The degree of monetary easing in the major economies is unprecedented and has nearly gone to the extreme, but risk preference and incremental capital gains are the key factors that determine capital flow. International policy coordination can prevent systemic risk from spreading in foreign exchange markets, credit markets and asset cost as well as cross-border capital flow.

However histrionic the demagogic oratory of President Trump has been, his strategy to revitalize American manufacturing will be better served by exporting more to China, not decreasing Chinese imports. China’s gigantic market has thus become the golden apple of discord in an accelerating geo-economic competition between the United States and Germany, which already enjoys significant production networks within the Middle Kingdom. Yet unlike the days of the Boxer Revolution and the alliance of eight Western nations, China can this time choose her major commercial partners.

Humanity has to choose between pressing ahead with globalization and backpedaling. China’s president seized the moment to inject enthusiasm for economic globalization as it faces strong headwind from the US.

Though the international economy remains unstable, the trend of economic globalization is irresistible. In the face of populist movements, however, it is critical to demonstrate the benefits and make globalization both broader and deeper to make it fairer to developing countries and more valuable to all.

Humanity has to choose between pressing ahead with globalization and backpedaling. China’s president seized the moment to inject enthusiasm for economic globalization as it faces strong headwind from the US.

Mr. Xi brings Davos a message of pluralism, as opposed to the universalism most of his audience has preached. He is no Davos Man. But perhaps this is just what globalization needs. Before it can be restarted, it needs a reset.

Today, from American voters in an ugly U.S. election season to the rhetoric of newly elected Philippines President Rodrigo Duterte, we are hearing widespread anger against the governing structures of our time, against inequality and elitism. This sense of disempowerment is real and understandable. But is globalization really the root of this? Our challenge, as individuals in this era of discontent, is to ensure that we can still come together to move forward and improve the lives of all.

The current international monetary order is failing to provide the necessary tools to cope with episodes of capital flow volatility. In the short term, the BRICS countries should step in and take steps to address this issue. In the long run, they should seek to reform the monetary system and promote international financial stability.

Expectations are high as leaders meet to promote strong trade and investment liberalization and facilitation, and develop partnerships characterized by inter-connectivity, unity, consultation, development and shared benefits.

This December marks the 15th anniversary of China’s accession to the World Trade Organization. In the past 15 years, China could have played a bigger role in promoting global governance had the world’s institutional structures allowed it optimum participation in the global rule-making process. That will be China’s main objective in the future.