(CNN) Chinese President Xi Jinping has called for a return to multilateralism, with leaders working together to put the global economy back on track, in his first speech since his US counterpart, Joe Biden, took office. Speaking at the Davos Agenda event hosted by the World Economic Forum (WEF) on Monday, Xi urged increased global cooperation in response to the coronavirus pandemic and said that to "slip into arrogant isolation will always fail." Despite the trillions of dollars in relief packages worldwide, global recovery is rather shaky and the outlook remains uncertain," Xi said. The Chinese president called on governments "to abandon ideological prejudice and jointly follow a path of peaceful coexistence, mutual benefit and win-win cooperation." Xi continued his theme of inclusion throughout the address, adding: "To build small circles or start a new Cold War ... will only push the world into division and even confrontation."

Source: CNN January 25, 2021 17:48 UTC