Nov 12, 2018 10:32 AM

Chinese leader Xi Jinping has taken a veiled swipe at US President Donald Trump the day before the US midterm elections, denouncing a "winner-takes-all" attitude to international trade.

Xi made the remarks during a speech Monday at the opening of the inaugural China International Import Expo in Shanghai, an event designed to demonstrate the country's importance as a destination for foreign goods.

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Despite the prominence of the event for China, no senior US government officials attended, further underscoring the strained relationship between the two countries.

Although he never mentioned Trump or the United States by name during his speech, Xi said there was no room for protectionism in international trade.

"Today, with the deepening of economic globalization, 'law of the jungle' and 'winner-takes-all' are a dead end," he said.

"A global economy is an irreversible trend and won't change because of one person," the Chinese leader told delegates. "Every country should fight against protectionism and build an open economy."

Xi's presence was intended to show the importance Beijing is placing on the trade fair, which was attended by more than 3,600 companies from over 150 countries, according to state-run broadcaster CGTN.

Xi and Trump are expected to meet one-on-one at a G20 summit in Argentina in late November to address the trade tensions. The two leaders spoke for the first time in months on Thursday in a phone call that Trump described as "long and very good."

The call raised hopes among investors that the two governments could be moving toward a ceasefire in the trade war after months of escalation.

But there remain many unanswered questions about how Beijing can appease US complaints over unfair trade practices and technology theft, which other major economies like the European Union have also raised.

Speaking to CNBC on Friday, top White House economic adviser Larry Kudlow said the two countries were "not on the cusp of a deal."

During his speech, Xi promised to open the Chinese economy further to international investment, as well as protecting foreign businesses already in operating in the country.

"China will remain a strong advocate of openness at the global level, and will continue to act as a stable engine of global growth, a big market with enormous opportunities, and an active supporter of global governance reform," he said.

While China has gradually opened parts of its economy to foreign companies over the years, governments and industry groups from other countries have repeatedly complained about the slow pace of change as well as other difficulties, such as unequal treatment by regulators.

Xi's comments came during the final stretch of the campaign for the US midterm elections, in which Trump's Republican Party could lose control of the House of Representatives to the Democrats.

Experts say China shouldn't expect a significant change in trade policy if the Democrats do make inroads in Congress, where the Republicans currently control both the House and the Senate.

"I don't think Beijing understands just how popular in DC a tougher line on China is," Isaac Stone Fish, senior fellow at the Asia Society, told CNN.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 343505

Reported Deaths: 7543
CountyCasesDeaths
Hinds23932444
DeSoto23229283
Harrison20527329
Rankin15411291
Jackson15232252
Madison10959227
Lee10719179
Jones9047169
Forrest8723159
Lauderdale7884244
Lowndes7054151
Lamar702989
Lafayette6548124
Washington5595139
Pearl River5196152
Bolivar4954134
Oktibbeha494398
Panola4771112
Warren4728128
Marshall4701106
Pontotoc447773
Union433279
Monroe4330137
Neshoba4281181
Hancock428088
Lincoln4176116
Pike3667113
Leflore3627125
Tate353388
Alcorn350974
Sunflower347694
Scott341176
Adams340988
Yazoo339376
Copiah324968
Simpson322891
Itawamba314680
Coahoma314085
Tippah306568
Prentiss298863
Covington293484
Leake285475
Marion284181
Wayne277543
George272251
Grenada269488
Newton262364
Tishomingo239770
Winston236784
Jasper230648
Stone229637
Attala226373
Chickasaw219060
Holmes200174
Clay197654
Clarke186880
Tallahatchie183742
Calhoun181332
Smith179235
Yalobusha171540
Walthall145748
Lawrence142826
Greene140134
Amite137543
Noxubee135235
Perry133538
Montgomery133044
Carroll126431
Webster121232
Jefferson Davis116734
Tunica114227
Benton106725
Claiborne105331
Kemper102429
Humphreys100133
Franklin87923
Quitman84719
Choctaw82619
Wilkinson78032
Jefferson71328
Sharkey51618
Issaquena1736
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Alabama Coronavirus Cases

Cases: 577463

Reported Deaths: 11510
CountyCasesDeaths
Jefferson841981589
Mobile47171860
Madison37047533
Tuscaloosa26915465
Shelby26873256
Montgomery25918625
Baldwin24499328
Lee16949181
Calhoun15252332
Morgan15017290
Etowah14778370
Marshall12933235
Houston11774292
Elmore10761217
St. Clair10617252
Limestone10574158
Cullman10363205
Lauderdale10083254
DeKalb9382191
Talladega8836188
Walker7681287
Autauga7479114
Jackson7317117
Blount7266139
Colbert6635142
Coffee6163132
Dale5453117
Russell470642
Chilton4682117
Covington4649125
Franklin450081
Tallapoosa4440156
Escambia427882
Chambers3898125
Dallas3717163
Clarke367763
Marion3427106
Pike327879
Lawrence3225101
Winston294973
Bibb284565
Geneva276383
Marengo259967
Barbour246261
Pickens240062
Butler238272
Hale232778
Fayette225264
Henry209245
Monroe197241
Randolph196744
Cherokee196348
Washington180139
Macon168752
Crenshaw165558
Clay163759
Cleburne160245
Lamar149938
Lowndes144854
Wilcox130531
Bullock126142
Conecuh119630
Coosa116929
Perry109928
Sumter109032
Greene98736
Choctaw64325
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