Complete Transcript: Speech by Vice Premier Ding Xuexiang at Davos 2025
Chinese Vice Premier Ding Xuexiang delivered a special address at the World Economic Forum Annual Meeting 2025 in Davos, Switzerland on Tuesday. Below is the complete text of his speech titled "Keeping to the Right Path of Multilateralism and Promoting Open and Inclusive Development."
TroibNews 
Chinese Vice Premier Ding Xuexiang delivered a significant address at the World Economic Forum Annual Meeting 2025 in Davos, Switzerland, on Tuesday.
The full text of his speech, titled "Keeping to the Right Path of Multilateralism and Promoting Open and Inclusive Development," is detailed as follows:
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,
I am honored to be in beautiful Davos for the World Economic Forum Annual Meeting, which serves as a crucial platform for discussing global economic issues as well as promoting international exchanges and cooperation. This picturesque town inspires innovation and facilitates collective progress.
It was eight years ago in Davos that Chinese President Xi Jinping gave a vital speech that explored the current global challenges, asking, "what has gone wrong with the world, and what should we do about it?" He conveyed a robust message of China’s commitment to supporting economic globalization, practicing multilateralism, and contributing to a better world. As Professor Schwab noted, this speech "brought us some sunshine." President Xi also emphasized the futility of isolation, stating that "any attempt to channel the waters in the ocean back into isolated lakes and creeks is simply not possible," and warned that "pursuing protectionism is like locking oneself in a dark room." I had the privilege of being in the audience for this speech, and its insights remain vivid in my mind. Since then, President Xi has addressed global governance and the vision of a community with a shared future for mankind at the WEF, providing valuable guidance to the international community.
As we gather here, we witness an unprecedented transformation that is accelerating globally. With looming tariff wars, ongoing trade disputes, and a dichotomy between proponents and opponents of economic globalization, global governance is undergoing significant changes. We find ourselves at a crucial juncture, looking for clarity amidst uncertainty. Now is the time to reflect on President Xi’s vital speech. We must strengthen our confidence, uphold solidarity, and collaborate to build a community with a shared future for mankind. It is essential to inject more stability and certainty into the world and establish a fair environment for collective development. I would like to share several observations.
First, we must collectively advance a universally beneficial and inclusive economic globalization. Economic globalization is an inherent necessity for developing productive forces and a natural outcome of technological progress. Despite facing challenges, it remains a powerful historical force. According to WTO data, global trade volume has grown by an average of 5.8 percent per year since 1995, reaching $30.4 trillion in 2023. Additionally, the share of middle- and low-income countries in global exports increased from 16 percent in 1995 to 32 percent in 2022. The developed world has also benefited, as its growth rates and citizens’ well-being have improved. Economic globalization should not be viewed as a "you-lose-I-win" scenario but rather as a process that allows all parties to benefit together.
It is true that economic globalization can lead to tensions regarding distribution. However, these challenges must be addressed through the ongoing process of promoting globalization. Protectionism offers no solutions, and trade wars yield no winners. We should actively seek to direct economic globalization positively, addressing developmental challenges with a mindset of universal benefit and fostering inclusive cooperation to usher in a dynamic, inclusive, and sustainable phase of globalization. I believe we possess the wisdom and capability to achieve mutually beneficial solutions through communication and collaboration. We should aim to not only enlarge the economic globalization "pie" but also ensure better distribution.
Second, we need to uphold and practice genuine multilateralism. This approach is crucial for maintaining global peace and fostering human progress. Multilateralism is the "golden key" to addressing the difficulties and challenges we face. Decisions regarding international affairs should involve discussions among all nations, determining the future collectively. This perspective is widely recognized by the international community. We must champion multilateralism, envision global governance characterized by extensive consultation and joint contributions, and guarantee equal rights, opportunities, and rules for all nations in international matters.
This year marks the 80th anniversary of the founding of the United Nations. We should seize this moment to reaffirm our commitment to the UN Charter’s principles and goals, firmly uphold the UN-centered international system and the rule of law, and strive for a more just and equitable global governance framework. The multilateral trading system, led by the WTO, must be preserved while ensuring an open, inclusive, and nondiscriminatory environment for international economic collaboration.
