China Urges Western Support for Multilateralism Amid Trade Tensions

In recent developments, China is advocating for multilateralism and increased cooperation with Western countries as it navigates complex trade tensions with the US. President Xi Jinping emphasized during a meeting with Spain's Prime Minister Pedro Sanchez the need for a fair global governance system and the importance of addressing 'multiple risks and challenges' through unity. Meanwhile, trade tensions have led to significant fluctuations in the yuan, which reached a 19-month low against major currencies as ongoing tariffs exacerbate economic strains. Chinese economists suggest that the current trade war, characterized by escalating tariffs from both nations, calls for enhanced government stimulus to strengthen domestic demand and resilience. Additionally, Chinese leaders are strategizing to bolster the economy against US tariff threats, which could substantially impact growth and employment. Amid these challenges, China's Foreign Ministry has asserted the country's economic stability and its role in driving global growth, highlighting ongoing foreign investment interest and the resilience of its market.