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Xi protects distractions in the ‘common prosperity’ drive

China’s “common development” is not just about equality, President Xi Jinping said in defending global policies that disrupted markets from Hong Kong to New York last year.

Xi, who is often described as China’s most powerful leader since Mao Zedong, speaks on video at the annual World Economic Forum. The event is taking place online this year, not in Switzerland in Davos.

“The well ordinary we want it to be the same, “said Xi. As the rising tide lifts all the boats, everyone will receive a fair share of development, and the benefits of development will benefit all our people in a greater and more equal way. “

Under this heading, under Xi, the Chinese Communist Party has been reshaping the country’s business and culture through a series of riots that lasted several months. This is focused on industries including fintech, education and entertainment as well as the challenges people face such as celebrity culture, sports and personalities.

The move, which has removed billions of dollars from Chinese and foreign investors, has sparked a global political and economic crisis over the policy, and has left China’s investment climate uncertain.

Xi tried to resolve some concerns, insisting on Davos’ audience that China was committed to being open to foreign trade.

“All types of economies are allowed to operate in China, in accordance with the law and the rules, and to take action on national development.”

The comments come as China is accused of violating Hong Kong’s democratic rights, abusing the Uyghurs of Xinjiang and its involvement in the military. In response, Beijing has consistently criticized the US and its allies and allies for violating China’s domestic interests.

On the global economy, the Chinese president warned of “serious problems” such as “big economic downturns or changes in monetary policy” in the face of rising inflation. Developed nations are likely to “suffer” because of such changes.

Problems with industrialization, tightening prices, and rising prices also created problems, he warned. “These risks are exacerbated by growing uncertainty about the economy,” he said.

“The lowest prices in the world have changed dramatically, and the risk of inflation driven by a number of factors is growing,” he added.

In the Covid-19 epidemic, Xi said countries should “use the vaccine as a powerful tool, ensure their fair distribution, speed up vaccination and close global vaccination diversification”.

“Strong confidence and cooperation are the only way to tackle the epidemic,” he said. “Retaliation or reprimands may cause us to delay responding and prevent us from achieving the overall goal.”

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