Chinese President Xi Jinping waves as members of the new Politburo Standing Committee meet the media after the 20th National Congress of the Communist Party of China at the Great Hall of the People in Beijing, China, October 23, 2022.

Tingshu Wang | Reuters

BEIJING — Chinese President Xi Jinping said on Tuesday that Beijing opposes “decoupling and severing ties,” according to Chinese-language state media reports translated by CNBC.

Xi Jinping’s speech report at the Shanghai Cooperation Organization video summit pointed out that promoting economic growth is the shared responsibility of countries in the region.

The SCO is a political, security and trade alliance that includes China, India, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. The group also has “observer states” and “dialogue partners,” which Saudi Arabia promoted in March.

State media reported Xi Jinping’s speech, saying that China is willing to work with all parties to implement global development initiatives and make the “pie” bigger to benefit the people of all countries.Xi Jinping proposed United Nations Global Development Initiative 2021. It claims to include efforts to support the United Nations Sustainable Development Goals.

The report also said Tuesday that China opposes protectionism, unilateral sanctions and the generalization of the concept of national security.

China may be able to gain more leverage over Russia during SCO summit, says Wilson Center analyst

Xi made the remarks ahead of U.S. Treasury Secretary Janet Yellen’s planned visit to China from Thursday to Sunday. Yellen’s trip follows a high-stakes trip to Beijing by U.S. Secretary of State Anthony Blinken last month.

Tensions between the world’s two largest economies, the United States and China, have escalated in recent years. Recent measures by both governments have focused on technology.

China’s Commerce Ministry said late on Monday it would restrict exports of two metals used in semiconductor manufacturing.

The United States announced export controls in October in an attempt to limit the development of advanced semiconductors in China.

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