In a significant address at the World Economic Forum Annual Meeting 2025 in Davos, Switzerland, China's Vice Premier Ding Xuexiang underscored the importance of maintaining a path of multilateralism and fostering open, inclusive economic development.
Vice Premier Ding highlighted the resilience and enduring momentum of economic globalization, noting that global trade has consistently grown by an average of 5.8% annually since 1995, reaching a staggering $30.4 trillion in 2023. He emphasized that economic globalization benefits all nations, including both developing and developed countries, by enhancing growth rates and improving the well-being of their populations.
Addressing current global challenges, Ding cautioned against protectionism and trade wars, advocating instead for cooperative efforts to navigate the complexities of global governance. He called for a renewed commitment to multilateralism, emphasizing that international affairs should be decided through collective discussion and cooperation.
China's commitment to sustainable development was a central theme of the speech. Ding outlined China's ambitious goals to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. He showcased China's advancements in renewable energy, noting that over 35% of its total power generation now comes from renewable sources. The Vice Premier also highlighted innovative initiatives in the circular economy, such as the production of clothing from recycled plastic bottles, demonstrating the country's dedication to ecological and economic benefits.
Reform and opening up to higher levels remain pivotal to China's strategy. Ding detailed the reduction of the foreign investment negative list from 190 to 27 items, signaling China's intent to create a more favorable business environment. He assured that China would continue to welcome foreign enterprises, fostering a fair and dynamic market environment conducive to both domestic and international businesses.
Looking ahead, Vice Premier Ding expressed optimism about China's role as a key engine for global economic development. He reiterated China's focus on high-quality growth, technological innovation, and the stabilization of key economic sectors, ensuring that China's progress would continue to contribute positively to the global economy.
As the world faces unprecedented transformation and challenges, Ding's address emphasized the necessity of solidarity, cooperation, and shared responsibility in building a prosperous and sustainable future for all.
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Full text: Address by Vice Premier Ding Xuexiang at Davos 2025
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