Xi and Biden signal turbulence ahead amid fears of Trump trade wars

Chinese President Xi Jinping has warned the world was entering an era of growing "unilateralism" and "protectionism" in comments at the Asia-Pacific Economic Cooperation (APEC) summit in Peru.

"In a written speech addressing APEC CEO Summit 2024, Xi also warned of the spreading unilateralism and protectionism and cautioned that the fragmentation of the world economy is increasing," Chinese state news agency Xinhua reported on Friday in Lima.

In the wide-ranging speech, Xi said the world had "entered a new period of turbulence and transformation," Xinhua reported.

In that context, he called for global industrial and supply chains to be kept "stable and smooth."

"Hindering economic cooperation under various pretexts, insisting on isolating the interdependent world, is reversing the course of history," he added.

US President-elect Donald Trump, set to take office in January, has promised a raft of protectionist trade policies, including 60 percent import tariffs targeting China, with whom he engaged in a trade war during his last term in office.

The Republican has once again signalled a confrontational approach to Beijing for his second term.

Xi said any attempts to reduce global economic interdependence were "nothing but backpedalling," comments potentially aimed at Trump's proposed policies on the campaign trail.

Biden-Xi talks

China, the world's second-largest economy, has been reeling from headwinds on several fronts, with growth struggling to recover since the Covid-19 pandemic.

Beijing is pushing for an official national growth target this year of around five percent, a goal some economists believe it will narrowly miss.

But recent weeks have seen officials announce their most aggressive measures in years in a bid to breathe fresh life into the economy.

In Lima, Xi vowed to meet the GDP growth target, and to pursue economic liberalisation policies that would "open its (China's) door even wider to the world."

Xi is due to hold talks with his US counterpart, Joe Biden, on Saturday.

Biden, at the same summit, said the world had "reached a moment of significant political change," as he met the leaders of Japan and South Korea — key US allies in Asia.

The trilateral partnership, Biden said, was "built to last. That's my hope and expectation."

Biden's trip to the APEC summit and the G20 summit in Brazil next week has been completely overshadowed by Trump's victory over Democrat Kamala Harris in the US presidential election last week.

Trump's "America First'' agenda threatens to disrupt US alliances as it did in his first term, although the Republican's naming of China hawks in his cabinet means he may still want to rely on Seoul and Tokyo.