During his keynote video address to the World Economic Forum held in Davos, Switzerland, China's President Xi Jinping held out an olive branch to the US, reiterating China's long-held position that, "we should build an open world economy, uphold the multilateral trading regime, discard discriminatory and exclusionary standards, rules and systems, and takedown barriers to trade, investment, and technological exchanges.” He warned against building small circles or starting a new Cold War, and rejected attempts to "threaten or intimidate others, to willfully impose decoupling [from China], supply disruption or sanctions, and to create isolation or estrangement (that) will only push the world into division and even confrontation.”
Xi called for a multilateral approach to solving the economic crisis caused by the pandemic and emphasized that “No global problem can be solved by any one country alone. There must be global action, global response, and global cooperation.”