Xi, Trump offer dueling visions for Asia’s future

Bloomberg

Chinese President Xi Jinping and US President Donald Trump laid down starkly
contrasting visions for Asia’s future, with Xi pledging a
new era of globalization propelled by his nation’s economic might as Trump offe-red America’s largess only to those who play by his rules. In back-to-back speeches to business leaders at the Asia-Pacific Economic Cooperation summit in Vietnam, Xi and Trump in effect competed for the region’s economic affections, with divergent blueprints of what the 21st Century economy should look like.
Speaking moments after Trump told the same audience the US would not seek multilateral trade deals and wanted to make the system fairer
for Americans, Xi painted
a picture of a global order
that would bring collective benefits, saying, “let more countries ride the fast train of Chinese development.”
The speeches represent contrasting pitches for leadership in a region suspicious of China’s intentions and uns-
ure about America’s staying power. Xi’s speech glossed over regional unease over China’s rising clout while pledging free trade and stability. Trump dwelled on regional flash points while critici-
zing the World Trade Organization and offering trade on America’s terms.
Trump’s speech cataloged the ills of globalization, saying too many countries had flouted the rules for years with impunity, harming American workers and US companies. “We are not going to let the United States be taken advantage of anymore,” Trump said.
Xi, on the other hand, said “the concept of globalization should pay more attention to openness and tolerance, while the direction should focus on balance.” China will “continue to build an open economy and work hard to achieve mutual benefits,” he added. “Opening up will bring progress and those who close down will inevitably lag behind.”
The comments signal a
continuation of Xi’s drive to cast himself as a champion of global free trade as the Tru-mp administration challenges China’s barriers to access for foreign companies. Earlier this year, Xi launched his push-back against protectionism in a speech to billionaires and government officials gathered at the World Economic Forum in Davos, Switzerland. Still, while Xi has spoken strongly in support of the global trading order this year there’s been little tangible evidence of Beijing following through.