{"id":17912,"date":"2025-01-21T22:21:00","date_gmt":"2025-01-21T18:21:00","guid":{"rendered":"https:\/\/gbc1.net\/?p=17912"},"modified":"2025-03-08T19:59:27","modified_gmt":"2025-03-08T15:59:27","slug":"chinese-vice-premier-ding-xuexiangs-sings-ode-to-globalization-at-davos-2025","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2025\/01\/21\/chinese-vice-premier-ding-xuexiangs-sings-ode-to-globalization-at-davos-2025\/","title":{"rendered":"Chinese Vice Premier Ding Xuexiang’s Sings Ode to Globalization at Davos 2025"},"content":{"rendered":"\n

State of Chinese Economy<\/strong><\/h3>\n\n\n\n

On 21 January 2025, Chinese Vice Premier DING Xuexiang delivered his remarks at the World Economic Forum 2025 (#WEF2025<\/a>) in Davos. First of all, he described the state of the Chinese economy which grew at a respectable 5% in 2023. He then revealed that the Chinese government plans to keep up reforms at the policy level and reinforce stimulus, if necessary, in order to turn up the knob on macroeconomic indicators. <\/p>\n\n\n\n

In the face of global challenges, Chinese economy is undergoing a challenging paradigm shift from ‘low-cost manufacturing to high-quality development’ which a focus on innovation and higher value products. <\/p>\n\n\n\n

As opposed to some other large economies, China is committed to the fight against #ClimateChange<\/a>. China is already the largest manufacturer of #PV<\/a> and #EV<\/a> in the world as part of the global drive towards #NetZero<\/a>. It s worth reminding that China operates some of the the largest solar farms in the world and boasts an adoption rate for EV that is among the highest of all countries. <\/p>\n\n\n\n

He recalled that President XI Jinping attended WEF eight years ago to introduce the concept of ‘common destiny of humanity.’ Subsequently, China proposed the #GDI<\/a>, #GSI<\/a> and #GCI<\/a> to elaborate on its vision of a new world order. Staying on course, he warned against protectionism and put forward a number of propositions.<\/p>\n\n\n\n

Promote an Open and Inclusive Global Economy<\/strong><\/h3>\n\n\n\n

Globalization has brought about unprecedented progress and integrated the world economy in ways that nobody could imagine. Globalization leverages a country own advantages in order to provide goods and services to the world at the best competitive price. Tariffs and other non-tariff barriers (#NTB<\/a>) can only distort the global market and is not sustainable.<\/p>\n\n\n\n

Thanks to globalization, the volume of global trade has grown cumulatively by an average of 5.8% annually since 1995 to reach USD 30.4 trillion in 2023 based on statistics from the World Trade Organization (WTO). Over the same period, the share of middle- and low-income countries in global export has doubled from 16% to 32%.<\/p>\n\n\n\n

Trade wars has no winners and the world economy should not be viewed purely as a zero-sum game. Instead of protectionism, we must work towards a more inclusive development where wealth is more equitably distributed to the #GlobalSouth<\/a>.<\/p>\n\n\n\n

Uphold Multilateralism in the Multipolar World<\/strong><\/h3>\n\n\n\n

China believes that international issues should be resolved via negotiations. #GlobalGovernance<\/a> must take into account the voice of all countries so that multilateralism is not just a mere motto.<\/p>\n\n\n\n

In short, China upholds a vision of a more equitable Global Governance whereby we have extensive consultation, equal rights and same rules for all countries, with joint responsibilities and shared benefits.<\/p>\n\n\n\n

The so-called ‘American Exceptionalism’ can no longer prevail in the emerging new world order as states seek to have greater say in international affairs and a more equitable share of the global economic pie.<\/p>\n\n\n\n

Foster New Engines of Growth for the Global Economy<\/strong><\/h3>\n\n\n\n

However, the North-South divide is still quite wide. In particular, access to new technologies such as AI seems to be widening as some countries adopt a protectionist approach.<\/p>\n\n\n\n

China stands ready to work with all countries to promote AI, Intelligent Transport and Smart Energy initiatives. Major global challenges need seamless solidarity and closer cooperation among countries.<\/p>\n\n\n\n

We must at all cost avoid that the new cold war veers into hot war with unimaginable dire consequences for the world. By managing geopolitical tensions, the global economy can follow a more stable and predictable trajectory.<\/p>\n\n\n\n

Intensify the Fight Against Climate Change<\/strong><\/h3>\n\n\n\n

China believes the international community should continue to work together too accelerate the #EnergyTransition<\/a> in a just and orderly manner. One must be consistent and coherent in our actions in the fight against #ClimateChange<\/a>.<\/p>\n\n\n\n

China is also promoting the #CircularEconomy<\/a> to reduce its carbon footprint. At present, some Chinese companies can produce one T-shirt from the polyester yarn recuperated from eight plastic bottles. China estimates it can upcycle up to 30 billion plastic bottles a year by converting them into green textile products.<\/p>\n\n\n\n

China remains an adherent of the #ParisAgreement<\/a> and will pursue the goals of the UNFCCC. As such, China will deploy tireless efforts to reduce carbon emissions by fostering sustainable growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

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