Chinese premier rebuffs ‘bloc confrontation’, talks up open markets in ‘Summer Davos’ address

Premier Li Qiang had strong words for Western trade and tech restrictions in a ‘Summer Davos’ speech that also made the case for China as a business destination

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Chinese Premier Li Qiang criticised Western trade practices while praising his country’s open market during a keynote address on Tuesday. Photo: Bloomberg

Frank Chenin ShanghaiandJi Siqiin Dalian, Liaoning province

Published: 3:26pm, 25 Jun 2024Updated: 5:55pm, 3 Jul 2024

Premier Li Qiang spoke out against efforts from the West to “decouple” their economies from China and engage in “bloc confrontation”, part of a high-profile address that also served as a tenacious defence of the country’s new energy sector against accusations of overcapacity that have become prolific in recent months.

Speaking at the World Economic Forum’s (WEF) Annual Meeting of the New Champions – also known as Summer Davos – on Tuesday, Li affirmed that China’s market would remain open, Beijing would continue to optimise the country’s business environment and the annual gross domestic product growth target of around 5 per cent would be attained.

“World economic growth is facing a predicament,” warned Li during his keynote in Dalian, a port city on China’s northeastern coast. “Countries cannot only consider maximising their own interests while ignoring others.”

In a condemnation of what he described as confrontational trade practices, Li made direct reference to a phrase used by the US government to describe its own strategy towards China.

“Decoupling and building a ‘small yard and high fence’ is like reversing the progress of history,” he said.