GYEONGJU, South Korea: Chinese President, Xi Jinping, on Friday warned against breaking supply chains, saying their stability was essential to sustaining economic growth, reported German Press Agency (dpa).
Speaking at the Asia-Pacific Economic Cooperation (APEC) summit in the South Korean city of Gyeongju, Xi said countries should adhere to the principle of “extending, rather than breaking” supply chains, and seek new areas of shared interest while supporting open development of supply networks.
It was Xi’s first public statement after meeting the United States President, Donald Trump, a day earlier.
The two countries reached agreements on several trade issues. China agreed to resume buying US soybeans and suspended export controls on rare earths announced on October 9.
The US will cut tariffs on Chinese goods linked to the opioid fentanyl to 10 per cent, while other duties remain.
Washington also withdrew some measures against companies suspected of helping sanctioned Chinese firms circumvent US export controls.
Observers called the agreements an interim result in the ongoing trade conflict between the world’s two largest economies.
Gabriel Wildau of consultancy, Teneo, said the pause could ease fears of a return to tariffs at 100 per cent or more, which both sides threatened during the April escalation.
He added that the agreement appeared fragile, as new tensions in trade or security could prompt further measures from either side. – BERNAMA-dpa
