Full coverage: Xi Visits Switzerland, Attends WEF Annual Meeting

Chinese President Xi Jinping has offered a vigorous defense of globalization and free trade in an historic speech at the World Economic Forum in Davos.

The Chinese leader urged the world to "say no to protectionism" and warned that "no one will emerge as a winner in a trade war".

The speech comes amid concerns that the new U.S. administration may bring in more protectionist measures in trade.

The leader of the world's second-largest economy noted the world must "remain committed to promoting free trade and investment through opening up".

This is the first time a Chinese president has attended the prestigious annual meeting of political leaders, chief executives and bankers held in the Swiss Alpine resort of Davos.

In a speech lasting nearly an hour-long, President Xi Jinping likened protectionism to "locking oneself in a dark room" and warned that "no one will emerge as a winner in a trade war."

The Chinese leader acknowledged that globalization had become a "Pandora's Box," but added it could not be blamed for every problem.

"Economic globalization was once the treasure cave found by Ali Baba in the Arabian Nights. It has become the Pandora's Box in the eyes of many. The international community finds itself in a heated debate on economic globalization. So today I wish to address the global economy in the context of globalization. The point I want to make is that many of the problems troubling the world are not caused by economic globalization."

Xi Jinping also voiced the need to adapt to and guide economic globalization and cushion its negative impact.

The appearance of President Xi Jinping in Davos came as doubts increase about whether the United States will remain a force for multilateral cooperation, and with just days to go before the inauguration of President-elect Donald Trump.

In his address to the delegates in Davos, the Chinese President noted China will continue to open up, while his country's development provides an opportunity for the world.

"China's development is an opportunity for the world; China has not only benefited from economic globalization but also contributed to it. China's rapid growth has been a sustained, powerful engine for global economic stability and expansion. The inter-connected development of China and a large number of other countries has made the world economy more balanced. China's remarkable achievements in poverty reduction have contributed to more inclusive global growth. And China's continuous progress in reform and opening-up has lent much momentum to an open world economy."

To further boost that inter-connectivity, Xi Jinping announced plans to host a Belt and Road Forum in Beijing this May to explore ways of addressing problems facing the global and regional economies.

The president promised China would always keep its door wide open and not close it.

Elaborating on his promise, Xi Jinping outlined China's foreign trade and investment prospects.

"In the coming five years, China is expected to import eight trillion U.S. dollars of goods, attract 600 billion U.S. dollars of foreign investment and make 750 billion U.S. dollars of outbound investment. Chinese tourists will make 700 million overseas visits. All this will create a bigger market, more capital, more products and more business opportunities for other countries."

The president also called on other countries to keep their door open to Chinese investors and keep the playing field level for China.

In the speech, Xi Jinping also said China's economy was likely to have grown by 6.7 percent in 2016, despite a sluggish global economy.

The president, meanwhile, said China would not boost its trade competitiveness by devaluing its currency.