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17 1 20 3:41Davos marks the emergence of a confident strong China - Jan. 15 2017
1 4 http: money.cnn.com 2017 01 15 news china-xi-jinping-davos index.html
Davos
Davos marks the emergence of a confident,strong Chinaby Charles Riley @CRrileyCNN
January 15, 2017: 6:45 AM ET
Davos has a new star.
Xi Jinping is set to become the first Chinese president to attend the World Economic Forum'sannual gathering high in the mountains of Switzerland.
It's a visit rich in symbolism: Beijing is positioning itself as a global leader at a time when Westernpowers, and especially the United States, are retreating from the world stage.
The Davos meeting coincides with the formal handover of power in the U.S. Donald Trump will beinaugurated as president on Jan. 20, the final day of the forum.
Into this breach steps Xi, who has an iron grip on the levers of power in Beijing. Under hisleadership, China has adopted a more muscular foreign policy, and sought to expand itsinfluence through trade initiatives.
Related: The world is becoming a very scary place
China's political heavyweights avoided Davos in 2016. One of the few oZcials who went,financial regulator Fang Xinghai, spent much of his time defending Beijing's botched response toa stock market crash.
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17 1 20 3:41Davos marks the emergence of a confident strong China - Jan. 15 2017
2 4 http: money.cnn.com 2017 01 15 news china-xi-jinping-davos index.html
What a di]erence a year makes. In June, Britain voted itself out of the European Union. ThenHillary Clinton lost the U.S. presidential election to Trump, a political neophyte who hasquestioned many of the key principles that have underpinned the world order for decades.
"President Xi's appearance in Davos is indicative of China's desire to signal that it is ready forconstructive engagement in global governance and to take on a leadership role consistent withits economic might," said Eswar Prasad, the former head of the International Monetary Fund'sChina division.
Related: Brexit: 18 months that will shape the U.K.'s future
During the election campaign, Trump blasted international trade deals, tapping into a deep wellof popular anger over globalization. Now, the president-elect could try to kill the huge U.S.-ledPacific trade agreement that he has described as a "disaster done and pushed by specialinterests who want to rape our country."
China isn't waiting around for the funeral. It's already pushing its own free trade deal with leadersfrom around the Pacific. Its competing initiative -- the Regional Comprehensive EconomicPartnership -- covers 16 nations, accounting for almost 30% of global GDP and more than aquarter of world trade.
Frustrated by a relative lack of influence at the World Bank (a U.S.-based institution) and theAsian Development Bank (where Japan is a major force), Beijing has also spent billions of dollarsto establish a new infrastructure bank.
"As countries around the world take stock of what a Trump presidency could mean for theirrelations with the U.S., China is seeking to position itself as a mature, trustworthy power that isopen to closer bilateral relations and also to a broader leadership role in the internationalcommunity," said Prasad, who is now a professor at Cornell University.
Related: China is ready to pounce if Trump axes Pacific trade deal
The power players gathering in Davos will be trying to make sense of these changes -- and howto respond. Indeed, the theme of this year's meeting is "Responsive and ResponsibleLeadership."
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But with European standard bearer Germany sitting out the conference (Chancellor AngelaMerkel faces tricky elections later this year), and the U.S. focused squarely on Trump, that handsChina an opportunity to pick up the mantle of leadership.
"China is positioning itself to fill in any void left by the U.S. in terms of global leadership," saidPrasad.
-- Jethro Mullen contributed reporting.
CNNMoney (London)First published January 15, 2017: 6:45 AM ET
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