China should ‘show strength’ and address US demands, says leading reformist Li Ruogu
- Former bank chief Li Ruogu tells Sanya forum country should start making structural economic reforms that would help bring trade war to an end
- Many have long called for China to offer business a level playing field, but Li warns some changes have not been ‘well-implemented’
A key pro-reform figure in Beijing on Saturday called for meaningful structural changes that address some demands made by the United States in the trade war, saying that making concessions would be a sign of strength.
Li Ruogu, a former chairman of the Export-Import Bank of China, said this step would be key to de-escalating the trade war between the two sides – which has now dragged on for 17 months.
“A consensus is that further reforms and opening up are needed to tackle bilateral and domestic economic problems,” he said.
The trade war has already taken its toll on the Chinese economy and financial system, and a further round of tariffs on Chinese goods are due to come into force next Sunday.
A consensus is that further reforms and opening up are needed to tackle bilateral and domestic economic problems
The US and other Western nations have long been pushing for structural reform of the Chinese economy – including steps to address what they describe as unfair competition.