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17 Jan, 2017 13:58

Beijing warns against trade war and protectionism

Beijing warns against trade war and protectionism

In his debut at the World Economic Forum in Davos, Chinese President Xi Jinping defended globalization and warned that no one would win in a trade war.

Xi said economic integration has powered global growth and improved the lives of millions.

“It is true that economic globalization created new problems, but this is no justification to write off economic globalization altogether. Rather we should adapt to and guide economic globalization, cushion its negative impacts and deliver its benefits for all countries,” said Xi, marking the first Davos visit by a Chinese head of state.

Xi Jinping said the world is full of contradictions, stressing that globalization had been viewed as a “Pandora's box” by many people, with many wondering what has gone wrong with the world.

READ MORE: China’s growth ‘reassuring’ for global economic confidence

Xi compared the global economy with a big ocean that none can escape. He warned that any attempt to cut off from the world would simply not be possible.

“Pursuing protectionism is just like locking one's self in a dark room. Wind and rain might be kept outside but so are light and air,” he said. “The right thing to do is to seize every opportunity and jointly meet challenges and chart the right course for globalization.”

As China is currently trying to push its own free trade deal with countries from around the Pacific, Xi Jinping used the forum to promote “inclusive globalization” as well as to warn that alternate approaches might cause a trade war and poverty.

“No one will emerge a winner in a trade war,” the president said, stressing that the global economy had remained sluggish for some time now.