China says to pursue 'correct' path of globalization

BEIJING, China — China's number two leader told a gathering of business executives in Beijing on Sunday that the country would "adhere to the correct direction of economic globalization" in the face of "fragmentation".

The China Development Forum convenes amid a renewed trade war with Washington, with the return of Donald Trump to the White House threatening China's booming exports.

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

"China will firmly stand on the correct side of history, that of fairness and justice, and act in a righteous manner amid the rough waters of the times," Premier Li Qiang told the Chinese officials and global business executives.

China will "adhere to the correct direction of economic globalization, practice true multilateralism and strive to be a force for stability and certainty", he added.

The Chinese premier said that "today, global economic fragmentation is intensifying", adding that "instability and uncertainty are on the rise".

Li's speech came at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook.