We really are in a new epoch of transformation that affects a far wider slice of the world more rapidly than any previous transformation has. The upside opportunity is so profound, we can’t miss it. No company, no country and no region can do this alone.

We must work together. Dialogue is our first line of defense and our greatest source of innovation. Connecting the world together with capital, with ideas, with innovation, is going to be what continues to drive growth.

The face of technology change is just mind-boggling, so how do you compete with that? You have to collaborate. We have to focus on what it means to disagree constructively, what it means really to listen to one another.

And it means building the basis for political consensus. It’s very important to me that workers have some say-so, because that actually gives them an opportunity to have a voice. Yes you sit at the table, yes you negotiate, but we all need each other.

Today we are eight billion. How did we get here? There is no way we can wipe out collaboration from the future of humanity.

The future is not given to us, it is upon us to create it. It’s important to have such dialogues, to understand what is… We do not have to disagree.

To discuss problems, we solve them. We need to bring others in and listen to what they’re concerned with. With true dialogue, we can really move forward.

Your Majesties, Excellencies, Distinguished Forum Partners, Ladies and Gentlemen, It is really my great honor to welcome you to the World Economic Forum’s Annual Meeting in Davos. With us are 3,000 participants from 130 countries, including a record level of political leaders, more than 400 political leaders, 65 heads of state and government, and 850 global CEOs and chairs. And in addition, we have the Young Global Leaders, the Shapers, the Social Intermediaries, Academics, 10 Nobel Laureates, also labor leaders and faith leaders.

That makes us a unique multicultural village in Davos. And these are historic numbers for our Annual Meeting. We are convening at such a consequential moment for the world.

When geopolitical developments are fast moving, when longstanding trade and economic architectures are being redrawn, and when technological forces are reshaping our industries and societies, we are standing at the start of a new reality.

The contours of which are still to be defined. but hopefully it is not the jungle growing back. That is why also the deliberations and dialogues we make here in Davos will shape what comes next.

Countries and companies are finding new ways to work with one another, finding the way like water to advance common agendas even in more uncertain times. Last year when we met in Davos there was a fear that we would be facing a decade of slow growth like we had in the 1970s. Even with the very difficult geopolitical backdrop, maybe the most difficult one since 1945, we are seeing sustained economic growth.

The IMF numbers that came showed 3.3% expected economic growth this year. And we are also seeing that trade is growing, not 5-6% as in the past, but still growing 3%. When you read the media you feel that things are contracting.

But even more important, why are we less concerned about a decade of slow growth moving forward? It is because of the new technologies. Last year 1.5 trillion US dollars was invested in the new technologies.

And if we get it right, the new technologies can be the new driver of growth for decades to come. So maybe we can see decades where we see increased growth and we can deal then also with the debt level that is the highest since 1945. The foundation of moving forward has to build.

on cooperation and dialogue. It is the only way to identify shared interests and chart pathways forward together. This is why the theme of this year’s annual meeting is the spirit of dialogue.

It is really my hope that the week ahead and the year ahead will chart collaborative pathways forward for business and government and shape a more prosperous and secure era. I’m now pleased to introduce the co-chair of the World Economic Forum and chair and CEO of BlackRock, Larry Fink. Welcome, Larry.

Good morning, everyone. And it’s a great welcome to be a part of this annual meeting at the World Economic Forum, which is the strongest session that we’re going to be ever having in our 56-year history. This week, as Børge suggested, 850 CEOs and chairs are here, 65 heads of state representing governments, representing actually 40% of the world’s population.

And alongside, we have some of the world’s most innovative entrepreneurs, some of the world’s most innovative startups, and we have some of the most impactful civil society and NGO representatives. In fact, we believe that outside the United Nations, this is the largest gathering of global leadership. of the post-COVID period of time.

So thank you for being a part of that. But now we have a harder question to ask all of us. What do we do about it?

And will anyone outside this room care what we’re doing here? Because if we’re honest, for many people, this meeting feels out of step with the moment. We hear all about the elites, and how does that play out in an age of populism?

How does an established institution make a difference in an era of deep institutional mistrust? And there’s some truth to the critique. I believe in this forum for a long time.

I certainly wouldn’t be leading this if I didn’t believe that we can change and make the world better. But it’s also obvious that the world now places far less trust in us to help shape what comes next. If the World Economic Forum is going to be useful going forward, it has to regain that trust.

And there are some very obvious ways that we can improve for ourselves and hopefully for the world. We need to make sure that we widen who gets a voice in these conversations over the coming week. We have to be a lot more transparent and more engaged with people who don’t feel represented in rooms like this.

And because this is the World Economic Forum, to be more precise about what does it mean about economic success? Prosperity just isn’t the growth in the aggregate. It’s not just GDP.

