China greatest beneficiary of globalization: Barroso

(ECNS) -- China is the largest beneficiary of globalization, Jose Manuel Barroso, ex-president of the European Commission, said at the Sanya Forum on Saturday, caijing.com.cn reported.

Due to high unemployment rates, many countries worldwide are facing anti-globalisation pressure from nationalists and populists, Barroso explained .

Countries should meet such challenges together and put globalization into effect in a fair manner. Failing to do so might result in severe outcomes for the market economy, financial sectors and certain growth points, he added.

Compared to the European Union, the United States, Russia, and Japan, China benefits the most in terms of trade and investment related to globalization, Barroso noted.

Europe, as a whole, remains on edge, while other countries have lost some of their advantages. China, on the other hand, is the biggest beneficiary both politically and economically.

In his speech, Barroso also expressed his thanks to China for its support during the EU financial crisis.

During this time, China bought up national debt owed by countries facing the severest economic difficulties, a wise decision according to the ex-president.