Editor's note: Members of the world business elite look back on President Xi Jinping's historic speech made at the Davos Forum one year ago and comment on the Belt and Road Initiative.
President Xi Jinping's speech clearly came at a time – after Brexit and the election of Donald Trump – when much of the world was looking for leadership on the global issues of trade, climate and development and a more optimistic view of the opportunities coming from globalization. Even if the Trump administration has not yet inflicted as much damage on global institutions as feared at the time, it is clear that the U.S., at least for now, will not play the leading role in global affairs it has in the past. Each step of retreat by the U.S. has opened an opportunity for China. My sense is that President Xi since the Davos speech has focused mainly on domestic matters in the preparation for the 19th CPC National Congress last year, but once the new government is in place I expect for China to engage more proactively. We already see this in the response to the announcement of U.S. withdrawal from the Paris climate agreement and in the language on global trade, and of course in all the activities around the Belt and Road vision.
The Belt and Road Initiative is clearly a bold and open vision for global development. In my view, it has been kept intentionally broad and flexible to encourage initiative at various levels in the Chinese economy, but also in the many countries covered by the vision. From my experience, this is a very common and often effective way used by the Chinese leadership to stimulate new thinking and encourage initiative widely. There is no doubt that global political and business leaders are taking the initiative increasingly seriously, but it is now up to China to define the terms of the engagement with partners. I very much hope that China will do so in collaboration with existing international institutions taking into account the lessons from decades of development experience in different parts of the world.
-- Erik Berglof, director of the Institute of Global Affairs at the London School of Economics
President Xi Jinping's statements, a year on, continue to be an important stage-setter for the argument that international trade must continue to flow openly and freely. The other figure who is making that case, and will no doubt do so this year at Davos, is President Macron of France, who has also spoken out for the importance for maintaining a liberalized global trading system. If China and Europe can cooperate in this area, it will be an important signal to the wider world.
The discussion of the Belt and Road Initiative has now become a major global phenomenon. There is considerable interest in Europe, Asia and beyond about the concept. Now the phase of implementation has to begin; issues of financing, security, and governance frameworks are likely to be central to Belt and Road discussions in the year to come.
China's role continues to be central to this year's World Economic Forum meeting. Issues of shared human values, economic integration and engagement with international crises, whether in the Middle East, South Asia or elsewhere, continue to be central global concerns, and China's attitude toward these questions is crucial. Xi's speech last year set an agenda, and it is important that China continues to express a collaborative and engaged viewpoint as these questions are debated in the year to come.
--Rana Mitter, director of the new Dickson Poon University of Oxford China Centre
With regards to President Xi Jinping's comments on globalization and the Belt and Road Initiative last year, the concrete impact and outcomes are to be seen in transnational infrastructure development being incorporated across the world. Nations are not thinking of just building infrastructure for themselves but for them and their neighbors. The world cannot do it on a national basis any more. That is what they take from President Xi's words. It must be transnational and cooperative with respect for differing national systems.
The world is dealing with many contrary features. There is a battle for power in the Middle East and around Ukraine to give two examples. There is a concern about inequality and protectionism. There are attempts to protect G7 from the growth of the developing nations. The developing nations are trying to secure more growth to enable them to escape poverty. There are many more such examples. The effect of his words and ideas may take 5-10 years to take hold and change centuries of using conflict to enable countries to achieve benefits at the expense of others. But people are beginning to ask for new ways as inequality and austerity increasingly hurt the majority of nations. It is inequality that is spurring the ideas of President Xi. It is the needs of the people to have better lives and escape poverty that will drive, and are, driving change. Enlightened leaders across the political spectrum are heading the words of President Xi but it will take time to reverse the ways of hundreds of years of history.
--Stephen Perry, chairman of trade association The 48 Group Club
