Officials including Singaporean Prime Minister Lawrence Wong are among those attending this week’s gathering in the northern port city of Tianjin, known colloquially as the “Summer Davos”.
“Protectionist measures are significantly increasing and global economic and trade frictions are intensifying,“ Li added.
“In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome,“ Li added.
“China’s economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy,“ he said.
Li said this was “promoting China’s growth into a major consumption powerhouse based on the solid foundation of a major manufacturing powerhouse”.
Officials have since late last year rolled out a series of steps intended to boost spending, including key interest rate cuts and steps to encourage homebuying.
‘Me first’ approach
His comments echoed remarks the day before by President Xi Jinping to Singapore’s Wong during a meeting in Beijing in which he called for the countries to resist a “return to hegemony” and protectionism.
Wong told WEF President and CEO Borge Brende during a public discussion that governments should be cautious about “abandoning the concept of economic integration”.
Vietnamese Prime Minister Pham Minh Chinh struck a similar chord, pointing out that the United States is Vietnam’s largest export market and China its largest source of imports.
“We have a good balance but we also need to be prepared as things have gone topsy-turvy lately,“ he added.
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