China’s Xi Jinping warns of ‘catastrophic consequences’ of confrontation at World Economic Forum

Chinese President Xi Jinping warned in a speech on Monday that global confrontation could lead to ‘catastrophic consequences’.

Addressing world leaders on the first day of the week-long online Davos Agenda summit of the World Economic Forum (WEC), he said, “History has proved time and again the confrontation does not solve problems, it only invites catastrophic consequences,” also asking to discard the ‘cold war’ mentality, reported news agency AFP. 

He further went on to address the COVID-19 situation and called for joint efforts, fair distribution of vaccines, and a faster vaccination drive in the world. Shifting blame would only lead to a needless day in response, he said. 

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“A giant ship is brave enough to brave the storm. Pandemic is proving to be a protracted one. It impacts health and the economy. Holding each other back and shifting blames, will only shift our objectives,” Jinping said, according to a PTI report. 

The president commented on the world economy and stressed on the need for greater cooperation, “We should remove barriers and not erect walls. We should open up and integrate further.” He warned of serious negative spillovers if major economies slam on the breaks or make U-turns on their monetary policies.

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We need to explore new drivers of economic growth to promote steady and robust global economic recovery, he added.

“Developed nations need responsible economic policies, should control spillover effects of policies to avoid impacting developing countries,” he said, adding that China will continue to open up and actively work towards economic and market reforms.  

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“The world is undergoing major changes, unseen in a century and how to beat the pandemic and build a post-COVID world are a common concern for people around the world,” he said during the video conference, reported PTI.

Jinping also informed that China will provide another one billion COVID-19 vaccine doses to African countries and 150 million doses to ASEAN countries.

The World Economic Forum event will be held from January 17 to 21 and include addresses from various world leaders, including Indian Prime Minister Narendra Modi, via video conferencing. 

(With PTI inputs)