Globalisation is a "double-edged sword" but cannot be blamed for problems being faced by the world, Chinese President Xi Jinping on Tuesday said even as he called for a greater role for emerging economies in governance of global institutions.
Stating that some people blame economic globalisation for the problems, Xi said many of the issues facing the world are not caused by it.
While acknowledging that it has powered growth and facilitated movement of goods and services worldwide, the Chinese premier said it should also be recognised that "economic globalisation is a double-edged sword".
Speaking at the opening plenary of the World Economic Forum (WEF) Annual Meeting here, he said there are global challenges like terrorism and refugee issues and many people are wondering what has gone wrong with the world. To answer and know the solution that we must understand the problem, he added. According to him, the refugee problem is not because of globalisation. It is war, conflict and regional turbulence that has created this problem and the solution lies in restoring peace, he said.
Even financial crisis did not happen because of economic globalisation but due to problems of financial institutions, he added. Invoking famous author Charles Dickens, he said today we live in times of contradictions. People, he added, come to Davos from across the world to exchange ideas.
"We should not develop the habit of retreating to harbour when faced with a storm in the ocean... We must remain committed to promote free trade and investments by opening up and say no to protectionism," Xi said. Emphasising that no one will emerge a winner in a trade war, Xi called for developing the motto of inclusive governance.
"There is a growing call for reforming global economic systems and architecture. All countries whether big or small are all part of the world. Emerging markets deserve better representations...IMF quota reforms have come into effect and it should sustain," he said, adding that there is need for an inclusive development model to ensure equal access to people to opportunities.