Enthusiastic keynote speech endorses globalization trend

He talked about the importance of the issues that business community and policymakers around the world are concerned about; such as — global investment, peaceful & stable environment and global economic governance. He provided China’s vision to tackle these issues for the future.

His speech had something for everyone, businesses around the world, policymakers, poor people, developed economies and developing economies alike. His speech conveys a clear but subtle message; China is prepared to play a more significant role in global governance.

Another key message I can see embedded in his speech is articulation of his new ideology for China and its engagement with the world. This ideology, is based on co-existence of socialism and market model, was referred to in his speech and sometimes is also called ‘new normal’.

We all understand the importance of free market and deepening of the process of globalization and research has argued in favour of the deepening of the globalization process. However, when there is an economic slowdown political leaders tend resort to protectionist policies in the hope that protectionism will solve their economic vows.

I am glad President Xi has argued that this summit should further deepen the process of globalization and free flow of trade and investment.

This is especially important for emerging economies; Start of protectionist policies will probably hurt them most. With the globalisation thus far the costs of living in these economies have risen significantly during the period.

For the rich countries it is not just humanitarian to look after the interest of the poorest of the countries such as Sub Saharan Africa but is also ethical and moral responsibility. Leaders of these nations ought to look at the issues not from national perspectives but from humanitarian perspective.

Dr Rakesh Gupta is an academic at Griffith University, Australia. He also holds visiting Professor positions at Chongyang Institute of Financial Studies at Renmin University and Dalian University of Technology.