Xi Jinping will become the first Chinese president to attend the World Economic Forum. He is set to discuss globalization with his counterparts who are facing an uprising from voters against their orthodoxy of open markets and borders.
Chinese officials say their leader will also warn that populist approaches can lead to "war and poverty".
While leading economists stress China is in no position yet to replace the United States as a global hegemon, Xi will likely articulate China's vision for the world economic and political order in Davos.
If Xi is the star turn, Chinese business leaders will also be out in force in Davos. Vice President Joe Biden and Secretary of State John Kerry will be on hand from the outgoing US administration, along with new UN chief Antonio Guterres and ministers representing 70 countries.
This year's forum, from January 17-20, is expected to be dominated by discussion of a surge in public hostility toward globalization and the rise of U.S. President-elect Donald Trump, whose tough talk on trade, including promises of tariffs against China and Mexico, helped win him the White House. Trump will be sworn in on January 20.
‘One Belt, One Road’
In 2004, China overtook France. In 2005, it surpassed the United Kingdom. A year later it left Germany behind. In 2009, it dethroned Japan. And now it has set its sights on the No 1 spot. Never before in history has a country achieved such an unprecedented and phenomenal economic growth.
Currently, China relies on the South China Sea for over 80% of its trade. Chinese shipping containers pass through a narrow strip in the Straits of Malacca where the United States military has a huge presence.
But the ‘one belt, one road’ initiative has caused concerns in the West, particularly in the United States. There are fears that China, through its initiative, will change the rules of the game as far as the world trade is concerned and may lead to confrontation among the big powers.
China’s initiative proposes six corridors that include New Eurasian Land Bridge, China-Mongolia-Russia, China-Central Asia-West Asia, China-Indochina, China-Pakistan, and Bangladesh-China-India-Myanmar.
This plan would eventually connect 65 countries through air, road and sea for increased trade which would be to the tune of $2.5 trillion.
This year's Davos 'may be the start of China's new role as a leader in promoting globalization and a speedy recovery of the global economy', as Western countries turn to 'isolationist self-centredness', according to China's official Xinhua news service.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 4, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||337.01||337.71|
|Hong Kong Dollar||HKD||34.19||34.54|
|New Zealand Dollar||NZD||173.25||175.25|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,200 on Saturday. The price of 10 grams of 24k gold was recorded at Rs175,930.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,200||PKR 2,430|
|Karachi||PKR 205,200||PKR 2,430|
|Islamabad||PKR 205,200||PKR 2,430|
|Peshawar||PKR 205,200||PKR 2,430|
|Quetta||PKR 205,200||PKR 2,430|
|Sialkot||PKR 205,200||PKR 2,430|
|Attock||PKR 205,200||PKR 2,430|
|Gujranwala||PKR 205,200||PKR 2,430|
|Jehlum||PKR 205,200||PKR 2,430|
|Multan||PKR 205,200||PKR 2,430|
|Bahawalpur||PKR 205,200||PKR 2,430|
|Gujrat||PKR 205,200||PKR 2,430|
|Nawabshah||PKR 205,200||PKR 2,430|
|Chakwal||PKR 205,200||PKR 2,430|
|Hyderabad||PKR 205,200||PKR 2,430|
|Nowshehra||PKR 205,200||PKR 2,430|
|Sargodha||PKR 205,200||PKR 2,430|
|Faisalabad||PKR 205,200||PKR 2,430|
|Mirpur||PKR 205,200||PKR 2,430|