Davos, January 22, 2025 – The Europe Today: Chinese Vice Premier Ding Xuexiang delivered a significant speech at the World Economic Forum (WEF) Annual Meeting 2025 in Davos, Switzerland, calling on the global community to uphold multilateralism and promote open, inclusive development in the face of unprecedented global changes.
Ding emphasized that the world is undergoing rapid transformations, with global governance undergoing profound shifts. He highlighted the critical crossroads humanity faces, urging solidarity and cooperation to navigate challenges. “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,” Ding said. He emphasized the importance of providing stability and certainty for the world, working toward a just world of common development.
Four Recommendations for Promoting Globalization
In his address, Vice Premier Ding outlined four key recommendations to promote globalization. The first recommendation called for the international community to foster universally beneficial and inclusive economic globalization, with a focus on mutually beneficial cooperation. Ding emphasized the importance of not only expanding the “pie” of economic globalization but also ensuring more equitable distribution.
Secondly, Ding urged the global community to uphold true multilateralism, emphasizing the central role of the United Nations and promoting a global governance framework based on extensive consultation, shared contributions, and mutual benefits. He advocated for equal rights, opportunities, and rules for all nations, fostering an open, inclusive, and non-discriminatory environment for international economic cooperation.
Ding also called for collaboration in fostering new drivers of global economic development, highlighting the significance of enhancing connectivity in the digital age. He emphasized the importance of international cooperation in scientific and technological innovation, harnessing these achievements for the benefit of all humanity, and ensuring that more countries can benefit from digital economic development.
Lastly, Ding stressed the need for joint efforts to address major global challenges such as climate change, food and energy security. He highlighted China’s initiatives, including the Global Development Initiative, Global Security Initiative, and Global Civilization Initiative, which aim to mobilize global efforts to overcome shared challenges.
Key Trends Shaping China’s Economy
Vice Premier Ding also shared insights into key trends shaping China’s economy. He identified high-quality development as a central trend, noting significant progress in transitioning from traditional growth drivers to emerging industries. This year, China will further enhance macroeconomic policies, adopting a more proactive fiscal policy and an accommodative monetary policy to foster higher-quality economic growth.
The second major trend is the acceleration of China’s green and low-carbon transition. Ding highlighted China’s leadership in building the world’s largest and most complete new energy industrial chain, reaffirming China’s unwavering commitment to proactive climate action. He reiterated that China will continue its efforts to reduce carbon emissions and mitigate pollution while promoting green transition and economic growth.
The third trend, according to Ding, is the ongoing advancement of China’s reform and opening-up policies. He emphasized that China will build a high-standard socialist market economy, fostering a fairer and more dynamic market environment. China’s doors will remain open to foreign investment, creating greater opportunities for international businesses to thrive.
In his conclusion, Ding welcomed foreign enterprises to invest and do business in China, underscoring that China’s business environment will only continue to improve, offering greater prospects for success.