Third, we must work together to nurture new drivers for global economic development. The theme of this year's annual meeting, "Collaboration for the Intelligent Age," is particularly relevant. The world is experiencing a new technological revolution, with the rapid emergence of cutting-edge technologies like artificial intelligence and quantum technology. We should harness these opportunities to enhance digital connectivity and promote international cooperation in scientific and technological innovation, helping nations build future-oriented industries and foster new quality productive forces.
In recent years, the gap between the Global North and South has widened, particularly in technology, digital access, and AI. We must uphold the principle of using technological advancements for the benefit of all. We should support developing countries in building new infrastructure for AI and intelligent services and promote the application of information technology in essential sectors of society to facilitate their participation in the digital economy.
Fourth, we need to collectively address major global challenges. The world is undergoing transformation and upheaval, facing issues such as climate change, food security, and energy security. Strengthening global solidarity and cooperation is essential for overcoming these challenges and crafting a better future together. President Xi has proposed various global initiatives that provide vital public goods for the world, and we should collaborate to advance these initiatives, generating lasting momentum for development and fostering peace between nations.
The green transition is a significant trend in global development and is pivotal for addressing climate change. The international community should unite to expedite the energy transition in a fair, orderly, and just manner while maintaining stability in the new energy industrial chain and promoting green technologies. We need consistent environmental and economic policies to avoid disrupting the process of green transition and prevent barriers to regular economic collaborations.
Security and development are intertwined. Some ongoing international conflicts and issues pose serious threats to global peace and stability. We should encourage cooperation for peace and resolve disputes through dialogue. Choosing dialogue and collaboration over confrontation is essential. Increased backing for the UN and its Security Council will enhance their roles, coupled with supporting peaceful crisis resolutions.
Ladies and gentlemen,
Friends,
China plays a pivotal role in global economic development. In discussions regarding world economic issues, China attracts significant attention. I would like to share some major trends shaping the Chinese economy.
The first trend is the steady progress in high-quality development. This aspect shines in the Chinese economy. Over the past year, while facing global challenges, China's GDP grew by five percent, one of the fastest growth rates among major economies. By implementing counter-cyclical measures and introducing policies that revitalized the real estate and stock markets, we have restored market confidence and generated an economic rebound.
The challenges confronting China stem from both external factors and transitional pains from restructuring. Nonetheless, we have consistently pursued high-quality development with emerging business sectors and models playing a key role in overcoming economic difficulties. During my visits across China last year, I witnessed significant progress in transitioning from traditional growth drivers to contemporary ones, as new industries and quality productive forces developed rapidly. Businesses, whether domestic, foreign-invested, or from various sectors, display optimism about future growth.
This year, China will intensify macro policies, adopting a more proactive fiscal stance alongside an accommodating monetary policy. We aim to stimulate consumption, enhance investment, integrate scientific and technological innovation with industrial advancements, and promote stable development in the capital market while effectively managing local government debt risks. Our goal is to achieve higher-quality economic growth while incrementally enhancing economic output. A stable and resilient Chinese economy will contribute to global economic development.
The second trend is the accelerated transition towards a green and low-carbon economy. China is actively engaged in efforts to peak CO2 emissions by 2030 and achieve carbon neutrality by 2060. Since 2012, energy consumption per GDP unit has decreased by more than 26 percent, with carbon emission intensity falling by 35 percent. Renewables now make up over 35 percent of China's power generation. China has constructed the largest new energy industry supply chain globally, producing a significant share of the world's photovoltaic and wind power equipment. These high-quality production capabilities substantiate global green development and climate initiatives. For instance, cutting-edge material technologies allow a Chinese company to create T-shirts from recycled plastic bottles, significantly contributing to ecological and economic improvement.
China's commitment to green transformation is steadfast and not merely a reaction to current trends. Regardless of global dynamics, our resolve to proactively respond to climate change remains unchanged. We will diligently work to minimize carbon emissions while promoting economic growth and ensuring compliance with international climate frameworks such as the Paris Agreement, making greater contributions to the global climate effort.
