Chinese president addresses Davos forum for first time

And even though some problems are linked to globalization, that’s “no justification to write it off altogether”, the Chinese president said. Similarly, the financial crisis was caused by “the excessive pursuit of profits and a lack of economic regulations”.

Scaramucci insisted Trump backed “free, fair trade” and said the president-elect is “not talking about isolationism”.

“One should not just retreat to the harbor when encountering a storm, for this will never get us to the other shore of the ocean”.

Xi said China would keep its door “wide open” to free trade and would not start a trade war by devaluing its currency, the Renminbi (RMB).

Sending out a clear message amid rising concerns over protectionism, he said “nobody will emerge as a victor in a trade war”.

Ma also defended Alibaba’s efforts to counter piracy on its sites after being recently put back on the list of “Notorious Markets” compiled by the U.S. Office of the Trade Representative. Automation can reduce costs and speed production of products, but it also reduces factory jobs.

Despite May firming up her Brexit plans on Tuesday, others across the City are waiting to see what the final deal will bring before making any business-altering decisions, with one investment banking source telling City A.M.: “It’s still pretty early”.

“We are confident”, Xi said, adding that there were headwinds facing the global economy, which is still weak.

Chinese President Xi Jinping on Tuesday stressed the importance of pursuing new models of global growth, cooperation, governance and development.

“Say no to protectionism“, Xi said.

A new path of global growth remains elusive and inadequate global economic governance makes it hard, he said, emphasising that global financial markets need to be more resilient to risks.

The bumpy run-up to the Trump administration has given China’s Xi a convenient opportunity to advance his goal of giving his country a more assertive leadership role on the world stage. He also borrowed from the American political legacy, declaring: “We need a people-oriented development philosophy, a development of the people, by the people, for the people”. “Development is for the people, of the people and by the people”, the Chinese President said.

He has vowed to renegotiate or ditch multilateral trade agreements and protect United States industries from foreign competition by levying new tariffs on goods from overseas.

He argued that China’s moves to opening up its economy have been advantageous to the economy globally. “That’s really something that I feel personally very strongly about”, Buerkner said, adding that he liked Xi’s message about globalization being win-win for everyone.

But part of that clause expired last December, which China says means trading partners must drop their use of such surrogate pricing. “Whether you like it or not, the global economy is the big ocean you can not escape from”.

Billed as an executive member of the President elect’s team, Scaramucci occupied the role of interpreter in chief. “Wind and rain are kept out, but so are light and air”.

Mr Trump has previously threatened a 12% import tax to make the Chinese “stop playing games” – and upped that proposal during his presidential campaign to as much as 45%.

Despite its initial doubts, China came to terms with globalisation and made a decision to join the WTO.

Xi Jinping speaking in Davos, Switzerland.