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DAVOS, Switzerland -- Chinese Vice-Premier Ding Xuexiang on Tuesday delivered a special address at the World Economic Forum Annual Meeting 2025 in Davos, Switzerland.

The following is the full text of the speech entitled "Keeping to the Right Path of Multilateralism and Promoting Open and Inclusive Development":

Special Address by H.E. Ding Xuexiang

Vice-Premier of the State Council of the People's Republic of China

At the World Economic Forum Annual Meeting 2025 Davos, January 21, 2025

Professor Klaus Schwab,

Distinguished Guests,

Ladies and Gentlemen,

Friends,

It gives me great pleasure to come to beautiful Davos for the World Economic Forum (WEF) Annual Meeting, an important platform for discussing global economic issues and a vanguard for promoting international exchanges and cooperation. This small town is attractive not only for its picturesque landscape, but also for inspiring new ideas and facilitating common progress.

Eight years ago, it was here in Davos that Chinese President Xi Jinping delivered the important speech in which he pondered the question of our times - "what has gone wrong with the world, and what should we do about it" - and sent a resounding message that China will support economic globalization, uphold and practice multilateralism, and join the effort to make the world a better place. The speech, as Professor Schwab concluded, "brought us some sunshine." Upon deep reflection, President Xi pointed out that "any attempt to channel the waters in the ocean back into isolated lakes and creeks is simply not possible," and that "pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air." I had the privilege of listening to that speech in the audience, and it is still fresh in my memory. Since then, President Xi had offered clear answers twice at the WEF to the questions of how to improve global governance and build a community with a shared future for mankind, which provided important guidance to the international community.

As we meet, transformation not seen in a century is accelerating across the world. With imminent tariff wars and trade wars, an ongoing tug of war between the forces for and against economic globalization, and intense rivalry between multilateralism and unilateralism, global governance is undergoing profound adjustments. Human society has once again come to a critical crossroads, hoping that the sun will break through clouds and mists to light up the way forward. It is time to recall President Xi's important speech. We should firm up confidence, uphold solidarity and cooperation, and forge ahead hand in hand despite high winds and choppy waters to build a community with a shared future for mankind. We should provide more stability and certainty for the world, and build a just world of common development. Here, I wish to share a few observations.

First, we need to jointly promote a universally beneficial and inclusive economic globalization. Economic globalization is an inherent requirement for the development of productive forces, and an inevitable result of technological advancement. Indeed, it is an overwhelming trend of history. Over the years, despite some headwinds and setbacks, economic globalization has demonstrated strong resilience and dynamism. According to WTO statistics, the total volume of global trade has grown by an average of 5.8 percent per year since 1995, and reached 30.4 trillion U.S. dollars in 2023. Between 1995 and 2022, the share of middle- and low-income countries in global export rose from 16 percent to 32 percent. And developed countries did not lose out from this. Their growth rates and the well-being of their peoples have also been effectively boosted. Economic globalization is not a "you-lose-I-win" zero-sum game, but a universally beneficial process where all can benefit and win together.

Admittedly, economic globalization will bring some tensions and disagreements on distribution. These issues can only be resolved in the process of promoting economic globalization. Protectionism leads nowhere. Trade war has no winners. We must seize all opportunities to steer economic globalization in the right direction, tackle the development challenges with universal benefit, and pool strengths with inclusive cooperation, so as to usher in a new phase of economic globalization that is more dynamic, more inclusive and more sustainable. I believe that we have the wisdom and capability needed to find a win-win and all-win solution, one that is based on mutually beneficial cooperation, through communication and coordination. We should not only make the pie of economic globalization bigger, but also distribute it better.

Second, we need to jointly uphold and practice true multilateralism. Multilateralism is the right way to maintain world peace and promote human progress. It is the "golden key" to solving the difficulties and challenges facing this world. International affairs should be decided by all through discussion, and the future of the world should be determined by all countries together. This is a consensus shared by the international community. We must hold high the banner of multilateralism, pursue the vision of global governance featuring extensive consultation and joint contribution for shared benefit, and ensure equal rights, equal opportunities and equal rules for all countries in international affairs.