It can’t be measured by GDP or market caps of companies. It has to be judged by many people who see it, who can touch it, can feel it, and can build their own future on it. That, in my view, is the strongest critique of the last economic era.

Since the fall of the Berlin Wall, more wealth has been created than in any time prior in human history. But in advanced economies, that wealth has accrued to a far narrower share of people than any healthy society can ultimately sustain. Now we’re in the era of AI, which we’re going to talk about a lot in this week.

And are we going to replay the same pattern? Early gains are flowing to the owners of models, owners of data, and owners of infrastructure. The open question, what happens to everyone else?

If AI does to white-collar works that globalization did to blue-collar workers, we need to confront that today directly. It is not about the future. The future is now.

Now with abstractions about the jobs of tomorrow, but with a credible plan for broad participation in these gains. This is going to be the test. Capitalism can evolve to turn more people into owners of growth instead of spectators watching it happen.

And that kind of change is truly hard, especially in a world of competing ideologies and assumptions about how the system should work. Which brings me to the second way Davos can change who gets invited to these conversations. This forum cannot be an echo chamber, and we should want panels where everyone doesn’t always agree.

We need panels where we can have true conversations, maybe some overt disagreements, but through that we can have a deeper conversation, and then we can have maybe deeper understanding of each other’s views.

You can already see the shift in who is here this year. That doesn’t mean the goal of everyone to leave having to convince themselves that they’re right. The objective over the week is not an agreement, it’s understanding.

It’s sitting with people who disagree with you, taking their arguments seriously, their viewpoints seriously, and being willing to admit they might be right, or they might have something that helps you evolve your opinions better.

And there’s a deeper challenge. Many of the people most affected by what we talk about here will never come to this conference. That’s the central tension of this forum.

Davos is an elite gathering trying to shape a world that belongs to everyone. That is why this year’s theme is the spirit of dialogue, because dialogue is the only way a room like this can earn the legitimacy to shape ideas for people who are in the room. And besides, the world needs some more good faith conversations with people who don’t typically talk to one another.

I think that most people, at least intellectually, Know that finding a common ground with a stranger is a hopeful thing. It restores your faith in humanity a bit. But how often does it actually happen?

Hopefully a little more happens now. But how often can we make it happen? Because dialogue, especially the listening half of dialogue, is what the World Economic Forum needs in going forward.

We need more of it. For 56 years, the World Economic Forum has been synonymous with Davos. And that’s likely to remain true for a long while.

But you should also see the World Economic Forum start doing something new. Showing up and listening in places where the modern world is actually being built. Davos, yes, but also places like Detroit and Dublin, or cities like Jakarta or Buenos Aires.

We need the mountain to visit everyone, to be a part of everyone’s life. So in fact, that’s why I agreed to take on this role after Klaus Schwab, who’s more than a half century of work together with an extraordinary dedicated group of men and women at the World Economic Forum, made this gathering possible.

There was an opportunity to make this forum more transparent, and I thought this was the surest way to rebuild trust. When people can see in the room about the debates, about the participation, and about the conversations, and maybe a lot more understanding. That approach may fail in other gatherings.

In this one, it’s going to work. Because for all the caricatures of this forum, the people who come here, the people I know, aren’t here to congratulate themselves, aren’t here to pat themselves on the back. They’re not here to protect their own comforts.

The people I know are here for something bigger than themselves, bigger than their organizations that they represent. I believe in economic progress should be shared. All of us at the Forum believe that economic success should be shared.

And we believe institutions like the World Economic Forum still matters in making things happen. So let’s remember this during the week about real conversations. Let us all commit to listen, to learn, to understand.

And if we can all do that, we will all be better for that. Thank you. And now my co-chair.

Thank you, Larry, for that very powerful message at the opening of our annual meeting. Now it is my pleasure to introduce our other co-chair, André Hoffmann. And I would also like to use this opportunity to thank both of the co-chairs for their leadership during the last three quarters of a year.

André Hoffmann, you know André, many of you, he is our co-chair, but also the vice-chair of Roche. So André, the floor is yours.

Your Majesties, Excellencies, distinguished Forum partners, ladies and gentlemen, it is now also my turn to welcome you here in this meeting placed under the spirit of dialogue. At a time when science confirms that humanity has already transgressed seven of the nine planetary boundaries, as highlighted in a planetary health check in September 25 from the Potsdam Institute, the challenge before us is no longer one of just awareness, but of action, making the need for collective responsibility, decisive leadership and meaningful dialogue more urgent than ever, as Larry just underlined.

For over half a century, leaders from across the globe have regularly gathered here in Davos, in Switzerland, to confront the defining challenges of our time. This was done as a community bound by shared responsibility for our collective future. This tradition, born from conviction that the great questions facing humanity demand dialogue against their differences, has never been more vital than it is today.

