Beijing. The trade war that the United States has launched against the development of China’s foreign trade affects not only China, but also the world economy, including the US economy, said Cai Wei, director general of the Department of Latin America and the Caribbean of the Chinese Ministry of Foreign Affairs.
Asked about the risks of US pressure on Mexico to impose more trade barriers on China – which has already materialized in an increase in tariffs on steel imports and other goods – Cai declined to comment specifically, but insisted that the new US offensive has negative effects on the economies directly involved and also on third countries.
They are fighting against the development of China’s international trade. This technological suppression is actually the opposite of the current trend of overall economic development, but it is not the end of the game.
Cai said during an awards ceremony for Latin American creators of audiovisual content.
Regardless of any interference from the United States, China sees the possibility of mutual benefit in its ties with other countries, the official said. We can better deepen and implement the Belt and Road Initiative to lead the world economy up the development ladder.
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Cai added that part of the cooperation among developing countries can be seen in the BRICS bloc (initially Brazil, Russia, India, China and South Africa), which in 2020 accounted for 31 percent of the world’s gross domestic product. With the accession of Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia, by 2023 the group would account for 35 percent of global GDP, above the G7.
The aim of cooperation among developing countries is to promote high-quality growth and to change the structure of exports, moving from manufacturing to high-tech opportunities. The goal is a inclusive international economic globalization
he added.