2 weeks Ago By Liz Lee
Chinese President Xi Jinping has called for stronger industrial and supply chain co-operation with Vietnam and wider collaboration in emerging fields, amid heightened trade tensions prompted by hefty US tariffs. Login or signup to continue reading Xi starts a three-nation tour of Southeast Asia this week, beginning with Vietnam on Monday and Tuesday, and Malaysia and Cambodia from Tuesday to Friday. The trip aims to consolidate economic ties with some of China's closest neighbours at a time when the world's top two economies are locked in a tariff tussle.
The visit comes as Beijing faces 145 per cent US duties and after China hiked its levies on imports of US goods to 125 per cent on Friday, hitting back at US President Donald Trump's decision to single out the world's number two economy for higher duties. Xi also urged strengthening co-ordination and co-operation through regional initiatives such as the East Asia Co-operation and the Lancang-Mekong Cooperation, the Chinese foreign ministry said, citing an article by the Chinese leader published in Vietnam media. He called such efforts necessary to "inject more stability and positive energy into a chaotic and intertwined world".
"There are no winners in trade wars and tariff wars, and protectionism has no way out," Xi said, without mentioning the US specifically. "We must firmly safeguard the multilateral trading system, maintain the stability of the global industrial and supply chains, and maintain the international environment for open co-operation," he said. Last week, China sought to get ahead of US negotiators, holding video calls with the EU and Malaysia, which is chairing ASEAN this year, as well as Saudi Arabia and South Africa, by way of reaching out to Gulf countries and the Group of 20 and BRICS nations.
In hope of avoiding punishing US tariffs, Vietnam is prepared to crack down on Chinese goods being shipped to the US via its territory and will tighten controls on sensitive exports to China, according to a person familiar with the matter and a government document seen by Reuters. In the article, Xi said China welcomes more high-quality imports from Vietnam and encourages more Chinese enterprises to invest and start businesses in the Southeast Asian country. Both countries should expand co-operation in emerging fields such as 5G, artificial intelligence and green development, the article said.
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