Edition: International | Greek
MENU

Home » World

China’s Xi Jinping defends globalization from the Davos stage

China’s President Xi Jinping defended economic globalization in his first speech to the World Economic Forum at Davos

By: EBR - Posted: Wednesday, January 18, 2017

After 38 years of reform and opening up, China has become the world’s second-largest economy. “China’s development is an opportunity for the world. China has not only benefited from economic globalization but also contributed to it,” he said.
After 38 years of reform and opening up, China has become the world’s second-largest economy. “China’s development is an opportunity for the world. China has not only benefited from economic globalization but also contributed to it,” he said.

by Ceri Parker*

“It is true that economic globalization has created new problems. But this is no justification to write off economic globalization altogether. Rather we should adapt to and guide globalization, cushion its negative impact, and deliver its benefits to all countries and all nations,” he said.

At a time when protectionist and nationalist forces are on the rise in the West, President Xi warned against making globalization a scapegoat.

“Some people blame economic globalization for the chaos in our world. Economic globalization was once viewed as the treasure cave found by Ali Baba in the Arabian nights, but now it has become the Pandora’s Box.”

However, the world’s problems could not simply be laid at globalization’s door, from the “heart-breaking” refugee crisis to the financial crisis.

“The international financial crisis is another example, it is not an inevitable outcome of economic globalization, rather it is the consequence of the excessive chase of profit by financial capital and a great failure of financial regulation,” he said.

President Xi said that “the global economy is the big ocean you cannot escape from” and that China had “learned how to swim.”

After 38 years of reform and opening up, China has become the world’s second-largest economy. “China’s development is an opportunity for the world. China has not only benefited from economic globalization but also contributed to it,” he said.

Looking ahead, President Xi warned against protectionism.

“We should commit ourselves to growing an open global economy,” he said. “No one will emerge as the winner in a trade war.”

He added:

"China has no intention to boost its trade development by devaluing the Renminbi still less by launching a currency war"

The speech ended with a plea for cooperation in turbulent times:

“World history shows that the road of human civilization has never been a smooth one and that mankind has made progress by surmounting difficulty. No difficulty, however daunting, will stop mankind from advancing. When encountering difficulty we should not complain, blame others, or run away from responsibilities ... Instead we should join hands and rise to the challenge. History is made by the brave.”

*Commissioning Editor, Agenda, World Economic Forum
**First published in www.weforum.org

EU Actually

EU climate law agreement: Council did not give in

N. Peter KramerBy: N. Peter Kramer

Last night, the negotiators of the European Parliament and Council reached a provisional political agreement on the objective of a climate-neutral EU by 2050 and a collective net greenhouse gas emissions reduction target of at least 55% by 2030 compared to 1990

View 01-02/2021 2021 Digital edition

Magazine

Current Issue

01-02/2021 2021

View past issues
Subscribe
Advertise
Digital edition

Europe

Europe fit for the Digital Age

Europe fit for the Digital Age

Commission proposes new rules and actions for excellence and trust in Artificial Intelligence

Business

Li Shufu is pulling the strings at Volvo, Mercedes and Lotus

Li Shufu is pulling the strings at Volvo, Mercedes and Lotus

Will carmaker Volvo get a stock exchange listing in Stockholm, or may be in Amsterdam, as Bloomberg news agency claims?

MARKET INDICES

Powered by Investing.com
All contents © Copyright EMG Strategic Consulting Ltd. 1997-2021. All Rights Reserved   |   Home Page  |   Disclaimer  |   Website by Theratron