China Backs Multilateralism and Resists Protectionism, Former PBOC Governor Says
Xu Yanyan
/SOURCE : Yicai
China Backs Multilateralism and Resists Protectionism, Former PBOC Governor Says
(Yicai Global) March 26 -- China will continue to support trade multilateralm and oppose protectionm, according to Zhou Xiaochuan, who stepped down as head of the country's central bank last week. /n/n/n/n/n "Various countries are turning towards self-absorption and an introverted approach and some believe th poses the highest rk to the global economy and G20," Zhou said on the sidelines of th year's G20 Meeting of Finance Minters and Central Bank Governors in Buenos Aires. "Th view very close to ours and China very concerned about th sue as well."

The Trump admintration recently announced it will slap tariffs of 20 percent and 10 percent on steel and aluminum imported from China, pushing many G20 countries to pay close regard to the rks of trade protection policies.

A consensus arose during the financial cr that the biggest danger stemmed from financial rks flowing from the US subprime cr and Europe's sovereign debt cr, but th year the belief that trade protectionm poses the greatest threat, said Zhou, who led China's delegation to the G20 gathering.

G20 central bank governors also agreed during a recent meeting of the Bank for International Settlements to oppose trade protectionm, which they also deemed the biggest threat. All countries advocate multilateralm since addressing many sues difficult one-to-one, Zhou added.

The G20 meeting was Zhou's last public event before stepping down as governor of the People's Bank of China after 15 years. He was the bank's longest-serving chief.

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Keywords: Trade Protectionism , Free-Trade Advocate