Xi lays out plan for economic globalisation
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.