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Economy

China's call for globalization, inclusiveness reverberates at Davos

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2020-01-24 10:26:14Xinhua ECNS App Download

Three years after Chinese President Xi Jinping delivered a keynote speech here at the annual meeting of the World Economic Forum (WEF), his energetic championship of globalization and solemn promise of further opening-up are still reverberating through the Swiss ski resort of Davos.

"I clearly felt that the political and business elites of other countries who I've talked with retain a deep impression of President Xi Jinping's speech," said Ning Tian, chairman and CEO of Hangzhou-based Panshi Information Technology.

"His view is widely supported by politicians and businessmen who have frequently quoted the Chinese president in many occasions," Ning said.

As protectionism and unilateralism are rising against the trend, participants of this year's WEF not only lauded Xi's remarks in 2017, but also echoed China's call for -- in the words of Chinese Vice Premier Han Zheng on Tuesday -- "building an inclusive and open world economy together."

"PASSIONATE DEFENSE OF GLOBALIZATION"

While presenting Han to the WEF's 50th annual meeting to make a special address, Klaus Schwab, founder and executive chairman of the WEF, revisited the tremendous efforts and achievements made by the People's Republic of China since its founding 70 years ago and particularly through decades of reform and opening-up.

When China first joined the WEF, it represented only 1.8 percent of the global economy; last year, it accounted for over 16 percent of global gross domestic product (GDP), "not to forget how many people were lifted out of poverty during this process," Schwab said.

"But what has been more impressive has been China's growing role in international affairs, playing a responsive and responsible role," Schwab said.

"Many of the participants here can still remember President Xi's historic remarks in this room in 2017, and his passionate defense of globalization," he said.

Economic globalization resulted from growing social productivity, and is a natural outcome of scientific and technological progress, not something created by any individuals or any countries, Xi said then, adding that economic globalization has powered global growth and facilitated movement of goods and capital, advances in science, technology and civilization, and interactions among peoples.

Echoing Xi's remarks three years ago, Han on Tuesday called on the international community to build an inclusive and open world economy and uphold multilateralism in support of economic globalization, which is "a historical trend, an essential condition for productivity growth, and a natural result of the advance in science and technology," as well as "a strong driving force behind economic growth across the globe."

In response, Schwab thanked Han for the "reassurance related to continuing necessary opening-up processes, certainly heard with pleasure by all the investors here in the room."

"The prerequisite for economic growth, also strongly underlined by President Xi in Davos in 2017, is that we have to continue to trade with each other," said Borge Brende, president of the WEF, adding that "beggar thy neighbor" does not work.

Brende noted "what works is you should prosper thy neighbor, and this is what we have done through globalization, through trading with each other."

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