Xi To Davos: If You’re Waiting For Us, We’re Waiting For You

The Chinese erstwhile dictator Xi Jinping asked the Davos gathering of the superrich, can’t we all just get along? More than a weird juxtaposition, appearing virtually before other virtual attendees, the Communist strongman wanted to make plain his view, therefore China’s, he harbors no desire for a renewal of the Cold War. Though we come from very different places and have lived very different experiences, these shouldn’t be impediments to more peaceful cooperation.

What is and really has been over the last thirteen years isn’t (ever) on the agenda. Instead, COVID and its lingering aftermath. Xi just wants to get the whole system back on track as quickly as possible.

We are going through the worst recession since the end of World War II. For the first time in history, the economies of all regions have been hit hard at the same time, with global industrial and supply chains clogged and trade and investment down in the doldrums. Despite the trillions of dollars in relief packages worldwide, global recovery is rather shaky and the outlook remains uncertain. [emphasis added]

That’s not a small point, don’t you think? The casual observer making the same observation notes the death of last year’s “V” and how so much “stimulus” didn’t keep it alive for very long. Coming from the Chinese leading echelon, there are a few additional quite serious implications.

What he was saying, in effect, was chastising the rest of the world for not doing enough. Coming on the heels of recent statements given internally, those where Xi extolled the brilliance of the Chinese approach which led China’s economy to its leading global position (meaning, last year wasn’t as bad there as everywhere else; the cleanest dirty shirt), this guy is pointing fingers. If anyone needs to get it going, it ain’t China according to its top guy.

We need to focus on current priorities, and balance COVID response and economic development. Macroeconomic policy support should be stepped up to bring the world economy out of the woods as early as possible.

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Disclosure: This material has been distributed for informational purposes only. It is the opinion of the author and should not be considered as investment advice or a recommendation of any ...

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