The third trend is the advancement of reform and opening up to new levels. This trajectory fuels the vitality of the Chinese economy. Through reform and opening up, China has made considerable strides over the past decades, and these principles remain integral to our modernization agenda. The Communist Party of China recently outlined comprehensive reform measures, with over 300 reforms planned for completion by 2029, which marks the 80th anniversary of the founding of the People's Republic of China. We will strive to build a high-standard socialist market economy while creating a fair and dynamic market environment, ensuring efficient resource allocation.
Openness is fundamental to our modernization. Since establishing the China Pilot Free Trade Zone in 2013, the number of foreign investment restrictions has been significantly reduced. Last year, we lifted all restrictions on foreign investment in manufacturing and adopted a negative-list system for cross-border trade in services. Our efforts will continue in sectors like telecommunications, the internet, education, and healthcare. In trade, our focus is not on achieving a surplus; rather, we seek to import quality products to facilitate balanced trade. China's tariffs have been lowered to 7.3 percent, which is competitive globally, and least developed countries with diplomatic ties enjoy zero-tariff treatment on 100 percent of tariff lines. Our commitment to expanding imports is exemplified by the China International Import Expo, held annually over the past seven years, making China a leading global importer.
Regarding the business environment, we recognize that issues around intellectual property protection, participation in government procurement, cross-border data flow, and access to production factors matter to multinationals. We are continuously working to improve policies in these areas, treating both domestic and foreign-invested enterprises equally. For instance, under relevant laws, all domestically produced goods have equal rights in government procurement processes, regardless of supplier origins. We are eager to collaboratively resolve any invisible barriers affecting both foreign and domestic businesses. China’s avenue of opening up will expand further, fostering an increasingly favorable business environment. We warmly welcome foreign enterprises to invest and prosper in China, tapping into the nation's opportunities.
Ladies and gentlemen,
Friends,
With the Spring Festival approaching, there is a renewed sense of hope as we look ahead. Let us recommit ourselves in Davos to uphold the path of multilateralism, foster open and inclusive development, and work together for a better future.
In conclusion, I wish the annual meeting tremendous success.
Thank you!
Rohan Mehta for TROIB News
The full text of his speech, titled "Keeping to the Right Path of Multilateralism and Promoting Open and Inclusive Development," is detailed as follows:
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,
I am honored to be in beautiful Davos for the World Economic Forum Annual Meeting, which serves as a crucial platform for discussing global economic issues as well as promoting international exchanges and cooperation. This picturesque town inspires innovation and facilitates collective progress.
It was eight years ago in Davos that Chinese President Xi Jinping gave a vital speech that explored the current global challenges, asking, "what has gone wrong with the world, and what should we do about it?" He conveyed a robust message of China’s commitment to supporting economic globalization, practicing multilateralism, and contributing to a better world. As Professor Schwab noted, this speech "brought us some sunshine." President Xi also emphasized the futility of isolation, stating that "any attempt to channel the waters in the ocean back into isolated lakes and creeks is simply not possible," and warned that "pursuing protectionism is like locking oneself in a dark room." I had the privilege of being in the audience for this speech, and its insights remain vivid in my mind. Since then, President Xi has addressed global governance and the vision of a community with a shared future for mankind at the WEF, providing valuable guidance to the international community.
As we gather here, we witness an unprecedented transformation that is accelerating globally. With looming tariff wars, ongoing trade disputes, and a dichotomy between proponents and opponents of economic globalization, global governance is undergoing significant changes. We find ourselves at a crucial juncture, looking for clarity amidst uncertainty. Now is the time to reflect on President Xi’s vital speech. We must strengthen our confidence, uphold solidarity, and collaborate to build a community with a shared future for mankind. It is essential to inject more stability and certainty into the world and establish a fair environment for collective development. I would like to share several observations.