At the moment when the world confronts profound questions about growth, about innovation, about technological transformation and about our planet’s future, at a moment where we need spaces where diverse voices can be heard, where we need just and safe places where diverse voices can be heard, at a moment where complexity must be examined from multiple perspectives so that we gain the insights we desperately need.

This is why the World Economic Forum exists. Since 56 years, it is the international organization for public-private cooperation. A space where government, businesses and civil society come together and generate the insights that emerge when different worldviews actively illuminate one another.

And this matters, because in a world that feels increasingly devised, progress depends on our ability to listen and engage across differences. Could I ask my wife to give me the third page, which I left there? As you can see, you can be prepared, but also a bit clumsy in delivery.

Sorry about that. This is why our gathering takes place here, in Switzerland. A nation whose tradition and commitment to dialogue reflects the very spirit we seek to embody.

Davos has over so many years almost become, as I said before, a synonym for the World Economic Forum. It is therefore a particular pleasure for me to welcome Mr. Guy Parmelin, President of the Swiss Confederation, as the opening speaker here in Davos.

Thank you for accepting our invitation. Mr. Parmelin has been a member of the Swiss Federal Council for over 20 years.

He initially led the Federal Department of Defense, Civil Protection and Sport, and since 2019 has headed the Federal Department of Economic Affairs, Education and Research. Mr. President, when you were inaugurated as President by the Swiss Parliament last December, you chose to speak about dialogue.

At a time of uncertainty and tension, you reminded Parliament that Switzerland’s diversity is not something that sustains itself automatically. It only becomes a strength if we truly listen to one another, if we resist the temptation to dismiss different views. simply because they come from another political camp.

You emphasized that societies do not move forward through value judgment on others, but through respect for those who think differently. Diverging opinions, you argued, are not an obstacle, but the driver of progress and a source of genuine innovation. This understanding of dialogue, rooted in listening, proximity, respect, and a shared sense of responsibility and humanity, is one that deeply resonates here in Davos.

It also reflects the value of the World Economic Forum. Talk and listen to each other, embrace other options and act in a collective interest. The spirit of dialogue.

Before inviting the President to speak to us, allow me also to express our deepest gratitude to the Swiss government, to the Swiss Parliament, to the canton of Graubünden, to the Swiss Army, and to the police.

A special thank you goes to the community of Davos and Klosters for their decades of exceptional hospitality and partnership. And above all, our thanks go to the people of these communities, whose openness and commitment truly embodies the spirit of Davos and the spirit of Switzerland. Your Majesties, Excellencies, distinguished Forum partners, ladies and gentlemen, it is a particular pleasure to invite now the President of the Swiss Confederation, Guy Parmelin, to address us.

Thank you very much, Guy. The floor is yours.

I shall speak French. Mr. Hoffman, Mr.

Fink, Mr. Bender, Excellencies, ladies and gentlemen, my quality as President of the Swiss Confederation, I am particularly happy to welcome so many Heads of State to this annual meeting of the World Economic Forum.

This is particularly meaningful in a year which started with a tragedy for our nation and Switzerland would like to thank all of the nations concerned for the support and solidarity they expressed during the disaster in Crans-Montana.

It is extremely impressive to see how energies can be mobilized by such a disaster, how it can strengthen international cohesiveness and unity. This must go beyond of course the particular or dramatic events, it must pervade the relationships between our countries because it is only together that we can find solid and lasting solutions to the major challenges of our time.

2025 offered up a number of challenges, geopolitical, economic and digital upheavals on a global scale. They can be seen everywhere, they permeate our daily lives and even extend to the World Economic Forum for which the past year was not a walk in the park. This edition with its many distinguished guests attests to the importance of resilience and dialogue in the bedrock of our institutions and their ability to cope.

2026 has barely started, yet there are indications of upheavals to come and potential flashpoints. Ukraine, Gaza, Sudan and now Venezuela and Iran to name but a few. In terms of economic policy, protectionism is on the rise all over the world.

In addition, there are many unresolved issues about the role and control of artificial intelligence that remain unanswered. This should come as no surprise. For humans, standing still is not an option.

Or, to quote philosopher Henri Bergson, to exist is to change. This year will be marked by technological advances as well as economic and security concerns. The rapid rise of AI is set to deeply transform the fabric of our societies.

The changes it brings will be visible at every turn and in every area of human life, the economy, government, in our day-to-day lives. They are changing the way we work, communicate and make decisions. As such, they present both risks and opportunities.

Digital transformation will bring the dangers of cybercrime, disinformation, but also exciting prospects, particularly in the field of healthcare. Technology is never inherently good or bad. It is what we make it.

And to make it a positive ally, its users must have a deep sense of responsibility. Change is not just a matter of speed. As Economic Affairs Minister trained in the School of Life, I am well placed to explain that lasting success depends on early and forward planning.

