CHINA TOPIX

11/21/2024 08:12:09 pm

Make CT Your Homepage

China Emerges as Champion of Globalization at World Economic Forum

China Globalization World Economic Forum

(Photo : Wang Zhao - Pool/Getty Images) Chinese Premier Li Keqiang prepares to meet Kyrgyzstan's Prime Minister Sooronbay Jeenbekov (not in picture) during the World Economic Forum on June 27, 2016 in Tianjin, China.

China has recently been making a strong pitch for globalization, as President Xi Jinping called on countries across the globe to "boost open economies."

During the World Economic Forum in Davos on Tuesday, Xi emphasized that this move can be a major solution to "global sluggishness," reported the China Daily

Like Us on Facebook

"Practicing trade protectionism is like locking oneself in a dark room. It seems to have screened wind and rain, but it also isolates one from sunshine and air," Xi remarked at the international forum in Switzerland.

"Staging a trade war will only hurt both sides," he added at the gathering that was attended by key political and business leaders.

According to China's president, globalization should not be blamed as the main reason for global sluggishness but "regional conflicts." Xi pointed out the slowdown in global trade actually stems from several factors, particularly the current refugee crisis in the Middle East and North Africa.

However, the Chinese leader admitted that globalization can be a "double-edged sword," adding that it is a challenge on how to expand the "cake of the global economy" at a stage wherein the traditional economic engine is starting to lose steam.

Xi noted that China has not only emerged as among the major beneficiaries of globalization, but has also helped in fueling the process by contributing about 30 percent to global growth.

"China will not envy others, nor will it complain if others benefit from China's development," he stressed. In the meantime, Xi's participation at the Davos Economic Forum shone the spotlight on the Asian leader, as US President-elect Donald Trump prepared for his inauguration, according to Fox News.

Some believe that the Chinese president stole the show, as he made a strong case in favor of globalization and its numerous benefits.Xi described those who negatively view globalization as "misguided," describing globalization as "a force for good" because it has helped to make the world more interconnected.

He likewise underscored the major role of China in promoting globalization, pointing out that his country's rapid growth has been the engine for sustained economic development. 

Real Time Analytics