China urges action against trade protectionism

Russian and Chinese presidents meet on sidelines of summit in port city Vladivostok

China urges action against trade protectionism

By Elena Teslova

MOSCOW

Chinese leader Xi Jinping on Tuesday urged joint action against the policy of trade protectionism, which restricts imports from other countries through tariffs and sanctions.

At a news conference, following his meeting with the Russian President Vladimir Putin on the sidelines of the Eastern Economic Forum in Vladivostok, Xi stated China’s intention to promote cooperation with Russia and other countries at multilateral venues, such as the UN and BRICS.

“We will work together against the unilateral approach and trade protectionism, and for the creation of a new type of international relations,” he said.

Putin said expanding the use of national currencies in bilateral deals improves the stability of banking services during export and import transactions under risky conditions on the global markets.

The interest in using national currencies was reaffirmed during a meeting with the Chinese leader, he said.

The Russian ruble suffered a significant devaluation after several rounds of U.S. and EU sanctions.

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