Chinese premier bats for unimpeded flow of supply chains, opposes decoupling

China's Prime Minister Li Qiang urged the global community on Tuesday to face the world economy's growth challenges forehead on and be more open-minded about development issues, otherwise, he warned, it will only raise the cost of global economic operations.

Speaking at the opening plenary of the 15th Annual Meeting of the New Champions, also known as the Summer Davos, in northeast China's coastal city of Dalian, Li said the world should stop focusing solely on maximizing one's interests without considering those of others.

"If countries only think about maximizing their own interests without considering that of others, and even turn back the wheel of history by decoupling and cutting off industrial and supply chains with the "small yard and high fence" policy, it will only raise the cost of global economic operations, sever economic ties between regions and intensify contradictions and disputes," state-run Xinhua News quoted Li as saying.

The meeting was attended by President Andrzej Duda of Poland and Prime Minister Pham Minh Chinh of Vietnam, as well as more than 1,600 representatives from the political, business, academic, and media communities of nearly 80 countries and regions.

According to a Chinese Foreign Ministry statement, during the meeting, Li met with World Economic Forum Executive Chairman Klaus Schwab and foreign guests, as well as representatives from the foreign business community.

The Chinese premier said the global economy lacks sufficient growth momentum due to different factors in phases, including the shock of the COVID-19 pandemic, high inflation, and a worsening debt situation.

"The right choice should be to approach development with a broader horizon and mindset," he added.