‘China Wants to Be the World’s Market’: He Lifeng Slams Zero-Sum Trade

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Chinese Vice Premier He Lifeng warned against zero-sum trade politics at the World Economic Forum in Davos, saying confrontation and trade weaponisation damage global growth. Stressing dialogue over rivalry, He said China wants to be “the world’s market, not just the world’s factory,” and urged the United States and other economies to stop using trade as a political tool. His remarks come amid rising global trade tensions and debates over protectionism, supply chains, and economic cooperation.

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Transcript

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

‘China Wants to Be the World’s Market’: He Lifeng Slams Zero-Sum Trade | APT

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