At the World Economic Forum Annual Meeting in Davos 2025, China's delegation delivered a message of reassurance amid a backdrop of global uncertainties. The conference, which coincides with the inauguration of a new administration in the United States, has evoked a sense of déjà vu for many observers.
Back in 2017, as protectionist and unilateralist sentiments surged in one of the world's leading economies, the global community looked to China for stability. That year, Chinese President Xi Jinping delivered a historic speech, emphasizing China's commitment to free trade, economic globalization, and multilateral cooperation. Eight years later, China once again stands as a pillar of certainty in an increasingly unpredictable world.
What Has Changed?
Over the past eight years, the world has witnessed significant transformations. Geopolitical tensions have intensified, leading to unprecedented numbers of casualties and displaced populations due to conflicts. Emerging technologies are rapidly reshaping our lives, while climate change continues to worsen, posing severe challenges to all nations.
Global cooperation has faced substantial setbacks. Trust among nations has eroded, and divisions have become more pronounced on the international stage. The global economic landscape has also evolved dramatically with the rise of developing countries and emerging markets. However, this shift has been accompanied by growing trade protectionism. Some countries have imposed higher tariffs and stricter foreign investment regulations in an attempt to protect domestic industries, resulting in greater uncertainties and disruptions in global trade and investment.
Moreover, rapid advancements in frontier technologies like artificial intelligence have not only transformed economies but also intensified geopolitical competition. Efforts by certain countries to stifle technological advancement in others have widened the technology divide between developed and developing nations.
What Remains Unchanged?
Despite these shifts, the call for globalization remains strong. While economic globalization is a double-edged sword that can present challenges, it cannot be dismissed entirely. The global economy functions like an ocean that no one can escape. Economic globalization is an inherent requirement for advancing productive forces and an inevitable result of technological progress.
Its enduring appeal lies in its universally beneficial nature, allowing all participants to gain. For instance, between 1995 and 2022, the share of middle- and low-income countries in global exports increased from 16 percent to 32 percent. This growth did not come at the expense of developed countries; instead, it boosted growth rates and improved well-being worldwide.
China's message at Davos underscores the importance of cooperation and openness in tackling global challenges. By reaffirming its commitment to globalization and multilateralism, China aims to foster trust and collaboration among nations, paving the way for shared prosperity in an interconnected world.
Reference(s):
Davos 2025: China sends a reassuring message amid global uncertainties
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