Chinese Premier Li Qiang warned that tensions in global trade are “intensifying” in his speech at the opening ceremony of the World Economic Forum in the northern city of Tianjin.

Officials, including Singaporean Prime Minister Lawrence Wong, are attending the meeting this week in the port city, popularly known as “Summer Davos.”

Li said the global economy is “undergoing profound changes” — a thinly veiled reference to the high tariffs imposed by US President Donald Trump, AFP reported.

“Protectionist measures are increasing significantly, and global economic and trade conflicts are intensifying. The global economy is deeply integrated, and no country can grow or prosper on its own,” Lee said.

“At a time when the global economy is facing difficulties, what we need is not the law of the jungle, where the weak fall prey to the strong, but cooperation and mutual success to achieve a win-win outcome,” he said.

Beijing's second-highest-ranking official also painted an optimistic picture of China's economy, the world's second-largest, which has been affected by slowing growth and declining consumer spending.

“China's economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy,” the premier said.

Beijing, Li said, “is stepping up its efforts to implement its strategy of expanding domestic demand.”

This “promotes China's growth as a major consumer power based on the solid foundation of a major manufacturing power,” he added. | BGNES