A Chinese top official urged Asian economies to find their independence in a clear blow to the US.
Asian economies need to “insist on independence and autonomy, unity and self-reliance,” a top Chinese official said on Thursday. Zhao Leji, the chairman of the National People’s Congress Standing Committee, spoke at the annual Boao Forum for Asia.
Attending the conference were several Asian heads of state, including from Kazakhstan, Sri Lanka, and Cambodia.
Zhao urged the present members to oppose taking sides in bloc confrontation, especially as world peace tethers. As usual in top Chinese speeches, Zhao did not mention directly the current conflicts in Ukraine and the Middle East.
The speech was a clear warning to China’s neighbors not to approach the United States. Over the last decade, China secured a solid presence in Central Asia with its Belt and Road Initiative. Beijing built several trillion dollars in land and sea infrastructures across the continent, often inextricably linking its economy with that of the host country.
Sri Lanka, for example, finds itself in a seemingly unbreakable default cycle because of its indebtment with Beijing.
At the same time, the United States has an established presence in the Indo-Pacific region and is trying to limit Beijing’s expansion. Notable US allies in the region include Japan, South Korea, the Philippines, and Taiwan.
Economic recovery
At the conference, Zhao also spoke about China’s 2024 economic recovery, saying the country’s imports and exports will reach $32 trillion in the following years.
Zhao is China’s third-highest official. Its speech at the Boao Conference was highly unusual, as President Xi Jinping or Prime Minister Li Qiang usually gives it.
However, both are busy this week with international meetings. Yesterday, Xi Jinping praised US-China relations at a conference with top American business leaders. His soothing tones contrasted Zhao’s speech but also reassured international observers.
Xi said US-China co-development is crucial for the future of the global economy. China is looking down at its worst real estate crisis in history and needs American imports more than ever.
In 2023, the Chinese economy fell below expectations, with exports reaching a multi-year low. Early signs of economic recovery were however felt in 2024, with exports returning to pre-COVID levels and imports rising more than expected.
Analysts and experts widely expect the Chinese government to issue measures to enhance economic recovery. The CCP already categorically refused to bail out struggling property developers, saying they should go bankrupt instead. At the same time, it maintains the 5% GDP growth goal for 2024.
