There were worrying signs that politicians in Europe and the United States were prepared to put in place policies to shield their domestic industries, Lloyd's Chairman Lord Levene said in a plenary discussion on global risks at the 17th World Economic Forum on East Asia.

The global development came from globalization which has been largely developed by the United States and Europe working together with countries in Asia to build their industries, Levene noted.

He warned that if politicians pander to their electorate through instituting protectionist measures, it would backfire.

About 60 percent to 80 percent of everything in any Wal-Mart store in the United States was made in China, he said.

If all that manufacturing was cut off, the cost will go up to levels that the public will not be able to buy these things anymore, he said.(Xinhua)