Xi Jinping never used the words “Donald Trump” or the “United States” in his speech at the World Economic Forum in Davos. But the Chinese president’s speech was unmistakably focused on the president-elect of the US.

The most warmly applauded line in Mr Xi’s speech was: “No one will emerge as a winner in a trade war.” The Chinese leader compared those who adopt protectionist policies with people who “l(fā)ock themselves in a darkened room”. In strong contrast to the frenetic, inflammatory style of Mr Trump, Mr Xi spoke slowly and calmly. At times, he almost seemed to be offering fatherly advice to the Americans, remarking that China too had once been scared of globalisation but had ultimately made the choice that it had no option but to “swim in the vast ocean of the global market”.

Some foreign businesses, struggling with obstacles in the Chinese market, might reject Mr Xi’s portrayal of China as a champion of free-trade and open markets. Nonetheless, the Chinese president’s remarks were a skilful appeal to the Davos audience, which includes leaders of many of the world’s largest multinationals. Businesses that have thrived on globalisation are deeply concerned that the Trump administration will indeed spark a global trade war. So Mr Xi has taken the opportunity to position China as the protector of globalisation.