UPDATE - China's Xi Calls For Relinquishing Protectionism, Unilateralism For Global Development

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UPDATE - China's Xi Calls for Relinquishing Protectionism, Unilateralism for Global Development

PORT MORESBY (UrduPoint News / Sputnik - 17th November, 2018) Chinese leader Xi Jinping on Saturday called for abandoning protectionism and the policy of unilateral actions and preserve multilateral trade system for global development.

"It is necessary to abandon protectionism and the policy of unilateral actions, and to preserve the multilateral trade system with the World Trade Organization lying in its basis; to make economic globalization more open, inclusive, balanced and beneficial for everyone," Xi said at the APEC Summit in Papua New Guinea.

Xi noted the importance of sharing the existing opportunities on the basis of openness and cooperation between states.

The main task of every government was to improve the life of its people, the Chinese leader emphasized.

"We need to strengthen the rules-based system of global governance if we want to reach stability and development. These rules should be determined by the international community. They should be observed by everyone and implemented without any double standards," Xi argued.

Xi continued by noting the significance for governments to understand ongoing changes in order to meet their obligations and find solutions to existing challenges.

On the contrary, creating barriers and undermining contacts between the nations was at odds with the historical trends, the Chinese leader added, noting that such short-sighted "approach contradicts the common hopes of the humankind."

"History has shown that only commitment to openness and cooperation may bring more opportunities and benefits for everyone. The one who closes his door just cuts himself from the rest of the world and loses his direction," Xi stressed.

There will be no losers in any confrontation, "be it a cold war, a hot war or a trade war," the Chinese leader argued.

There were no problems that could not be resolved through cooperation and dialogue, Xi maintained.

Xi made his statement amid a major trade row with the United States that erupted as Washington introduced duties on imports from China and Beijing retaliated by imposing its own import duties on US goods. The spat prompted China, which has repeatedly accused the United States of protectionism, to file a complaint about US trade practices with the WTO.

The two-day APEC Summit began earlier on Saturday in Papua New Guinea's capital Port Moresby.