All aboard to fix 'broken' globalisation bullet train, China's Xinhua says of WEF meeting

The West is obliged to help Chinese President Xi Jinping fix the broken "bullet train" of globalisation, said China's Xinhua news agency.
The West is obliged to help Chinese President Xi Jinping fix the broken "bullet train" of globalisation, said China's Xinhua news agency. PHOTO: AFP

BEIJING (REUTERS) - The "bullet train" of globalisation is broken and the West is obliged to help Chinese President Xi Jinping fix it, China's official Xinhua news agency on Friday (Jan 13) said of the World Economic Forum (WEF) meeting in the Swiss Alps next week.

Mr Xi will be the first Chinese president to ever attend the WEF's annual forum in Davos, which brings together top-level political and business leaders.

This year's meeting, from Jan 17-20, is expected to be dominated by discussion of public hostility towards globalisation and the rise of US President-elect Donald Trump, whose tough talk on trade, including promises of tariffs against China and Mexico, helped win him the White House.

Mr Trump will be sworn in on Jan 20.

"It is both the West's moral obligation and (only) feasible choice to turn the tide and work with the developing world - to make painstaking reforms on domestic and global governance systems for a fairer world - if they want to keep their interests and competitiveness intact," Xinhua said in a commentary.

The article called the election of Mr Donald Trump, the British vote to leave the European Union, and Italian Prime Minister Matteo Renzi's resignation "mind-boggling symptoms of (the) current globalisation".

Xinhua also hit back at those within the developed world who say emerging economies are stealing jobs and resources.

"These people, also among the biggest beneficiaries of globalisation, are only endeavouring for a cosier seat on the irresistible journey of this 'bullet train'," it said.

Mr Xi will deliver a speech on the first day of the forum, promoting a message of "inclusive globalisation" and will warn against populism, Chinese officials said on Wednesday.

"Channels of communication are open" between China and Mr Trump's transition team at the forum, Chinese Vice-Foreign Minister Li Baodong said at a briefing on Wednesday, but warned that scheduling a meeting might be difficult.

Days after Mr Trump's victory, Mr Xi vowed to fight protectionism and push forward with multilateral trade deals.

Foreign businesses in China have long complained about a lack of market access and protectionist Chinese policies.