No country can win a ‘trade war’

CHINESE President Xi Jinping said yesterday there was “no point” in blaming economic globalisation for the world’s problems, and no one would win a trade war.

The leader of the world’s second largest economy made the comment at the World Economic Forum, where he became the first Chinese president to address the well-heeled gathering.

His appearance comes as China begins looking to play a greater role in global institutions amid rising protectionism in both the US and Europe.

There is “no point in blaming economic globalisation for the world’s problems”, he said, adding that the process was not at the root of the Syrian refugee situation or the 2008 financial crisis.

Globalisation should be “more inclusive, more sustainable,” he said, adding that currently existing global institutions are “inadequate” and should be more “representative”.

Xi’s speech was highly anticipated by Davos attendees, a global elite who have been caught off-guard by the rising sentiment against liberal trade regimes, and are looking for guidance as the US, under president-elect Donald Trump, looks set to abandon its leadership position in international governance.

In an oblique reference to Trump, Xi said that “no one will emerge as a winner in a trade war”.

The incoming US leader has repeatedly accused China of carrying out trade policies that have led to massive US job losses and has threatened to slap tariffs of up to 45% on the country’s goods.— AFP