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You can find the current article at its original source at https://www.theguardian.com/business/2017/jan/17/china-xi-jinping-china-free-trade-trump-globalisation-wef-davos
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| Xi Jinping signals China will champion free trade if Trump builds barriers | Xi Jinping signals China will champion free trade if Trump builds barriers |
| (about 1 hour later) | |
| China’s premier, Xi Jinping, has delivered a strong defence of globalisation, serving notice to Donald Trump that Beijing will seek to usurp America’s traditional role as the champion of free trade and open markets. | China’s premier, Xi Jinping, has delivered a strong defence of globalisation, serving notice to Donald Trump that Beijing will seek to usurp America’s traditional role as the champion of free trade and open markets. |
| Xi used an hour-long address to the World Economic Forum (WEF) to take a number of sideswipes at the US president-elect, attacking Trump’s protectionist views without mentioning him by name. | |
| 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. | |
| 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. | 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. |
| “Pursuing protectionism is like locking oneself in a dark room,” he said. “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. “Wind and rain may be kept outside, but so is light and air.” |
| 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. | 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. |
| “No one will emerge as a winner in a trade war,” Xi told a packed hall at the WEF. | “No one will emerge as a winner in a trade war,” Xi told a packed hall at the WEF. |
| Xi said originally globalisation had been seen as Ali Baba’s treasure trove but for many had become a “Pandora’s box”. 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”. 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. |
| IHS Markit’s chief economist, Dr Nariman Behravesh, said: “President Xi gave a very rigorous and articulate defence of globalisation. | |
| “Very importantly, he made commitments about opening China up to more imports and foreign direct investment and making sure that China’s exchange rate policy didn’t destabilise the global economy. All this is very encouraging. | |
| “However, actions speak louder than words. A lot will depend on what China does. This is a good start. This is a good set of commitments on his part. It is encouraging, but we will see what the follow-through is.” | “However, actions speak louder than words. A lot will depend on what China does. This is a good start. This is a good set of commitments on his part. It is encouraging, but we will see what the follow-through is.” |
| Xi likened the global economy to a big ocean from which it was impossible to escape. “Any attempt to cut off the flow of capital, goods, and people between economies, and channel the waters into the ocean back into isolated lakes and creeks is simply not possible. | Xi likened the global economy to a big ocean from which it was impossible to escape. “Any attempt to cut off the flow of capital, goods, and people between economies, and channel the waters into the ocean back into isolated lakes and creeks is simply not possible. |
| China’s move towards open markets had been choppy, with plenty of whirlpools and choking along the way,” Xi added. “But we have learned to survive, and we must have the courage to keep swimming in the global market.” | China’s move towards open markets had been choppy, with plenty of whirlpools and choking along the way,” Xi added. “But we have learned to survive, and we must have the courage to keep swimming in the global market.” |
| Xi sought to counter fears that the US and China were heading for a currency or trade war. Beijing would keep its doors open and would not seek to drive down the value of its currency, the yuan. | Xi sought to counter fears that the US and China were heading for a currency or trade war. Beijing would keep its doors open and would not seek to drive down the value of its currency, the yuan. |
| WEF founder Klaus Schwab said Xi’s presence was a sign of the shift from a uni-polar world dominated by the US to a more multi-polar system in which rising powers such as China will have to step up and play a bigger role. | WEF founder Klaus Schwab said Xi’s presence was a sign of the shift from a uni-polar world dominated by the US to a more multi-polar system in which rising powers such as China will have to step up and play a bigger role. |
| Li Shuo, senior global policy adviser at Greenpeace East Asia, welcomed the commitment on global warming. | Li Shuo, senior global policy adviser at Greenpeace East Asia, welcomed the commitment on global warming. |
| “Given the current volatility of global politics, President Xi Jinping’s address helped calm nerves. His reference to climate change highlights a growing sense of China’s international responsibility, and the country’s evolving calculus towards taking action on the issue. | “Given the current volatility of global politics, President Xi Jinping’s address helped calm nerves. His reference to climate change highlights a growing sense of China’s international responsibility, and the country’s evolving calculus towards taking action on the issue. |
| “As Trump drops Obama’s climate legacy, Xi might well establish one of his own. 2017 presents a real opportunity for China to rise to the challenge of responsible climate leadership. Having moved from climate villain to a reluctant leader in five short years over the first half of this decade, it’s reasonable to expect China to become a true leader by its end.” | “As Trump drops Obama’s climate legacy, Xi might well establish one of his own. 2017 presents a real opportunity for China to rise to the challenge of responsible climate leadership. Having moved from climate villain to a reluctant leader in five short years over the first half of this decade, it’s reasonable to expect China to become a true leader by its end.” |