First, we must collectively advance a universally beneficial and inclusive economic globalization. Economic globalization is an inherent necessity for developing productive forces and a natural outcome of technological progress. Despite facing challenges, it remains a powerful historical force. According to WTO data, global trade volume has grown by an average of 5.8 percent per year since 1995, reaching $30.4 trillion in 2023. Additionally, the share of middle- and low-income countries in global exports increased from 16 percent in 1995 to 32 percent in 2022. The developed world has also benefited, as its growth rates and citizens’ well-being have improved. Economic globalization should not be viewed as a "you-lose-I-win" scenario but rather as a process that allows all parties to benefit together.
It is true that economic globalization can lead to tensions regarding distribution. However, these challenges must be addressed through the ongoing process of promoting globalization. Protectionism offers no solutions, and trade wars yield no winners. We should actively seek to direct economic globalization positively, addressing developmental challenges with a mindset of universal benefit and fostering inclusive cooperation to usher in a dynamic, inclusive, and sustainable phase of globalization. I believe we possess the wisdom and capability to achieve mutually beneficial solutions through communication and collaboration. We should aim to not only enlarge the economic globalization "pie" but also ensure better distribution.
Second, we need to uphold and practice genuine multilateralism. This approach is crucial for maintaining global peace and fostering human progress. Multilateralism is the "golden key" to addressing the difficulties and challenges we face. Decisions regarding international affairs should involve discussions among all nations, determining the future collectively. This perspective is widely recognized by the international community. We must champion multilateralism, envision global governance characterized by extensive consultation and joint contributions, and guarantee equal rights, opportunities, and rules for all nations in international matters.
This year marks the 80th anniversary of the founding of the United Nations. We should seize this moment to reaffirm our commitment to the UN Charter’s principles and goals, firmly uphold the UN-centered international system and the rule of law, and strive for a more just and equitable global governance framework. The multilateral trading system, led by the WTO, must be preserved while ensuring an open, inclusive, and nondiscriminatory environment for international economic collaboration.
Third, we must work together to nurture new drivers for global economic development. The theme of this year's annual meeting, "Collaboration for the Intelligent Age," is particularly relevant. The world is experiencing a new technological revolution, with the rapid emergence of cutting-edge technologies like artificial intelligence and quantum technology. We should harness these opportunities to enhance digital connectivity and promote international cooperation in scientific and technological innovation, helping nations build future-oriented industries and foster new quality productive forces.
In recent years, the gap between the Global North and South has widened, particularly in technology, digital access, and AI. We must uphold the principle of using technological advancements for the benefit of all. We should support developing countries in building new infrastructure for AI and intelligent services and promote the application of information technology in essential sectors of society to facilitate their participation in the digital economy.
Fourth, we need to collectively address major global challenges. The world is undergoing transformation and upheaval, facing issues such as climate change, food security, and energy security. Strengthening global solidarity and cooperation is essential for overcoming these challenges and crafting a better future together. President Xi has proposed various global initiatives that provide vital public goods for the world, and we should collaborate to advance these initiatives, generating lasting momentum for development and fostering peace between nations.
The green transition is a significant trend in global development and is pivotal for addressing climate change. The international community should unite to expedite the energy transition in a fair, orderly, and just manner while maintaining stability in the new energy industrial chain and promoting green technologies. We need consistent environmental and economic policies to avoid disrupting the process of green transition and prevent barriers to regular economic collaborations.
Security and development are intertwined. Some ongoing international conflicts and issues pose serious threats to global peace and stability. We should encourage cooperation for peace and resolve disputes through dialogue. Choosing dialogue and collaboration over confrontation is essential. Increased backing for the UN and its Security Council will enhance their roles, coupled with supporting peaceful crisis resolutions.
Ladies and gentlemen,
Friends,
China plays a pivotal role in global economic development. In discussions regarding world economic issues, China attracts significant attention. I would like to share some major trends shaping the Chinese economy.
The first trend is the steady progress in high-quality development. This aspect shines in the Chinese economy. Over the past year, while facing global challenges, China's GDP grew by five percent, one of the fastest growth rates among major economies. By implementing counter-cyclical measures and introducing policies that revitalized the real estate and stock markets, we have restored market confidence and generated an economic rebound.
