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‘Inclusive globalization’: Chinese President Xi Jinping to call for a New World Order at World Economic Forum

Dawood Rehman 06:09 PM | 14 Jan, 2017
‘Inclusive globalization’: Chinese President Xi Jinping to call for a New World Order at World Economic Forum
BEIJING - China's President Xi Jinping is set to meet world leaders in Davos next week where he will preach the advent of a new world order, in addition to promoting "inclusive globalization".

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".

Jinping will give a keynote speech on Tuesday that is expected to extol Beijing's efforts to negotiate new types of regional trade deals shorn of US influence.

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.

The annual conclave of the World Economic Forum in going to be held in the Swiss Alps, grouping 3,000 delegates from the worlds of government, business, science and the arts.

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.

In Davos, the new US administration will be represented in Davos by Anthony Scaramucci, a flamboyant hedge-fund investor who is part of Trump's transition team.

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As Donald Trump is inaugurated as the 45th president of the United States, the consensus of a rules-based global order led by Washington is threatened by communist China's inexorable rise.

‘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.

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More recently, President Xi Jinping unveiled the ‘one belt, one road’ initiative to revive the silk route during his visit to Kazakhstan in 2013.

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.

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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.

Dawood Rehman
Dawood Rehman

The writer is a member of the staff.

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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)

Currency Symbol Buying Selling
US Dollar ‎USD 279.9 283.2
Euro EUR 300.98 301.58
UK Pound Sterling GBP 337.01 337.71
U.A.E Dirham AED 75.14 75.44
Saudi Riyal SAR 73.55 73.85
Australian Dollar AUD 189 192
Bahrain Dinar BHD 712.72 720.69
Canadian Dollar CAD 200 202.2
China Yuan CNY 39.67 39.73
Danish Krone DKK 39.33 39.73
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 878 887
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.79 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.30

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.

City Gold Silver
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

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