President Xi has expressed a desire to uphold and develop the world order. President Xi has expressed a desire to uphold and develop the world order. If Xi is up to the challenge and prevents a breakdown in global trade, China will have will have saved more than its own skin.

If the US wants to control the global value chain again, it should further open its market and integrate into the global value chain, rather than rely on the “return home” and “America First” policies to pull the chain apart. Only by restructuring the global value chain and by allowing the free movement of production factors can the world create new trade.

If you ignore the dragon, it will eat you. If you try to confront the dragon it will overpower you. If you ride the dragon, you will take advantage of its might and power.

Economic cooperation and trade frictions will probably simultaneously increase as the new American government’s “buy American and hire American” focus as it seeks greater economic benefits with its trading partners. But there are many areas where the interests of China and the US converge, which the leaders of both countries clearly appreciate.

The degree of monetary easing in the major economies is unprecedented and has nearly gone to the extreme, but risk preference and incremental capital gains are the key factors that determine capital flow. International policy coordination can prevent systemic risk from spreading in foreign exchange markets, credit markets and asset cost as well as cross-border capital flow.

However histrionic the demagogic oratory of President Trump has been, his strategy to revitalize American manufacturing will be better served by exporting more to China, not decreasing Chinese imports. China’s gigantic market has thus become the golden apple of discord in an accelerating geo-economic competition between the United States and Germany, which already enjoys significant production networks within the Middle Kingdom. Yet unlike the days of the Boxer Revolution and the alliance of eight Western nations, China can this time choose her major commercial partners.

Humanity has to choose between pressing ahead with globalization and backpedaling. China’s president seized the moment to inject enthusiasm for economic globalization as it faces strong headwind from the US.

Though the international economy remains unstable, the trend of economic globalization is irresistible. In the face of populist movements, however, it is critical to demonstrate the benefits and make globalization both broader and deeper to make it fairer to developing countries and more valuable to all.

Humanity has to choose between pressing ahead with globalization and backpedaling. China’s president seized the moment to inject enthusiasm for economic globalization as it faces strong headwind from the US.

Mr. Xi brings Davos a message of pluralism, as opposed to the universalism most of his audience has preached. He is no Davos Man. But perhaps this is just what globalization needs. Before it can be restarted, it needs a reset.