00:00retreat to self-imposed isolation. The right approach should be and can only be
00:07to find solutions together through dialogue and steer economic
00:13globalization in the correct direction. China advocates a universally beneficial
00:19and inclusive economic globalization. We are committed to building bridges not
00:25walls. We will firmly support trade and investment liberalization and
00:30facilitation and continue to share development opportunities with the
00:34world. We will work with all parties to create a bright future of prosperity and
00:40development where every country and every community shares the dividends of
00:44development. Second, we should firmly safeguard multilateralism and make the
00:49international economic and trade order more just and equitable. The multilateral
00:54trading system now faces the most serious challenges in years. The
00:59unilateral acts and trade deals of certain countries clearly violate the
01:04fundamental principles and rules of the WTO and severely impact the global economic
01:09and trade order. As President Xi Jinping noted, at difficult times we must uphold
01:16our original commitment to peaceful coexistence and strengthen our confidence
01:21in win-win cooperation. Multilateralism is the right way to keep the
01:25international order stable and promote humanity's development and progress. The
01:30rules must apply equally to everyone. A handful of countries should not enjoy
01:36privileges based on their strengths and the world must not return to the law of the
01:42jungle where the strong bully the weak. Every country is entitled to defend its
01:48legitimate rights and interests. Since joining the WTO, China has strictly
01:53followed the organization's rules, earnestly fulfilled its commitments, and taken
01:58voluntary steps to contribute more. Last year, it solemnly announced that it will not
02:04seek new, special, and differential treatment in current and future negotiations at the WTO. China will
02:12continue to firmly uphold the WTO-centered, rules-based multilateral trading system and firmly support the
02:18reforms of multilateral institutions, including the WTO and the IMF, with a view to enhancing the
02:25authority, effectiveness, and inclusiveness of the multilateral trading system and increasing the
02:32representation of the global south and developing countries. China is glad to see countries reaching
02:39trade agreements that are mutually beneficial, but these agreements should comply with WTO rules and not
02:45undermine the interests of third parties. Third, we should pursue win-win cooperation, work together to
02:53make the pie bigger, and jointly resolve development issues. Currently, world economic growth is lacking
03:01momentum. The IMF forecasts global growth of 3.1 percent for 2026, which is below the pre-COVID
03:12average of 3.7 percent. What is more worrying is that unfairness continues to grow and sustainable
03:21development is facing severe challenges. According to a UN report, two-thirds of the sustainable development
03:32goals will not be met by 2030. The pursuit of development should not be a you-lose-I-win zero-sum game. Rather, every
03:43party should play its part and get its fair share. Making the pie bigger together is more important than
03:50fighting for the pie, and solving problems together is more effective than blaming each other.
03:57China is committed to foster common prosperity with its trading partners through its own development
04:08and making the pie bigger for global economy and trade. We never seek trade surplus. On top of being
04:14the world's factory, we hope to be the world's market too. However, in many cases, when China wants to buy,
04:23others don't want to sell. Trade issues often become security hurdles. On the other hand,
04:34services now account for two-thirds of global GDP. China has recorded a large deficit in its services
04:43trade over the long term, but it never feels being taken advantage of. We will give full play to our
04:52super-sized market. Step up our efforts to expand import and strengthen industrial cooperation so that
04:59countries can better share in China's opportunities. Fourth, we should uphold mutual respect and equal-footed
05:07consultation and manage differences and solve problems through dialogue. Last year,
05:15economic and trade relations between China and the United States went through some ups and downs.
05:25Guided by the common understandings of the two presidents, from their meeting in Busan and four phone
05:29calls, Chinese and U.S. teams had five rounds of consultation and economic trade issues. Following the
05:37principles of mutual respect, peaceful coexistence and win-win cooperation, they properly handled some
05:42outstanding issues and kept the economic and trade relationship generally stable. Facts have demonstrated
05:50once again that China and the United States will gain from cooperation and lose from confrontation,
05:57and that they should and can help each other succeed and prosper together. The trade talks
06:06also showed that as long as the two sides engage in equal food consultation
06:13and work in the same direction, there will always be more solutions than problems.
06:20to be frank, it's normal for countries with different social systems, stages of development, histories and cultures
06:31to encounter divergences and frictions as they develop and interact. But sometimes these are merely
06:38misunderstandings. The key is to uphold the spirit of equality, respect and mutual benefit,
06:44to build trust through dialogue, and to resolve disputes through consultation. Instead of looking
06:53for answers from confrontation or antagonism, we must find a way out through communication and
06:58consultation and explore the path of win-win and all-win. China is a trading partner, not a rival for other
07:05countries. And China's development presents an opportunity, not a threat to the world's economy.
07:11When it comes to differences and misunderstandings in international economic and trade cooperation,
07:18China calls for equal consultation to enhance mutual trust, bridge differences, and solve problems.
07:24Ladies and gentlemen, friends, over the past five years, the Chinese economy has made steady progress.
07:31We have deepened reform and opening up, continued to expand the consumer market,
07:37made solid headway in developing new quality productive forces, and accelerated the green and
07:42low-carbon transition. With an average annual growth rate of around 5.4 percent, China's economy has
07:49expanded to 140 trillion RMB, contributing approximately 30 percent to global economic growth.
07:58Over the past five years, China has imported over 15 trillion US dollars worth of goods and services.
08:07Its overseas investment has generated over 300 billion US dollars of tax revenue, created numerous
08:13jobs, and boosted local economic growth. The Chinese economy is on solid foundations, demonstrating
08:20advantages in many areas, strong resilience, and great potential. China's development has been achieved,
08:26mainly through reform, opening up, and innovation, rather than so-called government subsidies.
