Xi Jinping Slams Sanctions as ‘Double-Edged Sword’ Hurting World Economy

What’s new: Chinese President Xi Jinping called for strengthening macroeconomic policy coordination to overcome the global economic crisis and urged developed countries to pursue responsible economic policies and avoid a serious spillover impact on developing countries.

In a speech kicking off the BRICS Business Forum Wednesday, Xi criticized sanctions as a “double-edged sword” and called for upholding the multilateral trading system with the World Trade Organization at the core, removing trade, investment and technological barriers and building an open world economy.

Without naming any country, Xi said “politicizing, instrumentalizing and weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering.”

Amid a pandemic-driven economic downturn and geopolitical tensions, the world faces…

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