Xi slams 'self-centred', 'closed door' trade policies

Qingdao (China): In a veiled attack on the US, Chinese President Xi Jinping on Sunday said China rejects "self-centred" and "closed-door" policies and called for a non-discriminatory and rules-based multilateral trading regime.

His comments at the Shanghai Cooperation Organisation (SCO) summit are seen as directed towards the US with which China is engaged in a fierce trade dispute.

The US, the world's largest economy, has a trade deficit of almost USD 500 billion with the world's second largest economy China.

Xi said protectionism in trade should be opposed as he urged the SCO to work for upholding the authority and efficacy of the World Trade Organization (WTO) rules and contribute in strengthening an open, inclusive and transparent trading regime.

"We should promote open and inclusive cooperation for win-win outcomes. We should reject self-centred, short-sighted and closed-door policies. We should uphold WTO rules and support the multilateral trading system so as to build an open world economy," The Chinese president said.

He also announced that China would set up a 30 billion yuan (USD 4.7 billion) equivalent special lending facility within the framework of the SCO Inter-bank Consortium.

He said that all parties should uphold the authority and efficacy of WTO rules, strengthen an open, inclusive, transparent, non-discriminatory and rules-based multilateral trading regime, and oppose trade protectionism of any form.

China is locked in a dispute with the Trump administration over trade tariff.

"We should pursue common, comprehensive, cooperative and sustainable security. We should reject the Cold War mentality and confrontation between blocs and oppose the practices of seeking absolute security of oneself at the expense of others, so as to achieve security of all," Xi said.