At the World Economic Forum (WEF) Annual Meeting 2025 in Davos, Switzerland, Chinese Vice Premier Ding Xuexiang delivered a compelling speech emphasizing the importance of multilateralism and inclusive development in today’s rapidly changing world.
Ding highlighted that the global community is facing unprecedented transformations, necessitating significant adjustments in global governance. He stated, \"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.\"
Four Recommendations Promoting Globalization
The Vice Premier outlined four key recommendations to advance globalization:
- Inclusive Economic Globalization: Ding called for the promotion of universally beneficial economic globalization. He emphasized finding win-win solutions based on mutually beneficial cooperation through communication and coordination, stating, \"We should not only make the pie of economic globalization bigger, but also distribute it better.\"
- True Multilateralism: He urged the international community to uphold and practice true multilateralism, support the UN-centered international system, and ensure equal rights and opportunities for all countries in international affairs.
- New Drivers for Economic Development: Ding advocated for enhancing digital connectivity, promoting international cooperation on scientific and technological innovation, and harnessing scientific achievements for the benefit of all humanity.
- Addressing Global Challenges: He stressed the need to jointly tackle major global issues such as climate change and energy security, and to advance initiatives like the Global Development Initiative, Global Security Initiative, and Global Civilization Initiative.
Three Trends Shaping China's Economy
Ding also shared insights into the key trends influencing China’s economic landscape:
- High-Quality Development: China is making solid progress in transitioning from traditional growth drivers to new ones. Emerging industries are booming, and new productive forces are forming rapidly. This year, China plans to intensify macro policies with a proactive fiscal stance and accommodative monetary policy to pursue higher-quality growth.
- Green and Low-Carbon Transition: The green transition is accelerating, with China having built the world's largest and most comprehensive new energy industrial chain. Ding assured that China’s commitment to reducing carbon emissions and mitigating pollution remains unwavering, aiming to balance environmental sustainability with economic growth.
- Higher Level of Reform and Opening Up: China is advancing its reform and opening-up policies to build a high-standard socialist market economy. The focus is on fostering a fair and dynamic market environment, optimizing resource allocation, and creating a more inviting business climate. Ding welcomed foreign enterprises to invest and do business in China, highlighting the country's dedication to an open and prosperous economic future.
Through his address, Vice Premier Ding Xuexiang reinforced China's commitment to fostering a cooperative and sustainable global economy, positioning the nation as a pivotal player in shaping the future of international development.
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Key takeaways from Vice Premier Ding Xuexiang's speech at Davos
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