US should not ‘oppress and contain’ China, globalisation facing ‘headwinds’: top Beijing official

“However, for some time, the trend of economic globalisation has encountered headwinds,” said Liu, who hailed the twin engines of economic globalisation and regional integration for their “potential and resilience for growth”.

Liu said, “Asia must be vigilant not to become testing grounds for parallel systems. If so, the long-established industrial supply chains in the region could be disrupted and Asia can find it harder to achieve prosperity.”

Although Liu did not elaborate, parallel systems refer to a global political and economic order simultaneously dominated by different powers, with the US-China rivalry cited by political analysts as a prime example.

Liu, 60, was speaking at a dialogue in Singapore on the challenges of Asia’s future, co-hosted by non-profit organisation Business China and Singapore Chinese-language daily Lianhe Zaobao.

The event was part of his four-day trip to the city state, where he met Singapore’s top leaders.

Liu is widely seen as the leading contender to be China’s next foreign minister. His six-day visit to the US in January had helped reduce tensions over Taiwan, according to analysts, who noted his trip attracted “an unprecedented level of attention”.

In his latest speech, Liu went to great lengths to stress that China remained a staunch supporter of economic globalisation and regional integration. “The Chinese economy is deeply integrated into the world economy. We will open our door wider.”

He said that China also stood “ready to work with Singapore and other Asian countries” in advanced technology and innovation to grasp new opportunities.

While Liu did not make direct mention of the US in his speech regarding economic policies, he named the country in response to questions on the US-China