Masatsugu Asakawa, President of the Asian Development Bank (ADB).

(Bloomberg file photo)

[Financial Channel/Comprehensive Report] Asian Development Bank (ADB) President Masatsugu Asakawa said that tensions between the US and China could undermine free trade, economic recovery in the Asia-Pacific region, and countries’ actions to address climate change, calling on countries to combat protectionism .

"Financial Times" reported that Asakawa said that prolonged or heightened trade uncertainty between the world's two largest economies could disrupt economic activity across the Asia-Pacific region, hurt consumer and business confidence, and reduce consumption.

In an interview, Asakawa said that it is necessary to continue to oppose any form of protectionism, and pointed out that trade disruption is a long-term problem. Now countries' actions to strengthen supply chain autonomy are considered to be prioritized over more urgent issues, such as the transition to net zero carbon. Row transition.

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U.S.-China relations have fallen to their lowest point since the normalization of diplomatic relations between the two countries in 1979. In recent years, Washington has strengthened comprehensive trade and investment policy reforms, aiming to promote U.S. employment and manufacturing, and let Chinese companies leave the U.S., including for clean energy. The industry provides high subsidies, and Europe is preparing to take similar measures; China is "weaponizing" trade, using economic coercion in response to political disputes in countries such as Australia, Canada and South Korea.

Asakawa noted that while the US and China are "important stakeholders", geopolitical tensions are destabilizing the Asia-Pacific region.

Long-term experience shows that political stability and security are the foundation of peace, development and prosperity everywhere.

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