00:00work together to make the pie bigger, and jointly resolve development issues.
00:06Currently, world economic growth is lacking momentum.
00:10The IMF forecasts global growth of 3.1% for 2026,
00:17which is below the pre-COVID average of 3.7%.
00:22What is more worrying is that unfairness continues to grow,
00:28and sustainable development is facing severe challenges.
00:32According to a UN report,
00:35two-thirds of the sustainable development goals will not be met by 2030.
00:44The pursuit of development should not be a you-lose-I-win zero-sum game.
00:49Rather, every party should play its part and get its fair share.
00:53Making the pie bigger together is more important than fighting for the pie,
00:59and solving problems together is more effective than blaming each other.
01:07China is committed to fostering common prosperity with its trading partners
01:14through its own development and making the pie bigger for global economy and trade.
01:18We never seek trade surplus.
01:21On top of being the world's factory, we hope to be the world's market, too.
01:27However, in many cases, when China wants to buy, others don't want to sell.
01:34Trade issues often become security hurdles.
01:37On the other hand, services now account for two-thirds of global GDP.
01:45China has recorded a large deficit in its services trade over the long term,
01:52but it never feels being taken advantage of.
01:55Fourth, we will give full play to our super-sized market,
02:01step up our efforts to expand import and strengthen industrial cooperation
02:05so that countries can better share in China's opportunities.
02:10Fourth, we should uphold mutual respect and equal-footed consultation
02:16and manage differences and solve problems through dialogue.
02:20Last year, economic and trade relations between China and the United States
02:28went through some ups and downs.
02:32Guided by the common understandings of the two presidents,
02:35from their meeting in Busan and for phone calls,
02:38Chinese and U.S. teams had five rounds of consultation and economic trade issues.
02:44Following the principles of mutual respect, peaceful coexistence, and win-win cooperation,
02:48they properly handled some outstanding issues
02:51and kept the economic and trade relationship generally stable.
02:56Facts have demonstrated once again that China and the United States
03:00will gain from cooperation and lose from confrontation,
03:04and that they should and can help each other succeed and prosper together.
03:11The trade talks also showed that as long as the two sides engage in equal-footed consultation,
03:17and work in the same direction,
03:24there will always be more solutions than problems.
03:29To be frank, it's normal for countries with different social systems,
03:34stages of development, histories and cultures
03:36to encounter divergences and frictions as they develop and interact.
03:43But sometimes these are merely misunderstandings.
03:48The key is to uphold the spirit of equality, respect, and mutual benefit,
03:53build trust through dialogue,
03:55and resolve disputes through consultation.
03:59Instead of looking for answers from confrontation or antagonism,
04:03we must find a way out through communication and consultation
04:06and explore the path of win-win and all-win.
04:10China is a trading partner, not a rival for other countries.
04:14And China's development presents an opportunity,
04:17not a threat to the world's economy.
04:20When it comes to differences and misunderstandings
04:22in international economic and trade cooperation,
04:25China calls for equal consultation
04:27to enhance mutual trust, bridge differences, and solve problems.
04:32Ladies and gentlemen, friends,
04:34over the past five years,
04:35the Chinese economy has made steady progress.
04:39We have deepened reform and opening up,
04:41continued to expand the consumer market,
04:44made solid headway in developing new quality productive forces,
04:48and accelerated the green and low-carbon transition.
04:50With an average annual growth rate of around 5.4%,
04:56China's economy has expanded to 140 trillion RMB,
05:00contributing approximately 30% to global economic growth.
05:06Over the past five years,
05:07China has imported over 15 trillion U.S. dollars worth of goods and services.
05:15Its overseas investment has generated
05:17over 300 billion U.S. dollars of tax revenue,
05:19created numerous jobs and boosted local economic growth.
05:24The Chinese economy is on solid foundations,
05:27demonstrating advantages in many areas,
05:29strong resilience, and great potential.
05:32China's development has been achieved
05:34mainly through reform, opening up, and innovation,
05:37rather than so-called government subsidies.
05:42Admittedly, we do face some old and new problems and challenges,
05:46but they are predominantly the growing pains of our development and transition,
05:51and we are working hard on them,
05:52and we are fully confident and capable of tackling all kinds of risks and challenges.
05:59Last October, the 20th Central Committee of the Communist Party of China
06:03held its fourth plenary session
06:05and adopted the recommendations for the 15th Five-Year Plan,
06:08laying out the top-level design and strategic blueprint
06:11for China's economic and social development in the next five years.
06:16China will further apply the new development philosophy
06:19of innovative, coordinated, green, open, and shared development
06:22before by President Xi Jinping,
06:24work faster to foster a new development paradigm
06:28with domestic circulation as the mainstay
06:30and domestic and international circulations reinforcing each other,
06:33fully tap into the potential of our super-sized market
06:38with 1.4 billion people
06:40and strive for new progress in high-quality development.
06:44We will improve our market rules and institutional safeguards
06:47and provide more opportunities for all other countries.
06:52China will actively expand domestic demand
06:54and share with the world the opportunities in its fast market.
06:58Currently, China is the world's second-largest consumer market,
07:05and in many segments, such as automobile, mobile phone, and home appliances,
07:10it is already the largest one.
07:12But its per-capital consumer spending
07:15is still below that of developed economies.
07:20As China's middle-income group continues to grow,
07:23there will be more and more diverse needs
07:26for a higher quality of life,
07:28which means immense potential for consumption.
