By W. Lee Howell<\/p>\n
Davos attendees often recall Chinese President Xi Jinping\u2019s unequivocal endorsement of globalization in his 2017 speech which took place in the wake of protectionist, populist and nationalist rhetoric that shaped much of the US presidential election campaign in 2016.\u00a0 It was a moment in time when many believed that globalization was the cause of \u201cfrequent regional conflicts, global challenges like terrorism and refugees, as well as poverty, unemployment and a widening income gap\u201d but President Xi made it clear then that \u201cmany of the problems troubling the world are not caused by economic globalization\u201d and reminded everyone that \u201cjust blaming economic globalization for the world\u2019s problems is inconsistent with reality, and it will not help solve the problems.\u201d<\/p>\n
However, four years later, the COVID-19 pandemic has replaced economic globalization as the primary source of uncertainty about the future.\u00a0 This is not surprising because the effects of a global pandemic are felt at both the national and local level.\u00a0 But what is most unsettling about a pandemic is that no country alone can prevent such occurrences or mitigate their impact.<\/p>\n
Therefore, President Xi reminded the international community once again that \u201cno global problem can be solved by any one country alone. There must be global action, global response and global cooperation.\u201d He shared this observation in his opening speech of the Davos Agenda, the first virtual edition of the World Economic Forum\u2019s Annual Meeting.\u00a0 He also emphasized that the future of multilateralism required a strong commitment \u201cto consultation and cooperation instead of conflict and confrontation\u201d.<\/p>\n
His comments struck a deep chord with the international community not only because the world continues to grapple with the COVID-19 pandemic but also because China has avoided falling into a recession while taking strong measures to fight the virus.\u00a0 Yet President Xi\u2019s central message that countries embrace openness and multilateralism also came with a warning of the risks that \u201cto build small circles or start a new cold war, to reject, threaten or intimidate others, to wilfully impose decoupling, supply disruption or sanctions, and to create isolation or estrangement will only push the world into division and even confrontation.\u201d<\/p>\n
This message was not lost on the other heads of state and government speaking in the Davos programme.\u00a0 Prime Minister Lee Hsien Loong of Singapore remarked in the closing address that the international order must be underpinned by stable great power relations and astutely characterized China-US relations as the most important bilateral relationship in the world.\u00a0 He made clear that for smaller\u00a0 open economies, international cooperation and multilateral efforts to fight the COVID pandemic require an international order underpinned by stable great power relations.<\/p>\n
The Davos Agenda showed that there is renewed sense of hope for multilateralism but there is much work to be done. The key will be as President Xi observed that the problems facing the world are intricate and complex. The way out of them is through upholding multilateralism and building a community with a shared future for mankind.\u201d<\/p>\n
(The author W. Lee Howell is the Managing Director of World Economic Forum.)<\/p>\n
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