Globalization needs efforts from all nations

Source:Global Times Published: 2017/1/18 0:18:39

Chinese President Xi Jinping attended the World Economic Forum annual meeting in Davos on Tuesday and delivered a keynote speech. He stressed that blaming economic globalization for the world's problems is inconsistent with reality and unhelpful to solve the problems.

The challenges of globalization are the most prominent issues in global governance. There have been anti-globalization waves in some Western countries, which are causing political impacts. Donald Trump's election and Brexit are considered responses to the anti-globalization sentiment in the US and the UK.

Globalization is now at a crossroads. Some are calling for China to fly the flag of globalization. But counting on China alone does not conform to the logic of globalization, which requires efforts from every country.

The opposition of some Western forces to globalization comes as a result of irrational sentiment rather than prudent thinking. Generally, the West is the biggest beneficiary of globalization. As capital, commodities and services flow across the globe, the West is at the apex of the entire system.

There is little room to further grow wealth within the West, where the need for building new infrastructure is limited and a diminishing population means a shrinking consumer market. The West can only explore growth in high-end sectors and abroad. If it shuts the door to the outside world now, it will block opportunities for growth.

Until now, most of the world's top 500 companies are from the West, however, the public feel they are worse off. The problem lies in a distribution system in which capitalists and the elites have taken the majority share of the benefits, leaving little for the public. The West shouldn't blame globalization.

Even after Trump takes power and the UK leaves the EU, there is no easy way for the US or the UK. Globalization is a one-way journey, while anti-globalization is a false proposition. Anti-globalization, in essence, is an attempt to adjust global rules to grab more benefit from it.

Trump proposed that American enterprises should site their factories within the country, but he also wants investors from China, Japan and South Korea to create jobs in the US; meanwhile, made-in-USA should continue to sell worldwide. He just feels that the US did not earn enough from globalization.

Perhaps the West is used to seeing big gaps with developing countries. But they have never thought that new emerging economies like BRICS countries will narrow the gap with developed ones, which is an irreversible trend.

Migration is one phenomenon amid globalization. It has brought some problems that the West feels difficulty adapting to. The problems should be managed rather than becoming a reason for anti-globalization.

Globalization has become a necessity in a modern society. China has benefitted from globalization, and will take actions to promote globalization. The China-proposed "community of common destiny" is sincere in both minds and deeds.

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