![]() ![]() IHS Markit’s chief economist, Dr Nariman Behravesh, said: “President Xi gave a very rigorous and articulate defence of globalisation. He added, however, that the economic liberalisation of the past quarter or a century was not the root cause of the world’s many problems and that the financial crash of 2008 was the result of excessive pursuit of profit. Xi said originally globalisation had been seen as Ali Baba’s treasure trove but for many had become a “Pandora’s box”. ![]() ![]() “No one will emerge as a winner in a trade war,” Xi told a packed hall at the WEF. Trump campaigned on a strongly protectionist platform, pledging to protect US firms from unfair overseas competition and threatening tariffs on goods from China and Mexico. “Wind and rain may be kept outside, but so is light and air.” “Pursuing protectionism is like locking oneself in a dark room,” he said. With Trump preparing for Friday’s inauguration in Washington, Xi used the opportunity to make clear that China was keen to take a bigger role on the global stage if the US lapsed into isolationism. In the first speech by a Chinese president at the annual Davos meeting of global political and business leaders, Xi said China would keep its borders open, stressed that there would be no winners from a trade war, and urged that all countries continued to support the 2015 Paris climate change accord. He added that links between the two countries had “weathered wind and rain, but generally have continued to forge ahead”, saying that under Barack Obama there had been a “correct” development in relations. ![]() After later meeting US vice-president Joe Biden on the sidelines of the Davos summit, Xi said that the world needed China and the United States to have a stable and cooperative relationship. ![]()
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