This year marks the 80th anniversary of the founding of the United Nations. We should seize the opportunity to reaffirm our commitment to the purposes and principles of the UN Charter, firmly uphold the UN-centered international system and the international order based on international law, and make global governance more just and equitable. We should firmly uphold the multilateral trading system with WTO at its core, uphold its role as the main channel for rules-making on international trade, and foster an open, inclusive and nondiscriminatory environment for international economic cooperation.

Third, we need to jointly foster new drivers and strengths for global economic development. The theme of this year's annual meeting, "Collaboration for the Intelligent Age," is highly relevant. In today's world, the new round of technological revolution and industrial transformation is deepening, cutting-edge technologies such as artificial intelligence (AI), quantum technology and biomedicine are flourishing, and digital, green and intelligent development is picking up pace. We should seize and make the most of these opportunities to enhance connectivity in the digital age, promote international cooperation on scientific and technological innovation, help countries strengthen emerging and future industries, and accelerate the cultivation and development of new quality productive forces.

In recent years, the North-South divide has become more pronounced, and the gaps in technology, digital access and AI are still widening. We should uphold the principle of harnessing scientific and technological achievements for the benefit of all humanity, help developing countries build AI, intelligent transportation, smart energy and other new infrastructure, and promote the application of information technology in key livelihood sectors, so that more countries can get on board the fast train of digital economic development.

Fourth, we need to jointly tackle major global challenges. Currently, the world is going through transformation and turbulence, and challenges such as climate change, food security and energy security keep cropping up. Only by strengthening global solidarity and pooling global efforts can we overcome the challenges and build a better future together. President Xi Jinping proposed the Global Development Initiative, Global Security Initiative and Global Civilization Initiative, offering important public goods to the world. We should work together to advance these three global initiatives to generate enduring impetus for development, pass on the torch of peace to future generations, and illuminate the splendor of civilizations, thereby gathering formidable strength to overcome difficulties and challenges.

Green transition is a prevailing trend of global development and the fundamental solution to climate change. The international community should work together to accelerate the energy transition in an equitable, orderly and just manner, keep the new energy industrial chain stable, and promote green products and technologies. We must follow a consistent approach in addressing climate change, and improve the consistency of environmental and climate policies and economic and trade policies, so as to prevent economic and trade frictions from impeding the process of green transition, and avoid erecting green barriers that could disrupt normal economic and trade cooperation.

Security and development complement and reinforce each other. At present, some international hotspot issues and conflicts are dragging on and having a serious impact on global peace and stability. We should promote security and peace through cooperation and resolve disputes and differences through dialogue. It is essential that we follow a new path to security that chooses dialogue and partnership over confrontation and alliance. We should support the UN and its Security Council in playing a bigger role, and support all efforts conducive to the peaceful settlement of crises.

Ladies and Gentlemen,

Friends,

China is a key engine for global economic development. Whenever world economic issues are discussed at Davos, a lot of attention would be on China. Here taking this opportunity, I would like to share with you some of the major trends that characterize the Chinese economy.

The first major trend is that high-quality development is making solid progress. This is a big highlight of the Chinese economy. Over the past year, the Chinese economy made steady progress while maintaining overall stability. China's GDP grew by five percent, one of the fastest among major economies. In response to the headwinds and challenges confronting China's economy, we stepped up countercyclical measures, and in particular intensified efforts to introduce a package of incremental policies that effectively boosted the real estate and stock markets, improved market expectations and restored public confidence. As a result, the economy has rebounded and turned for the better.

The headwinds encountered by the Chinese economy are due to both the external environment and temporary pains brought by our own economic restructuring. We have persistently promoted high-quality development. New business sectors, forms and models have kept emerging. This has played an important role in overcoming economic difficulties. During my inspection tours to different parts of China last year, I saw the evident progress in the transition from traditional growth drivers to new ones; I saw emerging and future industries booming and new quality productive forces taking shape at a faster pace. All the businesses I visited - from private companies to foreign-invested ones, and from traditional manufacturing to digital firms - have great confidence in future development.

This year, China will further intensify macro policies, and adopt a more proactive fiscal policy and an appropriately accommodative monetary policy. We will vigorously boost consumption, improve investment performance, facilitate the integrated development of scientific and technological innovation and industrial innovation, promote the sound and stable development of the capital market, stabilize the real estate market, and effectively prevent and defuse local government debt risks, so as to effectively pursue higher-quality economic growth and appropriately increase economic output. China's stable and sound economic development will inject strong and sustained impetus to global economic development.

