Everyone will lose in a Trade Dispute says Xi

Olivier and Mann - Everyone will lose in a Trade Dispute says Xi

Olivier and Mann – Chinese President Xi Jinping said that globalisation has fueled global economies and should not be viewed as a scapegoat for the world’s problems.

Xi spoke at the World Economic Forum in Davos that the proliferation of anti-globalisation sentiment resulted in the election victory of Donald Trump as America’s president and the Brexit referendum result. The Chinese president said that he understood that new problems were created by economic globalisation but added that these problems do not mean that globalisation should be written off.

Xi suggested that nations should adjust and steer globalisation, mitigate its unproductive impact and share its benefits with everyone.

Xi is the first Chinese president to visit the WEF and was able to utilise the forum to encourage inclusive globalisation and cautioned that populist stands can end in conflict and poverty. Xi also mentioned that retaliatory trade controls will not be good for anyone.

The Chinese president also said that nobody could stand victorious in a global trade war and that promoting protectionism is synonymous with isolationism.

Xi mentioned the ever presence of differences and globalisation has been viewed by many as a “Pandora’s box,” referring to the emergence of populist movements across the Western hemisphere in 2016.

Xi compared the global economy to a “big ocean that you cannot escape from,” and said that any effort to isolate countries is simply impossible. The Chinese president urged that seizing all opportunities and collectively facing challenges and charting the right way for globalisation to move forward is the most sensible thing to do.

Xi mentioned that lawmakers should work for “fair and equitable” governance while he promoted his ideas for the global economy, urging that nations should accept new policy measures and better structural changes and should seek to enhance new growth models.

The Chinese president spoke to political leaders and business executives at the WEF, days before the inauguration of the populist Donald Trump.

During the campaign, Trump’s rhetoric was focused on protectionism and his criticism of China which has resulted in many believing that a trade war is possible within the next two years.

Xi’s speech comes as part of his official state visit to Switzerland, just before China’s Lunar New Year.