China's president on Monday warned against "a new Cold War" and urged improved international co-operation to help the global economy bounce back from the effects of coronavirus. Speaking at a virtual meeting of the World Economic Forum, Xi Jinping said that the current recovery from the pandemic is "rather shaky" but that the removal of trade barriers would encourage a return to prosperity. However, the Mr Xi warned that “ideological prejudice” and an “outdated Cold War mentality” could drive nations apart, as he signalled his country would not bow to diplomatic pressure from the US over human rights and trade issues. "To build small cliques or start a new Cold War, to reject, threaten or intimidate others... will only push the world into division," Mr Xi said. Warning that confrontation will lead to a "dead end", he said: “Difference in itself is no cause for alarm. What does ring the alarm is arrogance, prejudice and hatred. “No two leaves in the world are identical. And no histories, cultures or social systems are the same. Each country is unique in its own history, culture, and no social system is superior to the other.” His speech focused on four main topics: greater macro-economic co-ordination; rejection of ideological prejudice; closing the gap between developed and developing countries; and the need for global multilateralism. "We should build an open world economy ... discard discriminatory and exclusionary standards, rules and systems and take down barriers to trade, investment and technological exchanges," he said. Mr Xi said that his country would play a greater role in promoting environmental sustainability. He reaffirmed Beijing's ambitious climate pledges to slash carbon emissions by 65 per cent by 2030 and said the nation aimed to achieve carbon neutrality by 2060. "Meeting these targets will require tremendous hard work from China. But we believe that when the interests of the entire humanity are at stake, China must step forward, take action and get the job done," Mr Xi said. The address was more defensive than his<a href="https://www.thenationalnews.com/business/china-s-xi-defends-globalisation-at-wef-annual-meeting-in-davos-1.88639"> last Davos address in 2017</a> but repeated similar points about multilateralism and "win-win" outcomes. The international community should be governed in accordance with international rules instead of unilateralism, and institutions such as the World Health Organisation and the UN should play a part in meeting those objectives, he said. Mr Xi added confrontation "will always end up harming every nation's interests and sacrificing people's welfare". The G20 should be strengthened as the "main forum for global economic governance" and the world should "engage in closer macro-economic policy co-ordination", Mr Xi said. China has largely curbed the spread of the pandemic within its borders and has offered a contrast to the ongoing crisis mode for the US. Beijing's ambitious climate pledges to slash carbon emissions by 65 per cent by 2030 and achieve carbon neutrality by 2060 were reaffirmed. Both are significant commitments as China emits a quarter of the world's greenhouse gases. "Meeting these targets will require tremendous hard work from China. But we believe that when the interests of the entire humanity are at stake, China must step forward, take action and get the job done," he said. Mr Xi called for stronger global governance via multilateral organisations, the removal of barriers to international trade, investment and tech exchanges, as well as stronger representation on the world stage for developing countries. He stressed the importance of strengthening macroeconomic policies to combat the pandemic-induced global economic downturn. "We must build an open world economy, firmly safeguard the multilateral trade system, and refrain from making discriminatory and exclusive standards, rules and systems, as well as high walls that separate trade, investment, and technology," he said.
