Wednesday, August 10, 2022

Nations must secure global supply chains, prevent inflation shocks: Xi Jinping at WEF

The world needs to discard Cold War mentality and seek peaceful coexistence and win-win outcomes, Chinese President Xi Jinping said on Monday at the WEF’s virtual event Davos Agenda, emphasizing that the world is far from being tranquil and rhetoric that stoke hatred and prejudice abound.

“We need to discard Cold War mentality and seek peaceful coexistence and win-win outcomes. Our world today is far from being tranquil, rhetoric that stoke hatred and prejudice abound. Acts of containment, suppression or confrontation arising thereof do all harm, not the least good to world peace and security,” said Xi during his virtual address at Davos Agenda of the World Economic Forum. The Chinese President also spoke against “protectionism and unilateralism” besides “hegemony and bullying.”

“History has proved time and again that confrontation does not solve problems, it only invites catastrophic consequences. Protectionism and unilateralism can protect no one, they ultimately hurt the interests of others as well as one’s own. “Even worse are the practices of hegemony and bullying, which run counter to the tide of history. Naturally, countries have divergences and disagreements between them. Yet a zero-sum approach that enlarges one’s own gain at the expense of others will not help,” he said.

Xi also spoke against “exclusive small circles or blocs that polarize the world” and “fanning ideological antagonism”. His remarks came amid tensions between China and the United States on various issues. “Acts of single-mindedly building exclusive yards with high walls or parallel systems, of enthusiastically putting together exclusive small circles or blocs that polarize the world, of overstretching the concept of national security to hold back economic and technological advances of other countries, and of fanning ideological antagonism and politicizing or weaponizing economic, scientific and technological issues, will gravely undercut international efforts to tackle common challenges,” he said.

Stressing that the process of global development is suffering from severe disruption, said Xi, adding that it entails more outstanding problems like a widening North-South gap, divergent recovery trajectories, development fault-lines and a technological divide. “The Human Development Index has declined for the first time in 30 years. The world’s poor population has increased by more than 100 million. Nearly 800 million people live in hunger,” he added. Xi also emphasised that difficulties are mounting in food security, education, employment, medicine, health and other areas important to people’s livelihoods.

“Some developing countries have fallen back into poverty and instability due to the pandemic. Many in developed countries are also living through a hard time,” the Chinese President added. He also noted that major developed countries should adopt responsible economic policies, manage policy spillovers, and avoid severe impacts on developing countries. “International economic and financial institutions should play their constructive role to pool global consensus, enhance policy synergy and prevent systemic risks,” he added.

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