07:32China has put domestic demand
07:34on top of its economic agenda this year
07:37and is working faster on an income growth plan
07:41for both urban and rural residents
07:43to vigorously boost consumption
07:45and make itself a consumption powerhouse
07:48on top of a manufacturing powerhouse.
07:51China will continuously promote investment
07:55in both physical assets and in human capital,
07:59actively expand investment and consumption
08:01in such areas as education, medical services, and elderly care,
08:05and create more space for consumption.
08:09We will continue to host events
08:11such as the China International Import Expo,
08:14further expand import,
08:16and encourage more quality products across the globe
08:18to enter the Chinese market.
08:21We encourage businesses from around the world
08:23to seize the opportunities presented
08:25by our expanding domestic demand,
08:28provide more and better products and services,
08:30and further explore China's consumer market
08:32so as to gain a head start
08:34in the fierce international competition.
08:37China will steadfastly expand opening up
08:40and share with the world the opportunities
08:42from its high-standard opening up.
08:44Reform and opening up
08:45is China's fundamental state policy.
08:47China will open its door still wider to the world.
08:52China will actively expand voluntary opening up,
08:55align with high-standard international economic and trade rules,
09:00expand market access,
09:01and open more areas,
09:03particularly in the service sector,
09:04and step up our efforts
09:06to attract and utilize foreign investment.
09:08China will continue to foster a market-oriented,
09:12law-based,
09:13and world-class business environment,
09:16provide equal treatment
09:17for both domestic and foreign investment enterprises,
09:21and make the demand list of businesses
09:23a service list of the government.
09:26Should foreign enterprises encounter any problems in China,
09:29please do not hesitate to inform us,
09:31and we will actively address them.
09:33China is committed to deepening
09:35international industrial specialization and collaboration,
09:38keeping global industrial and supply chains secure and stable,
09:42and building a global market of shared benefits.
09:45We welcome foreign enterprises to invest in China
09:48and share in China's opportunities.
09:51We also hope governments of other countries
09:53can provide a fair, non-discriminatory,
09:56transparent, and predictable investment environment
09:59for Chinese enterprises.
10:00China will accelerate sci-tech innovation
10:04and share with the world the opportunities
10:06from its innovation-driven development.
10:08The latest round of technological revolution
10:11and industrial transformation
10:12is unfolding at a faster pace,
10:14creating new historical opportunities.
10:17Innovation is an essential engine
10:19for China's high-quality economic development,
10:22and Chinese modernization must be underpinned
10:24by modernization in science and technology.
10:27Currently, China has the biggest number of researchers
10:30and international patent applications.
10:32There are diverse scenarios for application
10:35and a sound environment for innovation.
10:39And now AI is empowering various sectors.
10:43China will continue to promote full integration
10:45between technological and industrial innovation,
10:49strengthen the protection and application
10:51of international property rights,
10:53and stimulate the vitality of all innovators.
10:55Scientific and technological progress cannot be achieved
10:59without international cooperation,
11:01and innovation brings both opportunities and risks.
11:04China is ready to work with all other countries
11:06in the spirit of openness and cooperation
11:08to advance sci-tech innovation,
11:11empower the world economy,
11:13and address global challenges
11:14in such areas as AI governance.
11:17China's innovation-driven development
11:19not only serves itself,
11:21but also benefits the world.
11:22We welcome companies from around the world
11:25to deepen cooperation with China on innovation
11:27and sharing the opportunities presented
11:29by innovation-driven development.
11:32China will pursue green development
11:34and share with the world the opportunities
11:36from green and low-carbon transition.
11:38At the UN Climate Summit last September,
11:42President Xi Jinping solemnly announced
11:44China's 2035 nationally determined contributions.
11:48This is the first time that China put forward
11:50an absolute emissions reduction target,
11:53which is a testament to China's firm resolve
11:55and maximum effort.
11:57China has put in place
11:58the world's largest renewable energy system
12:00and the most complete new energy industrial chain.
12:04We will control both the total amount
12:07and intensity of carbon emissions across the board
12:10and strive to achieve carbon peaking before 2030
12:13and carbon neutrality before 2060.
12:19China will work with all other parties
12:21to fully and effectively implement
12:24the UNFCCC and its Paris Agreement,
12:28uphold the multilateral process on climate change,
12:31and actively promote global green
12:33and low-carbon development.
12:35China will work with all parties
12:37to foster closer partnerships for green development,
12:40address the shortfall in green production capacity,
12:44and ensure the free flow
12:45of quality green products globally.
12:48We invite enterprises from all over the world
12:51to embrace the opportunities
12:52from green and low-carbon transition,
12:54work closely with China in such areas
12:56as green infrastructure, green energy,
12:58green minerals and green finance,
13:00and jointly create a green and prosperous future.
13:05Ladies and gentlemen, friends,
13:07the wisdom of Davos lies in dialogue,
13:10and the future of the world hinges on cooperation.
13:13As President Xi Jinping noted,
13:16for us to break through the mist
13:17and embrace a bright future,
13:19the biggest strength comes from cooperation,
13:22and the most effective way is through solidarity.
13:24Let us uphold the vision of a community
13:27with a shared future for humanity,
13:29carry forward a spirit of dialogue,
13:32enhance openness and cooperation,
13:33and steer the giant ship of the world economy
13:35steadily forward on the vast blue ocean,
13:38breaking all winds and waves.
13:40Let's build a better future for all.
13:42I wish this annual meeting a full success.
14:12You
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