In the face of this widening wealth gap, politicians in some Western countries have failed so far to look inward in search of solutions. Instead, they look outside for scapegoats, blaming foreign countries for job losses and cashing in on domestic populism.
Ironically, the Western world where globalization originated has now become hostile to globalization in one way or another. Skeptics argue that globalization, which means free and open trade, is costing them their jobs at home and their way of life.
In particular, Washington's protectionist pivot is not only worrying, but damaging as well. Over the past year or so, it has tried to bully its trading partners into making concessions by wielding the big stick of punitive tariffs. What's more, the so-called "America First" doctrine touted by US President Donald Trump in Davos in January poses a serious challenge to the rules-based multilateral trading system once established by Washington itself.
"Hainan will further expand its connections with countries and regions participating in the Belt and Road Initiative to open itself further," Shen Xiaoming, governor of Hainan, said on Monday during a panel discussion at the four-day Boao Forum for Asia Annual Conference 2018, which closed on Wednesday.