2018年CRI WEF founder: A trade war is a lose-lose situation（在线收听）

The current trade dispute between China and the US is a lose-lose situation, said Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF) at the Summer Davos in Tianjin ahead of the launch of his new book on Tuesday. 

“Globalization has benefited this world tremendously... So, economic exchange has become more difficult. Now we have to make everything to keep a multilateral and open system. Trade wars are certainly, in the end a lose-lose, not a win-win situation,” said Schwab. 

Schwab added that he hopes everybody will recognize that maintaining an open multilateral system is in the interest of not only an individual country, but the world as a whole.

On Monday, US president Donald Trump escalated his trade war with Beijing, imposing 10 percent tariffs on about 200 billion US dollars' worth of imports.

China's commerce ministry said on Tuesday that it has no choice but to retaliate against the latest US tariffs and hopes the United States would correct its behavior.

Schwab also assessed China's opening up in the past 40 years.

2018 marks the 40th anniversary of China's economic reform and opening up. The WEF has been associated with China almost as long.

Schwab says he has witnessed all of the nation's dramatic changes.

“It's just mind boggling what has been achieved in the last 40 years. I'm sure, particularly with its focus on the 4th industrial revolution, China will continue it's growth, but will be more qualitative in nature, not just quantitative of course.”

During this three-day Summer Davos, participants will have more in-depth discussions about China's opening up policy and future. Topics will include China's opening up of its financial markets, Scientific Collaborations along the Belt and Road initiative, China's carbon market, and weathering a Trade War, which China is closely involved in.