As he took the stage to open the World Economic Forum in Tianjin this week, China’s second-in-command Li Qiang drew a direct comparison to the first such event in the city during the global financial crisis of 2008.
“People felt disoriented and anxious, not knowing whether the world economy could emerge from the difficult situation and where it was heading,” the Chinese premier said.
“History often rhymes,” he added.
This year’s “Summer Davos” — China’s answer to the annual winter meeting of business leaders and heads of state in Switzerland — unfolded against a backdrop of similar uncertainties, with a conflict in the Middle East and a full-blown trade war between the US and China.
Washington and Beijing struck a fragile truce in London this month to reduce their tariffs, but the end of a 90-day pause on US levies against dozens of other countries still looms on July 9.
