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Hu: Opposing protectionism helps revive global economy

By Zhao Huanxin (chinadaily.com.cn)
Updated: 2009-11-13 16:50

SINGAPORE: To reverse the global economic downturn, the world must oppose protectionism of various forms, China's President Hu Jintao told Asia-Pacific business leaders Friday afternoon.

"Protectionism will not help any country move out of the crisis; it can only pose a threat to the fragile momentum of economic recovery," he said at a keynote speech at the Asia Pacific Economic Cooperation CEO Summit.

The president stressed that only with trade and investment liberalization and facilitation, can the world achieve economic recovery and growth.

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 The international financial crisis has fueled trade and investment protectionism of various cues, and developing countries, in particular, have been victimized by mounting number of unreasonable trade and investment restrictions, the president said.

China for example, has become one of the biggest victims of protectionist measures, Vice-Minister of Commerce Yi Xiaozhun said last Friday.

In the first nine months of this year, 19 economies launched 88 probes into Chinese products, involving $10.2 billion of export goods. During the period, the United States alone carried out 14 probes into Chinese products, affecting exports valued at $5.84 billion, soaring by 639 percent from a year earlier, according to sources of the Ministry of Commerce.

"We must continue to promote trade and investment liberalization and facilitation and oppose protectionism in all its manifestations," President Hu said.

Jack Ma, a delegate to the CEO summit and also chairman of Alibaba Group Holding Ltd, told China Daily that protectionism had created a vicious environment for enterprises to do business.

"So I think President Hu has spoken out the words that we in business circle have wanted to say," he said.