"Asian values" can help overcome globalization backlash: WEF chairman

The Asian way of life to harmonize individual rights with obligations to serve the society can tackle the rise of anti-globalization movements, Klaus Schwab, founder and executive chairman of the world economic forum (WEF) said here on Sunday.

Those who rose against globalization movements, like the majority of voters in the United Kingdom who opted to leave the European Union in the Brexit referendum, "overlook that globalization and liberalism have lifted one billion people worldwide out of poverty and led to lower prices across the entire consumer supply chain, " Schwab said in his opening key note at the 5th edition of the World Government Summit (WGS).

"Instead of opposing globalization because jobs are in danger, we should try to harmonize the national identity of citizens with social harmony, a concept which is practiced in many East Asian societies," The 78-year-old WEF founder said.

"I remember when I was invited to fly with Singapore's late Prime Minster Lee Kuan Yew from Singapore to China. During our conversation aboard, he explained to me that the East Asian way of thinking is to embrace changes by trying to put apparent new developments into a harmonious balance," Schwab said.

Based on this concept, Schwab warned "we should not try to fix the current global economic system and world order, but we need a complete new social scheme which puts the well-being and happiness of the citizens into the center, whereas at the same time individuals must understand their roles as a harmonious balance between rights and obligations within and for the society by serving it like anyone serves his own interests," Schwab said.

The three-day WGS 2017 which is attended by 4,000 delegates and 150 speakers from 139 countries runs until Tuesday, Feb. 14. Endit