The second major trend is that green and low-carbon transition is accelerating across the board. This is a salient feature of the Chinese economy. China is taking concrete actions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. Since 2012, China's energy consumption per unit of GDP and carbon emission intensity have dropped by more than 26 percent and 35 percent respectively. And China's renewable energy now accounts for over 35 percent of its total power generation. China has built the world's largest and most complete new energy industrial chain. 70 percent of the photovoltaic components and 60 percent of wind power equipment worldwide come from China. These high-quality production capacity has served as a strong boost to global green development and climate response. China's circular economy enjoys a robust momentum of development. For example, empowered by new material technology, a Chinese enterprise produces one T-shirt with the polyester yarn extracted from eight plastic bottles, and makes one hardshell jacket with 28 plastic bottles. This way, it consumes more than 30 billion plastic bottles every year, which has both ecological and economic benefits.

China's pursuit of green transition is a long-term commitment rather than an act of expediency. No matter how the international landscape may evolve, China's determination and action for proactive climate response will not change. We will make tireless efforts to reduce carbon emissions and mitigate pollution while expanding green transition and promoting economic growth, accelerate the comprehensive transition to green economic and social development, observe the goals and principles of the United National Framework Convention on Climate Change and its Paris Agreement, and make greater contributions to global climate response.

The third major trend is that reform and opening up is moving up to a higher level. This is the source of vitality of the Chinese economy. It is through reform and opening up that China caught up with the times in big strides over the past decades, and in order to break new ground in China's modernization drive, we still count on reform and opening up. In July last year, the Communist Party of China held the Third Plenary Session of its 20th Central Committee, laying out systematic plans for further deepening reform comprehensively to advance Chinese modernization. More than 300 important reform measures were introduced at the meeting, and these reform tasks shall be completed by 2029, the year marking the 80th anniversary of the founding of the People's Republic of China. We will build a high-standard socialist market economy, foster a fairer and more dynamic market environment, and make resource allocation as efficient and productive as possible.

Openness is the hallmark of Chinese modernization. In terms of the access for foreign investment, we set up the China (Shanghai) Pilot Free Trade Zone in 2013 and issued the first negative list for foreign investment. There were 190 items on the list at that time, but now the number has been reduced to 27. Last year, China lifted all restrictions on foreign investment in manufacturing and established a negative-list system for cross-border trade in services. And we have been taking systematic steps to further open important sectors like telecom, the Internet, education, culture and medical services. In terms of foreign trade, we don't seek trade surplus; we want to import more competitive quality products and services to promote balanced trade. China's overall tariff level has been cut to 7.3 percent, a fairly low level in the world, and we give all least developed countries having diplomatic relations with China zero-tariff treatment for 100 percent tariff lines. We have taken the initiative to expand imports and held the China International Import Expo for seven years in a row. China has been the world's second-largest importer for many years now. In terms of business environment, we know issues like China's IPR (intellectual property rights) protection, equal participation in government procurement, cross-border data flow, access to factors of production, qualification approval and standard setting are of great interest to multinationals. In these areas, we are continuously improving relevant institutions and policies. These issues are important to both domestic and foreign-invested enterprises, and our attitude has been clear, that is, to provide equal and fair treatment for all of them. Take government procurement for example, according to relevant laws and regulations, all products made in China enjoy the right of equal participation in government procurement, whether their suppliers are domestic or foreign-invested enterprises. I know in reality, there might be cases where invisible barriers and hidden hurdles stand in the way of both foreign-invested enterprises and domestic ones. On the part of the Chinese government, we sincerely hope to work out these problems with parties concerned. China's door of opening up will not be closed and will only open even wider, and our business environment will only get better. We sincerely welcome more foreign enterprises to invest and do business in China, and achieve greater success in sharing China's opportunities.

Ladies and Gentlemen,

Friends,

China's Spring Festival is just around the corner. As the new year begins, everything takes on a new look. Let's start again from Davos, uphold the right path of multilateralism, promote open and inclusive development, and jointly usher in a better future.

To conclude, I wish the annual meeting a full success.

Thank you.