China seeks tighter developing-nation ties as decoupling hedge

  • China unveiled a new diplomatic approach on Tuesday aimed at strengthening relations with developing countries as a bulwark against “drawbacks” stemming from foreign companies decoupling from Asia’s biggest economy.
  • Said to be the brainchild of President Xi Jinping, the over 14,000-word policy titled “A Global Community of Shared Future” called for the removal of protectionism and for major countries to assume greater responsibility for world peace and development. Its release came as China’s growth slows due to weaker global demand and declining domestic business confidence in its domestic market.

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