Rejecting “De-risking”: Chinese Premier Li Qiang Upholds Globalisation at Summer Davos
Li Qiang's words serve as an important reminder of this, and of the need to reject policies of “de-risking” the global economy. His speech at the Summer Davos was a clear rejection of such policies, and a call to uphold globalisation as the only sustainable way forward. The Chinese Premier's remarks have provided a much-needed impetus to efforts to revive globalisation, and to promote cooperation between countries. In this way, the Summer Davos has been a resounding success in terms of reigniting global economic collaboration.
At the World Economic Forum's Summer Davos which opened on Tuesday in the port city of Tianjin, China, Chinese Premier Li Qiang strongly denounced the concept of “de-risking” the global economy, calling it a “false proposition”. The Summer Davos had been put on hold for three years due to the Covid pandemic, and it will run until Thursday. In his wide-ranging speech delivered to delegates, Li Qiang highlighted the benefits of economic globalisation, and stressed the importance of deepening economic cooperation between countries. “The economies of many countries are blended with each other, rely on each other, make accomplishments because of one another, and develop together.
This is actually a good thing, not a bad thing,” the Chinese Premier declared. He then went on to condemn the Western notion of “cutting reliance and de-risking”, saying that the world economy has become one interdependent entity. “In the West, some people are hyping up what is called 'cutting reliance and de-risking'," Li said. “These two concepts... are a false proposition, because the development of economic globalization is such that the world economy has become a common entity in which you and I are both intermingled.” The Chinese Premier's words have taken on special significance as the world continues to grapple with the repercussions of the Covid pandemic and the resulting economic crisis.
Many countries have implemented protectionist policies in order to protect their own economies, leading to a decline in globalisation. Li Qiang's remarks can therefore be seen as a call to embrace the benefits of globalisation and to work on deepening economic collaboration between nations. In a post-Covid world, economic globalisation is still the way forward. Li Qiang's words serve as an important reminder of this, and of the need to reject policies of “de-risking” the global economy. His speech at the Summer Davos was a clear rejection of such policies, and a call to uphold globalisation as the only sustainable way forward. The Chinese Premier's remarks have provided a much-needed impetus to efforts to revive globalisation, and to promote cooperation between countries. In this way, the Summer Davos has been a resounding success in terms of reigniting global economic collaboration.