08:35Admittedly, we do face some old and new problems and challenges, but they are predominantly the
08:41growing pains of our development and transition, and we are working hard on them, and we are fully
08:46confident and capable of tackling all kinds of risks and challenges.
08:50Last October, the 20th Central Committee of the Communist Party of China held its fourth
08:56plenary session and adopted the recommendations for the 15th Five-Year Plan, laying out the top-level
09:02design and strategic blueprint for China's economic and social development in the next five years.
09:08China will further apply the new development philosophy of innovative, coordinated, green, open,
09:14and shared development before by President Xi Jinping. Work faster to foster a new development paradigm,
09:20with domestic circulation as the mainstay, and domestic and international circulations reinforcing
09:25each other. Fully tap into the potential of our supersized market with 1.4 billion people,
09:33and strive for new progress in high-quality development. We will improve our market rules and
09:38institutional safeguards and provide more opportunities for all other countries. China will actively expand
09:46domestic demand and share with the world the opportunities in its fast market, but its per capita consumer
09:54spending is still below that of developed economies. As China's middle-income group continues to grow,
10:02there will be more and more diverse needs for higher quality of life, which means immense potential for
10:09consumption. China has put domestic demand on top of its economic agenda this year, and is working
10:18faster on an income growth plan for both urban and rural residents to vigorously boost consumption and make
10:25itself a consumption powerhouse on top of a manufacturing powerhouse. China will continuously promote
10:33investment in both physical assets and in human capital, actively expand investment and consumption
10:40in such areas as education, medical services, and elderly care, and create more space for consumption.
10:48We will continue to host events such as the China International Import Expo, further expand
10:54import, and encourage more quality products across the globe to enter the Chinese market. We encourage
11:01businesses from around the world to seize the opportunities presented by our expanding domestic demand,
11:07provide more and better products and services, and further explore China's consumer market so as to gain a
11:13head start in the fierce international competition. China will steadfastly expand opening up and share with the
11:20world the opportunities from its high standard opening up. Reform and opening up is China's fundamental state policy.
11:26China will open its door still wider to the world. China will actively expand voluntary opening up, align with high
11:34standard international economic and trade rules, expand market access, and open more areas, particularly in the service sector, and step up our
11:44efforts to attract and utilize foreign investment. China will continue to foster a market-oriented,
11:50law-based, and world-class business environment, provide equal treatment for both domestic and foreign
11:58investment enterprises, and make the demand list of businesses a service list of the government.
12:04Should foreign enterprises encounter any problems in China, please do not hesitate to inform us and we will
12:11actively address them. China is committed to deepening international industrial specialization and
12:16collaboration, keeping global industrial and supply chains secure and stable, and building a global market of
12:23shared benefits. We welcome foreign enterprises to invest in China and share in China's opportunities. We also hope
12:31governments of other countries can provide a fair, non-discriminatory, transparent, and predictable investment
12:38environment for Chinese enterprises. China will accelerate sci-tech innovation and share with the world the
12:44opportunities from its innovation-driven development. The latest round of technological revolution and
12:50industrial transformation is unfolding at a faster pace, creating new historical opportunities. Innovation is an
12:57essential engine for China's high-quality economic development, and Chinese modernization must be
13:02underpinned by modernization in science and technology. Currently, China has the biggest number of
13:08researchers and international patent applications. There are diverse scenarios for application and a sound
13:15environment for innovation. And now AI is empowering various sectors. China will continue to promote full
13:24integration between technological and industrial innovation, strengthen the protection and application of
13:30international property rights, and stimulate the vitality of all innovators. Scientific and technological
13:37progress cannot be achieved without international cooperation, and innovation brings both opportunities
13:42and risks. China is ready to work with all other countries in the spirit of openness and cooperation
13:48to advance sci-tech innovation, empower the world economy, and address global challenges in such areas as AI
13:56governance. China's innovation-driven development not only serves itself but also benefits the world. We welcome
14:02companies from around the world to deepen cooperation with China on innovation and sharing the opportunities
14:08presented by innovation-driven development. China will pursue green development and share with the world the
14:14opportunities from green and low carbon transition. At the UN climate summit last September, President Xi Jinping
14:22solemnly announced China's 2035 nationally determined contributions. This is the first time that China put
14:29forward an absolute emissions reduction target, which is a testament to China's firm resolve and maximum effort. China has
14:37put in place the world's largest renewable energy system and the most complete new energy industrial chain.
14:43We will control both the total amount and intensity of carbon emissions across the board and strive to achieve
14:50carbon peaking before 2030 and carbon neutrality before 2060. China will work with all other parties to fully and
15:02effectively implement the UNFCCC and its Paris Agreement, uphold the multilateral process on climate change, and actively
15:11promote global global green and low carbon development. China will work with all parties to foster closer
15:17partnerships for green development, address the shortfall in green production capacity, and ensure the free flow of
15:25quality green products globally. We invite enterprises from all over the world to embrace the opportunities from
15:31green and low carbon transition, work closely with China in such areas as green infrastructure, green energy, green minerals, and green finance,
15:39and jointly create a green and prosperous future. Ladies and gentlemen, friends,
15:46the wisdom of Davos lies in dialogue, and the future of the world hinges on cooperation.
15:52As President Xi Jinping noted, for us to break through the mist and embrace a bright future, the biggest strength
15:59comes from cooperation, and the most effective way is through solidarity. Let us uphold the vision of a
16:06community with a shared future for humanity, carry forward a spirit of dialogue, enhance openness and
16:12cooperation, and steer the giant ship of the world economy steadily forward on the vast blue ocean, breaking all
16:18winds and waves. Let's build a better future for all. I wish this annual meeting a full success. Thank you.
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