Xi Warns: the War’s Economic Harm Takes Decades to Restore

Xi Warns: the War’s Economic Harm Takes Decades to Restore

Xi reminded European Commission President Ursula von der Leyen and European Council President Charles Michel at a virtual meeting with European Union leaders on Friday that they must resolve the problem “fully.”

The EU later announced that it had asked Beijing not to “interfere” with Russia’s sanctions. While the two sides agreed to work together to address the problem, they had “opposing views” on the matter.

Xi cautioned against a disorderly reaction, saying it would “bind the entire globe to the crisis [and] suggest that people from all nations will pay a high price.” the more severe the matter, the more sobriety and calmness are required,” the Chinese leader remarked. The existing global economic system is a framework that has evolved over time due to all countries’ efforts. All parties involved should be proud of their accomplishments and avoid seeking to change the present global economic system.

Impact of War on Global Economy

“This isn’t a quarrel. This is a conflict. And This is a national issue, not a European one. This is a worldwide issue.” We made it very clear that China should, if not support, at the very least not interfere with our sanctions [on Russia], and that equidistance is not enough; that active engagement for peace is vital, and that each player should play their role.

Xi stated that China supports the EU’s political efforts to address the problem. Beijing will collaborate with Europe to avoid a large-scale humanitarian disaster. Xi also welcomed the EU taking the lead in discussions with other parties, such as the US and Nato. Russia’s invasion of Ukraine has strained China’s ties with the EU; it added to the tit-for-tat sanctions over alleged human rights violations in Xinjiang. China has not denounced Russia’s activities. There are rumors that Moscow has requested military and financial aid from China and assistance in circumventing sanctions.