Xi says globalisation here to stay as Trump readies for office

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

Xi says globalisation here to stay as Trump readies for office

World Bulletin / News Desk

China's President Xi Jinping warned Tuesday against scapegoating globalisation for the world's ills or retreating behind protectionist walls, days before Donald Trump takes office.

In what amounted to a rewriting of the global economic order, led for decades by the United States, Xi used his debut speech at the World Economic Forum in Davos to insist that globalisation was irreversible despite a populist backlash in the West. 

Globalisation should be "more inclusive, more sustainable", he added, adding that currently existing global institutions are "inadequate" and should be more "representative".

Xi's keynote address kicked off four days of networking and partying by the global elite in the Swiss ski resort, in a week that climaxes as Trump takes office after a campaign that blamed China and globalisation for the loss of millions of US factory jobs.

The Republican property tycoon's signal pledge is to "Make American Great Again" but Xi warned: "No one will emerge as a winner in a trade war."

Trump has repeatedly accused China of carrying out trade policies that have led to massive US job losses. He has threatened to slap tariffs of up to 45 percent on Chinese goods.

But addressing a hall packed with government leaders, captains of industry, stars of entertainment and agenda-setting thinkers, Xi issued a rebuke to such thinking. 

"Pursuing protectionism is just locking oneself in a dark room. While wind and rain may be kept outside, so are light and air," he said. 

It is simply "not possible" to reverse the flow of global capital, technology, goods and people, Xi added, insisting China was committed to "opening up" and defending globalisation's gains for emerging economies. 

The message was music to the ears of the globetrotting Davos crowd. 

"It was a clear call from President Xi that he is prepared to take the lead on free trade," Peter Lacy, a global managing director at Accenture Strategy said.

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Güncelleme Tarihi: 17 Ocak 2017, 15:21
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