The following is the full text of the speech entitled "Keeping to the Right Path of Multilateralism and Promoting Open and Inclusive Development":

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,

It gives me great pleasure to come to beautiful Davos for the World Economic Forum (WEF) Annual Meeting, an important platform for discussing global economic issues and a vanguard for promoting international exchanges and cooperation. This small town is attractive not only for its picturesque landscape, but also for inspiring new ideas and facilitating common progress.

Eight years ago, it was here in Davos that Chinese President Xi Jinping delivered the important speech in which he pondered the question of our times - "what has gone wrong with the world, and what should we do about it" - and sent a resounding message that China will support economic globalization, uphold and practice multilateralism, and join the effort to make the world a better place. The speech, as Professor Schwab concluded, "brought us some sunshine." Upon deep reflection, President Xi pointed out that "any attempt to channel the waters in the ocean back into isolated lakes and creeks is simply not possible," and that "pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air." I had the privilege of listening to that speech in the audience, and it is still fresh in my memory. Since then, President Xi had offered clear answers twice at the WEF to the questions of how to improve global governance and build a community with a shared future for mankind, which provided important guidance to the international community.

As we meet, transformation not seen in a century is accelerating across the world. With imminent tariff wars and trade wars, an ongoing tug of war between the forces for and against economic globalization, and intense rivalry between multilateralism and unilateralism, global governance is undergoing profound adjustments. Human society has once again come to a critical crossroads, hoping that the sun will break through clouds and mists to light up the way forward. It is time to recall President Xi's important speech. 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. We should provide more stability and certainty for the world, and build a just world of common development. Here, I wish to share a few observations.

First, we need to jointly promote a universally beneficial and inclusive economic globalization. Economic globalization is an inherent requirement for the development of productive forces, and an inevitable result of technological advancement. Indeed, it is an overwhelming trend of history. Over the years, despite some headwinds and setbacks, economic globalization has demonstrated strong resilience and dynamism. According to WTO statistics, the total volume of global trade has grown by an average of 5.8 percent per year since 1995, and reached 30.4 trillion U.S. dollars in 2023. Between 1995 and 2022, the share of middle- and low-income countries in global export rose from 16 percent to 32 percent. And developed countries did not lose out from this. Their growth rates and the well-being of their peoples have also been effectively boosted. Economic globalization is not a "you-lose-I-win" zero-sum game, but a universally beneficial process where all can benefit and win together.

Admittedly, economic globalization will bring some tensions and disagreements on distribution. These issues can only be resolved in the process of promoting economic globalization. Protectionism leads nowhere. Trade war has no winners. We must seize all opportunities to steer economic globalization in the right direction, tackle the development challenges with universal benefit, and pool strengths with inclusive cooperation, so as to usher in a new phase of economic globalization that is more dynamic, more inclusive and more sustainable. I believe that we have the wisdom and capability needed to find a win-win and all-win solution, one that is based on mutually beneficial cooperation, through communication and coordination. We should not only make the pie of economic globalization bigger, but also distribute it better.

Second, we need to jointly uphold and practice true multilateralism. Multilateralism is the right way to maintain world peace and promote human progress. It is the "golden key" to solving the difficulties and challenges facing this world. International affairs should be decided by all through discussion, and the future of the world should be determined by all countries together. This is a consensus shared by the international community. We must hold high the banner of multilateralism, pursue the vision of global governance featuring extensive consultation and joint contribution for shared benefit, and ensure equal rights, equal opportunities and equal rules for all countries in international affairs.

This year marks the 80th anniversary of the founding of the United Nations. We should seize the opportunity to reaffirm our commitment to the purposes and principles of the UN Charter, firmly uphold the UN-centered international system and the international order based on international law, and make global governance more just and equitable. We should firmly uphold the multilateral trading system with WTO at its core, uphold its role as the main channel for rules-making on international trade, and foster an open, inclusive and nondiscriminatory environment for international economic cooperation.