Xi warns against 'protectionism'

Chinese President Xi Jinping warned Friday the world was entering an era of harmful "protectionism," in remarks to an Asia-Pacific summit in Lima overshadowed by fears of new trade wars under Donald Trump.

On the eve of what will be his final official face-to-face with outgoing US President Joe Biden, Xi raised concern about "spreading unilateralism and protectionism," China's state news agency Xinhua reported.

He also cautioned against "fragmentation of the world economy" in a written speech prepared for a meeting of CEOs on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, Xinhua said.

Xi and Biden are in the Peruvian capital for a two-day meeting of heads of state of the 21-member APEC grouping.

On Saturday, the sitting leaders of the world's two largest economies will have their final official encounter before Trump takes office in January.

APEC, created in 1989 with the goal of regional trade liberalization, represents about 60 percent of world GDP and more than 40 percent of global commerce.

The summit program was to focus on trade and investment for what proponents dubbed inclusive growth.

But uncertainty over Trump's next moves clouds the agenda -- as it does for the COP29 climate talks underway in Azerbaijan, and a G20 summit in Rio de Janeiro next week.

The Republican president-elect has signaled a confrontational approach to Beijing for his second term, with threatened tariffs of up to 60 percent on imports of Chinese goods to even out what he says is a trade imbalance.

In his prepared remarks, Xi said the world had "entered a new period of turbulence and transformation," Xinhua reported.

Summit host President Dina Boluarte of Peru told leaders gathered for the summit opening Friday that economic cooperation must be bolstered as the world faces increased "levels of uncertainty (for) the immediate future."

She added: "We need more contribution, collaboration and understanding, and less fragmentation."

Xi was not present for the opening, but Biden attended with US Secretary of State Antony Blinken, whom Trump will seek to replace with Senator Marco Rubio, a China hawk.