China’s President Xi opens Davos Agenda with call for greater global cooperation

• China calls for stronger cooperation to defeat COVID-19, revitalise the global economy and realise sustainable development
• Xi emphasises caution as major economies consider “U-turn” in their monetary policy
• Appeal also made to avoid protectionism, unilateralism and the weaponisation of economic, scientific and technological issues

President Xi Jinping of China yesterday called for stronger international cooperation in overcoming shared global challenges including defeating COVID-19, revitalising the economy and addressing climate change, in the opening session of the World Economic Forum’s virtual event, the Davos Agenda 2022.

Xi outlined that the international community was still locked in a tenacious battle against what he called “a once-in-a-century pandemic”. Calling for greater global cooperation, he said: “The fight against the pandemic is proving to be a protracted one. COVID-19 is resurging with different variants and spreading faster than before.” He added that shifting blame will only cause delays in response.

Speaking in a special address to business, government and civil society leaders taking part in the week-long virtual event, he laid out a three-pronged approach to safeguard people’s health. First, countries need to strengthen active cooperation on research and development of medicines. Second, leaders need to build multiple lines of defence against the coronavirus. Third, countries need to fully leverage vaccines by ensuring equitable distribution, boosting vaccination rates and closing the global immunisation gap.

Xi said that China was doing its part, having already sent more than two billion doses of vaccines to more than 120 countries and international organisations, to be closely followed by at least another billion doses.

As the world emerges from the depths of pandemic gloom, Xi cautioned that several risks threatened to derail economic recovery, including disruptions in global supply chains, tight energy supply and rising commodity prices. He said: “If major economies take a U-turn in their monetary policies, there would be serious negative spill overs which will challenge global economic and financial stability.”

To fully unleash the vitality of the world economy, he also called for less protectionism, especially on trade. Economic globalisation is an unstoppable trend which will not veer off course, he said, despite counter-currents along the way: “We should remove barriers, not erect walls. We should open up, not close off. We should seek integration, not de-couple.”

Xi highlighted China’s reform path. He pointed out that China’s domestic growth in 2021 hovered around a healthy 8% annually, with the country achieving its dual target of high growth with low inflation. Nevertheless, he also said Chinese leaders were aware of the further work necessary to achieve prosperity that benefits all people. “We remain committed to reform and opening up,” he said. “A rising tide indeed lifts all boats.”

On climate change, the Chinese President said that China stood ready to help the international community realise the UN 2030 agenda for sustainable development and to achieve carbon neutrality in the long term. He outlined that China would honour its word to achieve carbon peaking by 2030 followed by specific industry plans towards carbon neutrality. Xi pointed out that China has the world’s biggest carbon market and clean energy capability.

Xi also cautioned that “weaponising economic, scientific and technological issues will gravely undercut international efforts to tackle common challenges”. He said: “Developed countries should take the lead in honouring their emission reductions, deliver on their commitment to financial and technological support and create conditions for developing countries to address climate change.”

World Economic Forum Founder and Executive Chairman Klaus Schwab thanked China for taking an active part in collaborative global efforts to combat shared challenges. “The year 2022 will provide a unique opportunity for global leaders to work jointly towards a more inclusive, more sustainable and more prosperous world,” Schwab said. “We must unite despite the different views we hold; ultimately we belong to a single global humanity whose fate is increasingly interconnected.”