Three days before US President Donald Trump took office in January 2017, Chinese President Xi Jinping portrayed Beijing as the champion and defender of globalisation at the Davos World Economic Forum amid rising fears of trade protectionism. A few months later, as Xi launched a forum on China's vast Belt and Road effort, promising to spread Chinese investment and soft power through the world, it appeared his country's global stature was rising. But now the lustre on Beijing's trade and investment story has dulled amid rising US tariffs, higher interest rates and ...
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