Xi Jinping and globalisation

in Financial times january 17, 2017

Xi Jinping delivers robust defence of globalisation at Davos

China’s president draws a line between himself and US president-elect Donald Trump Read next Fast FT George Osborne to join BlackRock as senior advisor Presidential air: Xi Jinping speaking on the first day of the Davos conference © AFP Twitter Facebook LinkedIn 169 Print this page January 17, 2017 by: Jamil Anderlini and Wang Feng in Davos, and Tom Mitchell in Beijing China’s president launched a robust defence of globalisation and free trade on Tuesday, drawing a line between himself and Donald Trump just three days before the US president-elect’s inaugural address in Washington. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Enter email address Invalid email By signing up you confirm that you have read and agree to the terms and conditions, cookie policy and privacy policy. “The problems troubling the world are not caused by globalisation,” Xi Jinping said in an address at the World Economic Forum in Davos. “They are not the inevitable outcome of globalisation.” The spectacle of a Chinese Communist party leader in the spiritual home of capitalism defending the liberal economic order against the dangers of protectionism from a new US president underscored the upheaval in global affairs brought about by the election of Donald Trump. “Countries should view their own interest in the broader context and refrain from pursuing their own interests at the expense of others,” Mr Xi said without mentioning Mr Trump by name. “We should not retreat into the harbour whenever we encounter a storm or we will never reach the opposite shore.” He also warned that “no one will emerge as a winner from a trade war” and pledged that China would not seek to benefit from devaluation of its currency or a “currency war”. world Xi Jinping’s symbolic Davos speech Mr Trump’s victory in the US presidential election and Britain’s decision to leave the EU have shocked the global elite who gather every January in the Swiss mountain resort. The US president-elect, who assumes office on Friday, has threatened trade wars with Mexico and China over recent weeks, and even cast aspersions on the EU as a “vehicle for Germany” that is on the brink of collapse. Mr Xi used the WEF platform to draw a contrast, presenting himself as a leading international statesman. Instant Insight Xi positions China as the protector of globalisation at Davos The president’s remarks were a skilful appeal to business, writes Gideon Rachman In an apparent reference to Mr Trump’s threats to abandon last year’s Paris accord on climate change, Mr Xi hailed it as “a hard-won agreement” that “all signatories should stick to”. In what many Davos delegates took to be a pointed dig at Mr Trump, Mr Xi seemed to suggest the President-elect needed to focus on more profound matters than he did during his campaign or since his election victory. “As the Chinese saying goes: People with petty shrewdness attend to trivial matters while people with great vision attend to governance of institutions,” Mr Xi said. The Chinese leader made a case for an overhaul of global governance systems, which he suggested were outdated and represented an old, Western-centric global order. “The global financial market mechanism fails to meet the new requirement and is unable to effectively resolve problems such as frequent volatility in international financial markets and the build up of asset bubbles,” he told delegates. Mr Xi argued that China’s economic growth had global benefits, with the world’s second-largest economy expected to import $8tn worth of goods and services over the next five years. He added that Chinese outbound investment over the same period would reach $750bn, exceeding expected foreign direct investments of $600bn. As he was speaking, China’s State Council announced it would further open the country’s mining, infrastructure, services and technology sectors to foreign investment. “China will keep its doors wide open,” Mr Xi said. “We hope that other countries will also keep their doors open to Chinese investors and maintain a level playing field for us.”


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