China’s President Xi Jinping on Thursday urged members of the Shanghai Cooperation Organisation (SCO) to resist US trade restrictions on the export of advanced technologies and to ensure supply chain stability.
“Facing the risks of ‘small yard, high fence,’ we need to defend our rights to develop,” Mr Xi said in speech at the Eurasia-focused political and economic group’s two-day summit in Kazakhstan, Bloomberg reported, citing local state media.
Mr Xi encouraged officials from developing nations to collaborate in advancing technological innovation.
The Chinese leader’s comments come as the US tightens restrictions on exports of advanced semiconductors and equipment used to manufacture them to the Asian country.
The move could slow China’s progress in chip-making, a crucial technology for military and economic applications.
Meanwhile, Beijing, a leading producer of rare earth elements essential for chip-making, has introduced licensing requirements for their export, potentially restricting access for US companies.
China is also continuing to promote its flagship foreign policy programme – the Belt and Road Initiative (BRI), a mega project launched in 2013 that aims to connect several countries in Asia, Europe and Africa through a network of infrastructure and trade-related projects.
The BRI encompasses about 65 nations and represents 30 per cent of the world’s gross domestic product.
The SCO, which was founded by China and Russia in 2001 to address security concerns in Central Asia, added Belarus, Moscow’s closest ally, to the group on Thursday.
It also includes Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, India, Pakistan and Iran.
Indian Prime Minister Narendra Modi did not attend this year’s meeting, sending his foreign minister in his place.
At the summit, the foreign ministers of Russia, China and Mongolia reaffirmed their interest in integrating joint economic projects, the Russian Foreign Ministry was quoted as saying by state news agency Tass.
“We are interested in interconnecting the development of trilateral projects with the activities of the Eurasian Economic Union, with China’s implementation of One Belt – One Road initiative and with Mongolia’s Steppe Road Plan,” Sergey Lavrov, Russia’s Foreign Minister, said in a ministerial meeting.
“This reflects our common interests and will contribute to harmonising various information processes as part of creating the Greater Eurasian Partnership. I expect us to make a contribution into these efforts today,” Mr Lavrov added.
On Wednesday, Mr Xi met Russian President Vladimir Putin, who hailed the Eurasian security group as a force for global stability.
China and Russia have forged a “no limits” friendship since Moscow’s invasion of Ukraine in 2022.
Beijing is now Russia’s top trading partner, buying a significant portion of its oil and gas.
“Russia-China relations are at their highest period in history. Our co-operation is not aimed against anyone. We do not create any blocks or unions … we just act in the interests of our nations,” Mr Putin said during a speech at the event.
“[The relationship] is built on principles of mutual equality, mutual benefit, and respect to the sovereignty of each other,” he added.
The US and EU have called on China to leverage its influence with Russia to advocate for a ceasefire and negotiations.
Beijing has publicly called for peace talks while steering clear of directly criticising Russia for its war in Ukraine.
Updated: July 04, 2024, 12:49 PM
