BEIJING: China’s opening up of its economy will help it cope with the trade frictions with the United States, a central bank adviser said on Tuesday, adding that China cannot go backwards on its market reforms.
But China will forge ahead with its reforms at its own pace, Liu Shijin, an adviser to the People’s Bank of China (PBOC), said at a finance forum in Beijing.
An escalating trade war with the United States is threatening to overshadow China’s plan to celebrate 40 years of economic achievements since reforms initiated by former Chinese leader Deng Xiaoping in December 1978.
China and the United States have tariffs on billions of dollars of each other’s goods, roiling financial markets and adding to fears of a slowdown in global economic growth.
Washington is demanding that Beijing improve market access and intellectual property protection for US firms, cut subsidies and narrow a record trade gap.
Chinese President Xi Jinping and US President Donald Trump are due to meet over trade at the G20 summit in Argentina at the end of November.
“The Sino-US trade frictions are still ongoing, private firms’ expectations are unstable, and some people are saying they cannot see clearly and are a bit anxious,” Liu said.
To cope with the trade frictions, China should implement a high level of opening up of its market and economy, but it will push ahead with those reforms on its own steam and “not being forced by others,” he said.
The European Union has also urged China to take “concrete” steps to further open its market to foreign firms and provide a level playing field.
EU business lobbies say reform commitments have failed to go far enough.
In recent months, China has also been accused by some Western governments for pulling other nations into a debt trap with its so-called Belt and Road initiative. China has denied the charge.
At home, struggling small businesses are worried that Beijing is more focused on supporting giant state-owned enterprises and deepening the presence of the ruling Communist Party in private firms than helping entrepreneurs tide over a period of slowing growth.
“We have achieved great success in building a market economy after 40 years, but it’s still imperfect. China’s market economy is still at low level and imperfect,” Liu said.
But China will persist with its reforms, allowing the market to play a decisive role in allocating resources, he said.
China’s economic opening-up to help offset US trade friction
China’s economic opening-up to help offset US trade friction
- China and the United States have tariffs on billions of dollars of each other’s goods
- Chinese President Xi Jinping and US President Donald Trump are due to meet over trade at the G20 summit in Argentina
Saudi energy minister holds series of high-level meetings to cement collaborations
RIYADH: Saudi Arabia’s Minister of Energy held a series of strategic meetings in Riyadh with senior ministers from various counties, in a diplomatic push to bolster international energy collaboration.
Officials from Greece, Brazil, and Morocco were among those to meet with Prince Abdulaziz bin Salman, as well as representatives from Libya and Pakistan.
The discussions centered on expanding cooperation across a wide spectrum of energy sectors, from traditional hydrocarbons to cutting-edge clean technologies, according to the Saudi Press Agency.
The engagements underscored Saudi Arabia’s proactive role in shaping the global energy transition through bilateral partnerships. A consistent theme across the talks was the dual focus on securing energy supplies and advancing climate-related solutions, including renewable power, clean hydrogen, and carbon management.
Deepening European and South American ties
Prince Abdulaziz bin Salman met with Greece’s Minister of Environment and Energy, Stavros Papastavrou. Building upon a previously signed Memorandum of Understanding, the two officials explored avenues for joint cooperation in oil and gas, electricity, and renewables, as well as other related sectors.
In a separate meeting with Brazil’s Minister of Mines and Energy, Alexandre Silveira, the parties discussed prospects for collaboration across various energy domains. They reviewed means to enhance coordination, particularly in electricity, renewables, oil and gas, and the exchange of technical expertise.
Signing a program with Morocco
A key outcome emerged from the meeting with Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali. Following their discussions on mutual interests, investment opportunities in renewables, and energy efficiency, the two sides signed an executive cooperation program.
This program, falling under an MoU signed in May 2022, aims to concretize the energy partnership. Its goals are boosting mutual investments in renewable projects and enabling national companies to collaborate on renewable energy projects.
It also encompasses using renewables in development projects, establishing joint research and development centers, and facilitating training and knowledge transfer.
Strengthening regional and Islamic cooperation
Prince Abdulaziz also conferred with Libya’s Minister of Oil and Gas, Khalifa Rajab Abdulsadek. Their meeting focused on energy cooperation, including energy technologies and solutions, as well as enhancing investment opportunities in renewables and energy efficiency.
Discussions with Pakistan’s Minister of Petroleum, Ali Pervaiz Malik, covered shared interests in oil and its supplies, renewable energy, energy efficiency, joint investment opportunities, and the exchange of expertise in project, policy, and regulatory development.
This flurry of diplomatic activity highlights Saudi Arabia’s comprehensive energy strategy, which seeks to maintain its leadership in traditional energy markets while pursuing a stake in the future clean energy economy.
