Xi Jinping Advocates for Global Cooperation Amid Economic and Territorial Tensions

On Friday, Chinese President Xi Jinping emphasized the importance of building "bridges" in the global economy as China faces economic, trade, and territorial disputes with its neighbors and trading partners worldwide.

During a conference commemorating the 70th anniversary of China's guiding principles for foreign affairs, Xi assured that China will adhere to the path of peaceful development. He also asserted that China will not seek to become a dominant power. The conference was attended by notable figures such as former Myanmar President Thein Sein and former General Secretary of the Vietnamese Communist Party Nong Duc Manh.

Why This Matters: "Facing the history of peace or war, prosperity or unity or confrontation, more than ever before, we need to carry forward the spirit and connotation of the Five Principles of Peaceful Coexistence," Xi said. The Five Principles were initially established in a 1954 agreement with India regarding their Himalayan border. However, Indian officials were noticeably absent from the front row of the audience reserved for honored guests.

Since the 1950s, the Chinese Communist Party has transformed from being unrecognized by the United Nations to leading the world’s largest diplomatic network and the second-largest economy. Beijing now seeks to be recognized as a major diplomatic player, despite accusations from other countries of economic coercion and unfair competition.

China's role in international diplomacy was highlighted last year when it brokered an unexpected détente between Iran and Saudi Arabia. Wang Yi, China’s top diplomat, stated that China would continue to play a constructive role in global hotspot issues. However, Beijing’s refusal to condemn Russia’s invasion of Ukraine and its "no-limits partnership" with Moscow complicates its diplomatic ambitions. This stance led China to skip a peace conference summit in Switzerland earlier this month.

China's trade relations with the European Union are also strained. The EU plans to impose additional tariffs on Chinese-made electric vehicles, which could escalate the tariff war that began with the U.S. imposing import duties in 2018. The EU accuses China of flooding the market with cheap EVs subsidized by the Chinese government.

"In the era of economic globalization, what we need is not to create chasms of division, but to build bridges of communication, and not raise the iron curtain of confrontation but to pave the way of cooperation," Xi said.

Despite recent tensions, China has adopted a softer tone in its international dealings. This includes releasing an Australian journalist from prison, stabilizing ties with Canberra, resuming informal nuclear talks with the U.S., and agreeing to debt restructuring deals with its creditors.

Key Takeaways:

• Xi Jinping calls for global cooperation amid economic and territorial disputes.
• China pledges to follow peaceful development, avoiding dominance over others.
• Five Principles of Peaceful Coexistence highlighted; India notably absent.
• China faces diplomatic challenges over Ukraine and its partnership with Russia.
• EU-China trade tensions rise over tariffs on Chinese electric vehicles.