Davos WEF
Davos WEF

China entering a 'new era' after Xi Jinping speech at Davos, chair of one of the world's largest law firms says

Asia is still the powerhouse for growth: Baker McKenzie Chair

China is entering a "new era" following President Xi Jinping's speech at the World Economic Forum (WEF) in Davos in which he pushed the positive effect of globalization, the chairman of one of the world's largest law firm told CNBC on Wednesday.

Xi spoke to the world's elite on Tuesday, urging world leaders not to give up on globalization.

"It is true that economic globalization created new problems, but this is no justification to write off economic globalization altogether," Xi said.

"Rather we should adapt to and guide economic globalization, cushion its negative impacts and deliver its benefits for all countries."

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Many commentators were positive about Xi's speech and what it signaled about the ability for foreign firms to do business with China. In 2015, law firm Baker McKenzie obtained a license to practice in China. And the firm's chairman is optimistic following Xi's speech.

"Asia is still the powerhouse for growth. Obviously China we heard about their vision for globalization. We're in China, we are growing in China and we see real opportunities for both Chinese domestic work … but also outbound work from Chinese companies," Paul Rawlinson, chairman of Baker McKenzie, told CNBC in a TV interview on Wednesday.

"I think you heard yesterday from the President himself, that they have found a way for making globalization work for China and this is the next iteration. Having that center stage yesterday explaining the vision for China, it's coming into a new era."

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