Three days before U.S. President Trump took office in January 2017, Chinese President Xi Jinping declared at the World Economic Forum in Davos that China was the leader and defender of globalization at a time when protectionist concerns were rising.
September 7, 2018, Beijing, China, the central business district skyline. REUTERS/Jason Lee
A few months later, President Xi unveiled a forum for China, which promised to expand China's investment and show China's soft power to the whole world. China's position in the world seems to be rising steadily.
But now, as the United States imposes tariffs, raises interest rates and capital flight from emerging markets, China's trade and investment glory fades, threatening global economic growth.
That part of the argument came to light at the annual meetings of the International Monetary Fund (IMF) and the World Bank in Bali, Indonesia.
"I think the growing perception among Western countries is that China has somehow exploited institutional holes," said Charles Dallara, a former managing director of the International Finance Association (IIF) at the meeting. "It reminds me of western countries' views on Japan in 1980s, which are very similar."
The call for amendments to Global trade rules is clearly not only from the Trump administration. Lagarde, President of the International Monetary Fund (IMF), has also proposed reforms this week.
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