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'No One Will Win in a Trade War' - China's Xi Defends Globalization at Davos

© REUTERS / Ruben SprichChinese President Xi Jinping attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017.
Chinese President Xi Jinping attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. - Sputnik International
In a speech at the Davos World Economic Forum on Tuesday, January 17, Chinese President Xi Jinping has come out in defense of globalization, despite the mounting hostility it has already received and the US President-elect Donald Trump's vow to change US trade with China.

Globalization - Sputnik International
Globalization Still Popular Among the Masses Despite Bad Press - YouGov
Xi Jinping was the first global leader to open the 2017 World Economic Forum, an annual meeting of political leaders, CEO's and bankers in Davos.

The Chinese president admitted that for many people globalization has been the cause of the world's problems, however he said that it was wrong to blame everything on this. 

Globalization is defined as the process by which businesses or other organizations develop international influence or start operating on an international scale, it has not been the most popular of subjects in the West recently. Governments are failing to prevent citizens from feeling left behind, which is seen as the cause of a lot of the recent political turmoil witnessed around the globe today.

The arrival of President-elect Donald Trump has only added further ammunition to the argument that globalization is still very present in society, irrespective of any negative press it has had.

​The Chinese leader said that the migrant crisis and other problems were not the fault of globalization, but that other factors had contributed to their escalation.

"The migrant crisis was caused by war, conflict and regional turbulence, not globalization. Similarly, the 2007/8 financial crisis was caused by the excessive pursuit of profits and a lack of economic regulations," Xi Jingping said.

Xi also spoke of the growing populism movement in the West, stating that the world should not write off globalization altogether and that countries should "cushion the impact."

Xi's speech seemed to be aimed at the US President-elect Donald Trump who has already said that he will confront China when it comes to trade.

"Pursuing protectionism is like locking oneself in a dark room. Wind and rain may be kept outside, but so is light and air," he said.    

​He told countries not to pursue their own interests at the expense of others adding that "no one will emerge as a winner in a trade war."

Xi's speech according to commentator Yun Sun, Senior Associate with the East Asia Program at the Stimson Center think tank in Washington and a non-resident fellow at the Brookings Institution, demonstrates that China supports trade.

"His speech indicated that China is a strong supporter of global trade and they want to facilitate this throughout the region and globally. That is in stark contrast to what Trump has been saying about trade," Yun Sun told Sputnik.

"The most interesting part of this message is that it seemed to be targeted at the Trump organization," Yun Sun added.

​Xi also urged world leaders to stick to the Paris Climate change deal, despite Trump showing an interest in "canceling" the deal once he becomes US President.

However a recent survey from YouGov, a international market research firm, found that of more than 20,000 people across 19 countries, the majority believed that globalization is a force for good.

With only a few days left before Donald Trump becomes the next president of the US, it seems that global leaders are trying to reassure nations and their citizens on the benefits of global trade.

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