Xi Jinping highlights the need to reduce Supply Chain risks
Chinese President Xi Jinping called on nations of the world to secure global supply chains and prevent inflation shocks as he prepares for his third term in office. He is part of a growing pool of visionary world leaders sounding the rally cry.
“We need to resolve various risks and promote the steady recovery of the world economy,” Mr Xi said at the World Economic Forum via video link, the third time the Chinese leader has addressed the event.
“The global industrial and supply chains have been disrupted,” he said. “Commodity prices continue to rise. Energy supply remains tight. These risks compound one another and heighten the uncertainty about the economic recovery.”
An energy crunch in China’s border nation Kazakhstan led to Russian troops being enlisted to help crush a public uprising earlier this month, bringing supply-chain risks to Beijing’s back door.
China is seeking to minimise economic and diplomatic instability as President Xi prepares to keep power at the ruling Communist Party’s leadership congress in the second half of this year. Mr Xi also warned about global inflation pressures and the resulting effects of higher interest rates.