Chinese President Xi Jinping addressed the annual Davos World Economic Forum (WEF) on Tuesday, selling the benefits of economic globalization to global political leaders, CEOs, and bankers who attended the gathering.

In an hour-long keynote speech he delivered at the opening plenary of the 2017 annual meeting of the WEF, Xi stressed the importance of adapting to economic globalization with the aim of reaping its benefits by all.

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In his speech, Xi explained that economic globalization should not be blamed for the world's problems saying it runs counter to reality and that it was not helpful in resolving economic challenges.

Isolationism

The Chinese leader stressed that for economic globalization to work, leaders need to be pro-active and must effectively manage their economies properly so as to reach its full impact.

Xi rallied the world's industry leaders to fight all kinds of protectionist trade and isolationism and embark on the path of globalization at the right pace and at the right time.

He told the audience that for different countries and their people to share the benefits of economic globalization, they need to "strike a balance between efficiency and equity."

Human History

"President Xi's remarks objectively elaborated the role of globalization in the entire process of human history and suggested that its role should be viewed dialectically," said Zhang Yuyan, an economic and political expert at the Chinese Academy of Social Sciences.

"Protectionist trade, populism, and nationalism can quell public dissatisfaction for the time being, but in the long run, they will harm the overall interests of all," Zhang said.

Xi is the first Chinese head of state to attend the Davos meeting. Amid growing concerns for protectionism and anti-globalization sentiment by several countries, the Chinese leader did not succumb to pressure and eagerly touted the advantages of globalization.

Xi said that China's doors are open to business communities from other countries and that Beijing will continue to offer opportunities for global trade to the international community.

He said China is experiencing a bustling economy and in the next five years, Beijing is expected to invest $US 750 bn overseas, import $8 trillion worth of goods, and attract $600 bn in foreign investment. Chinese tourists will likewise make 700 million overseas visits in the same period. 

Xi is on a four-day official state visit to Switzerland which started last January 15.

TagsDavos World Economic Forum, Switzerland, global industry leaders, CEOs, protectionist trade, economic globalization, Isolationism, bustling economy, china, President Xi Jinping