When it comes to changes to the world trade system, Chinese Premier Li Keqiang says the foundation of multilateral trade rules has been shaken by rising protectionism. He made the remarks at the Summer Davos gathering in Tianjin. So what is China's view on multilateralism and globalization? Omar Khan has the details.

The multilateral trading system and its rules with the WTO at its core, were established through joint consultation based on the goal of maintaining free trade.

Despite some reform needed within the WTO, this doesn't mean a new economic system or balance are required.

SUN ZHENYU FORMER CHINESE AMBASSADOR TO THE WTO "When China joined the WTO, we accepted many non-WTO provisions including many unfair ones. We fully complied with our commitments and lowered the average tariff level from 43.2 percent to 9.8 percent. Many laws and regulations have been amended, including more than 2,000 by central government departments and more than 100,000 by local governments. Imagine, how long would it take the US to change one?"

China has long stated that multilateralism is the key to economic globalization, but now that reality is changing. The US is pushing for a transformation from free trade to fair trade, which is against the type of free trade China supports.

LI XIANGYANG DIRECTOR OF NATIONAL INSTITUTE OF INTERNATIONAL STRATEGY CHINESE ACADEMY OF SOCIAL SCIENCES "China actively participates in promoting economic globalization. For one side, China supports the development and reform of multilateralism, particularly promoting free trade as the main body of inclusive globalisation. On the other hand, China also plays a positive role within the regional economy, such as R-CEP (ARE-SEP) negotiations, and China-Japan-South Korea Free Trade Agreement' talks."

China joined the WTO in 2001, integrating deeply into the global economy. Beijing says that it's essential to uphold the basic principles of multilateralism and free trade. The world economy stands at a crossroads, globalisation or protectionism.