Summary
Highlights
President Xi Jinping expresses his delight at attending the Davos forum, highlighting it as a crucial platform to gauge the global economy. He acknowledges the contradictions of the modern world, with immense progress alongside persistent issues like conflict, terrorism, poverty, and inequality. He asserts that economic globalization is not the root cause of these problems but rather war, financial speculation, and inadequate regulation.
Xi Jinping explains that economic globalization is a natural outcome of technological progress and has fueled global growth. However, he also recognizes its downsides, particularly during economic downturns, noting that it can exacerbate inequalities. He stresses that while globalization creates new problems, it should not be entirely dismissed but rather adapted and guided to benefit all.
He shares China's initial apprehension but ultimate embrace of economic globalization, comparing it to learning to swim in a vast ocean. He emphasizes that attempts to reverse globalization are futile and against historical trends. The right approach, he states, is to seize opportunities, collaboratively address challenges, and steer globalization towards being more invigorated, inclusive, and sustainable.
Xi Jinping identifies three critical issues: a lack of robust driving force for sustained growth, inadequate global economic governance despite shifts in global economic power, and uneven global development leading to widening income gaps and persistent poverty. He quotes Henry Dunant, emphasizing that the true enemies are hunger, poverty, ignorance, superstition, and prejudice.
He outlines four key areas for action: developing an innovation-driven growth model, fostering open and cooperative relationships, establishing fair and equitable governance, and pursuing balanced, equitable, and inclusive development. He highlights the need for new policies, structural reforms, and a culture of diligence and enterprise, while also protecting the environment.
Xi Jinping details China's 38-year journey of reform and opening up, attributing its success to a development path suited to its unique conditions, a people-oriented philosophy, and continuous reform and innovation. He highlights China's significant contributions to global development, including substantial foreign assistance and investment, and its role as a major driver of global economic growth.
He provides an update on China's economy, noting its 'new normal' of sustainable growth driven by consumption and services. Despite challenges, China remains committed to supply-side structural reform, fostering new growth drivers, and expanding market vitality. He promises continued market openness, protection of property rights, and significant import and investment opportunities for other countries.
Xi Jinping promotes the Belt and Road Initiative as a platform for international cooperation and shared development, benefiting participating countries economically. He concludes by urging global leaders to stand together against difficulties, avoid blame, and work collectively with confidence to build a brighter future for mankind, echoing the sentiment of 'history is created by the brave'.
Klaus Schwab thanks President Xi Jinping for a 'very, very important speech at a historical moment.' He commends Xi's commitment to China's economic development as a global driving force, his dedication to inclusive globalization, and his emphasis on new approaches to global governance in the Fourth Industrial Revolution. Schwab expresses a shared 'global dream' for an innovative, open, fair, and inclusive world, thanking Xi for bringing 'sunshine' to the discussions.