The challenges confronting China stem from both external factors and transitional pains from restructuring. Nonetheless, we have consistently pursued high-quality development with emerging business sectors and models playing a key role in overcoming economic difficulties. During my visits across China last year, I witnessed significant progress in transitioning from traditional growth drivers to contemporary ones, as new industries and quality productive forces developed rapidly. Businesses, whether domestic, foreign-invested, or from various sectors, display optimism about future growth.
This year, China will intensify macro policies, adopting a more proactive fiscal stance alongside an accommodating monetary policy. We aim to stimulate consumption, enhance investment, integrate scientific and technological innovation with industrial advancements, and promote stable development in the capital market while effectively managing local government debt risks. Our goal is to achieve higher-quality economic growth while incrementally enhancing economic output. A stable and resilient Chinese economy will contribute to global economic development.
The second trend is the accelerated transition towards a green and low-carbon economy. China is actively engaged in efforts to peak CO2 emissions by 2030 and achieve carbon neutrality by 2060. Since 2012, energy consumption per GDP unit has decreased by more than 26 percent, with carbon emission intensity falling by 35 percent. Renewables now make up over 35 percent of China's power generation. China has constructed the largest new energy industry supply chain globally, producing a significant share of the world's photovoltaic and wind power equipment. These high-quality production capabilities substantiate global green development and climate initiatives. For instance, cutting-edge material technologies allow a Chinese company to create T-shirts from recycled plastic bottles, significantly contributing to ecological and economic improvement.
China's commitment to green transformation is steadfast and not merely a reaction to current trends. Regardless of global dynamics, our resolve to proactively respond to climate change remains unchanged. We will diligently work to minimize carbon emissions while promoting economic growth and ensuring compliance with international climate frameworks such as the Paris Agreement, making greater contributions to the global climate effort.
The third trend is the advancement of reform and opening up to new levels. This trajectory fuels the vitality of the Chinese economy. Through reform and opening up, China has made considerable strides over the past decades, and these principles remain integral to our modernization agenda. The Communist Party of China recently outlined comprehensive reform measures, with over 300 reforms planned for completion by 2029, which marks the 80th anniversary of the founding of the People's Republic of China. We will strive to build a high-standard socialist market economy while creating a fair and dynamic market environment, ensuring efficient resource allocation.
Openness is fundamental to our modernization. Since establishing the China Pilot Free Trade Zone in 2013, the number of foreign investment restrictions has been significantly reduced. Last year, we lifted all restrictions on foreign investment in manufacturing and adopted a negative-list system for cross-border trade in services. Our efforts will continue in sectors like telecommunications, the internet, education, and healthcare. In trade, our focus is not on achieving a surplus; rather, we seek to import quality products to facilitate balanced trade. China's tariffs have been lowered to 7.3 percent, which is competitive globally, and least developed countries with diplomatic ties enjoy zero-tariff treatment on 100 percent of tariff lines. Our commitment to expanding imports is exemplified by the China International Import Expo, held annually over the past seven years, making China a leading global importer.
Regarding the business environment, we recognize that issues around intellectual property protection, participation in government procurement, cross-border data flow, and access to production factors matter to multinationals. We are continuously working to improve policies in these areas, treating both domestic and foreign-invested enterprises equally. For instance, under relevant laws, all domestically produced goods have equal rights in government procurement processes, regardless of supplier origins. We are eager to collaboratively resolve any invisible barriers affecting both foreign and domestic businesses. China’s avenue of opening up will expand further, fostering an increasingly favorable business environment. We warmly welcome foreign enterprises to invest and prosper in China, tapping into the nation's opportunities.
Ladies and gentlemen,
Friends,
With the Spring Festival approaching, there is a renewed sense of hope as we look ahead. Let us recommit ourselves in Davos to uphold the path of multilateralism, foster open and inclusive development, and work together for a better future.
In conclusion, I wish the annual meeting tremendous success.
Thank you!
Rohan Mehta for TROIB News
