Xi lays out plan for eco­nomic glob­al­i­sa­tion

The Star Early Edition - - WORLD -

DAVOS, Switzer­land: Chi­nese Pres­i­dent Xi Jin­ping on Tues­day laid out his plan to lead global ef­forts in chart­ing the course of eco­nomic glob­al­i­sa­tion.

Xi’s ad­dress at the 2017 World Eco­nomic Fo­rum (WEF) in Davos, Switzer­land pro­moted con­fi­dence in the global econ­omy amid grave con­cerns over ris­ing pro­tec­tion­ism and un­cer­tain­ties in the wake of Brexit and the elec­tion of US Pres­i­dent Don­ald Trump.

Though eco­nomic glob­al­i­sa­tion has cre­ated new prob­lems, this is no jus­ti­fi­ca­tion to write eco­nomic glob­al­i­sa­tion off com­pletely, said Xi, the first Chi­nese head of state to at­tend Davos meet­ings.

“Rather, we should adapt to and guide eco­nomic glob­al­i­sa­tion, cush­ion its neg­a­tive im­pact and de­liver its ben­e­fits to all coun­tries and all na­tions,” Xi told the au­di­ence led by WEF founder and ex­ec­u­tive chair­man Klaus Sch­wab.

The Chi­nese pres­i­dent warned that any moves to turn back to pro­tec­tion­ism ran against his­tor­i­cal trend. “Whether you like it or not, the global econ­omy is the big ocean that you can­not es­cape from. Any at­tempt to cut off the flow of cap­i­tal, tech­nolo­gies, prod­ucts, in­dus­tries and peo­ple be­tween economies, and chan­nel the wa­ters in the ocean back into iso­lated lakes and creeks is sim­ply not pos­si­ble,” said Xi.

“No one will emerge as a win­ner in a trade war.”

Xi called on the in­ter­na­tional com­mu­nity to face up to the prob­lems caused by glob­al­i­sa­tion in­stead of dodg­ing them. “In the face of both op­por­tu­ni­ties and chal­lenges of eco­nomic glob­al­i­sa­tion, the right thing to do is to seize every op­por­tu­nity, jointly meet chal­lenges and chart the right course for eco­nomic glob­al­i­sa­tion.”

Xi pointed out the rise of China as the world’s sec­ond largest econ­omy was the re­sult of its in­te­gra­tion into the vast ocean of the global econ­omy. “We have had our fair share of chok­ing in the wa­ter and en­coun­tered whirlpools and choppy waves, but we have learnt how to swim in this process. It has proved to be a right strate­gic choice.”

Hon­son To, chair­man at KPMG China, said Xi pre­sented a clear case for an ur­gent and coura­geous re­sponse from global lead­ers.

“I was deeply moved by the strong sense of China’s pur­pose as a re­spon­si­ble leader on the world stage,” he said.

Justin Yifu Lin, the for­mer chief econ­o­mist of the World Bank said: “I think it is very cru­cial that Chi­nese Pres­i­dent Xi clar­i­fied the con­cept to the world, to con­tinue to pro­mote glob­al­i­sa­tion, to pro­mote global de­vel­op­ment.”

Analysing the root causes of the slug­gish global econ­omy, Xi pointed to a lack of ro­bust driv­ing forces for global growth, in­ad­e­quate global eco­nomic gover­nance, and un­even global de­vel­op­ment.

He stressed the im­por­tance of de­vel­op­ing a dy­namic in­no­va­tion-driven growth model and of open and win-win co-op­er­a­tion.

PIC­TURE: EPA

China’s Pres­i­dent Xi Jin­ping ad­dresses the 47th An­nual Meet­ing of the World Eco­nomic Fo­rum in Davos, Switzer­land, on Tues­day.

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