19 May 2017

News Story: China's Xi seeks to rewrite global trade rules as US retreats

By Allison JACKSON

Chinese President Xi Jinping wants to rewrite world trade rules and cast himself as a champion of globalisation as he capitalises on a US retreat into "America First" policies, analysts say.

But not everyone is buying the rhetoric.

Xi's plan was on display this week at an international summit in Beijing to promote his signature foreign policy, the One Belt, One Road initiative that aims to revive ancient land and sea trade routes.

The meeting gave Xi a spotlight to raise his standing abroad and at home, where he faces a crucial Communist Party congress later this year.

World leaders, including Russian President Vladimir Putin, heaped praise on the idea which Xi boasted would be "a project of the century" and "unleash new driving forces for global economic growth".

Xi emerged as an unlikely capitalist hero at the World Economic Forum in Davos in January when he extolled open trade and denounced protectionism.

He now stands in stark contrast to US President Donald Trump whose pursuit of "America First" policies on trade and foreign relations has given China the chance to reshape the global and political landscape in its favour.

Read the full story at EnergyDaily