BEIJING — China is “deeply” worried about the crisis in Ukraine, Premier Li Keqiang said Friday, warning that sanctions will hurt global growth.

According to an official translation, Li stated that “On Ukraine”, indeed, the current situation is grave. China is deeply worried and grieved.”

At the end of an annual briefing, the Premier was answering two questions on the Ukraine conflict. About two weeks has passed since Russia launched an attack against Ukraine. Beijing has refused to call it an invasionAnd he said that China would continue to trade normally with both of these countries, and not join in the U.S., EU, and other countries’ sanctions against Russia.

Chinese Foreign Minister Wang Yi declared that the relations between Russia and China were solid on Monday. He referred to a joint statement made with Russia following a high level meeting between Chinese President Xi Jinping, and Russian President Vladimir Putin.

Li stated that China had “followed an independently policy of peace”, and reiterated Beijing’s call for Ukraine and Russia to engage in negotiations during the Friday briefing. It is now crucial to prevent tensions from growing or getting out of control.

Although Li didn’t specifically state whether China would support Russia economically, he noted that China is open to “all efforts conducive towards a peaceful solution of the crisis”.

He said that sanctions will only shock an already fragile world economy, which was still recovering from the coronavirus epidemic.

The International Monetary Fund stated that the economic effects of war were having a significant impact on the economy over the weekend. “already very serious”With “adverse” shocks to inflation or business activity in many countries.

Oxford Economics calculated last week that war would result in a 0.2% reduction of global GDP. This figure could be reduced to 0.6% if fighting continues into 2023.

Li is retiring as the premier of China’s Communist Party, which he has held since 2013. While President Barack Obama will be absent, the Chinese Communist Party’s ruling party is expected to choose a new leader team in the fall. Xi JinpingIt is anticipated that he will continue to serve for an unprecedented third term.

Li concluded the briefing of approximately two hours with the promise that China will continue opening up its economy regardless the changes in international circumstances.

For years, foreign businesses have complained about the requirements for forced tech transfers and unrestricted access to China’s market. This is especially true at local implementation levels. China recently passed a law to facilitate tech transfer. improving the business environmentForeign financial institutions were allowed to take full control of the local operation.

Li noted that China’s journey to open up has taken 40 years. The country has seen the benefits of opening up, as well as its citizens. We must open this window of opportunity. We are grateful.