This is a rule that applies to many other sectors, where investments do not generate immediate returns. I am thinking of research, which also falls under my remit as Minister. Long-term thinking is necessary in any situation.

It is particularly necessary in times of upheaval. It can help us to drive progress while remaining true to our fundamental values, without forgetting their meaning. All their roles.

Excellencies, ladies and gentlemen, Switzerland draws its strength from the consistency that helps to ensure political stability. Consistency is not a source of stagnation. On the contrary, it is the foundation of progress.

Our country is fortunate enough to have an excellent education and research system with a capacity for innovation that recognized far beyond its borders. With its open export-oriented economy, Switzerland is an integral part of the global economy. The Federal Council is deeply committed to ensuring that our country can continue to participate successfully in the vitality of that economy.

One of our current priorities is to stabilize and expand relationships with our most loyal and significant partners. Switzerland also wishes to continue to diversify its international relations, particularly in the areas of trade and science. Even in the current climate, which is prone to protectionism, we believe in the success of free trade and wish to continue expanding our networks of agreement.

To achieve this, we must be able to conduct negotiations on an equal footing, yielding good results for the benefit of all parties. Agreements of this kind, which are mutually beneficial, don’t happen by chance. We have the ability to build them patiently, one step at a time.

Personal contacts and a willingness to engage in dialogue are essential, and we have both. The World Economic Forum has always contributed to this dialogue, and I would like to thank it for offering us in Switzerland, once again this year, an extraordinary international platform for exchange.

Switzerland is in tune with this. As a neutral nation, it is able and willing to assume its responsibilities in favour. of a rules-based international order, international law, human rights and free trade.

These values have always defined us. This year, Switzerland is taking on a particularly demanding task in chairing the OSCE, Organisation for Security and Co-operation in Europe. However, our country’s diplomatic strength also lies in its recognised practice of good offices for which International Geneva provides a stage commensurate with the challenge at hand.

Switzerland is always available to play a part. Excellencies, ladies and gentlemen, our different positions offer us unparalleled prospects on the evolution of our world and the dangers that threaten it. They also provide us with the necessary overview and connections to address these changes with the appropriate means and in a concerted manner.

Society, science, economics and politics must interact in a spirit of partnership. Otherwise, problems can only be addressed in a partial and imperfect manner. Let me add that it also takes courage to take on a task of this magnitude with the ambition of seeing it through to completion.

The courage to innovate, to remain true to one’s values, to ask for assistance or advice when necessary. The courage to make a long-term commitment as wine growers do when faced with a slow and relentless pace of nature. We shall see what AI has to offer.

We will certainly still be amazed, perhaps dazzled, but what it will never be able to do is to bring hearts together or attract helping hands, as we saw at the start of this year in the Canton of Valais.

Solidarity and humanity are not part of digital vocabulary. I see this as a good omen for the future. Many thanks for your attention.

Thank you so much, Mr. President, and also on behalf of the World Economic Forum. We send our warmest thoughts and condolences to the people affected by the tragic fire in Crown, Montana.

Ladies and gentlemen, it is really my great honor to welcome one of the most influential and respected leaders on the global stage today. President Ursula von der Leyen, a stateswoman whose leadership has helped define and shape Europe’s direction in an era of historic uncertainty. Madam President, you have guided the European Union with clarity, resolve and a strong sense of purpose through some of the most demanding moments in history.

Under your leadership, the European Commission has advanced a bold agenda for strengthening Europe’s competitiveness with upholding its core values. As President of the European Commission, you have championed a Europe that is competitive yet fair, open yet resilient. On the global stage, you have been a clear and consistent voice for multilateral cooperation.

support for Ukraine and a rules-based international order. At the time when leadership is tested not only by crisis but by choices made for the future, your voice offers both direction and reassurance. Please join me in welcoming President von der Leyen, Madam President, the floor is yours.

President Brende, dear Børge, thank you very much for the warm welcome. Your Majesties, Excellencies, ladies and gentlemen, indeed it is now 56 years since the first meeting here in Davos and the idea of the founder Klaus Schwab was to create a platform to discuss the issues and the ideas of the day.

Of course the world has transformed completely since 1971 but the original idea of Davos has remained as we just have heard in the speeches. So I was delighted that you have gone back to your roots with this year’s theme, a spirit of dialogue, because this spirit is all the more important in a world that is more fractured and more fractious than ever.

1971 was the year of the so-called Nixon shock and the decision to de-link the US dollar from gold. In an instant the foundations of the Bretton Woods system and the entire global economic order set up after the war effectively collapsed. But it also had two major effects.

It inadvertently created the conditions for what would become a truly global order. And it provided a sharp lesson for Europe and on the need to strengthen its economic and political power. It was a warning to reduce our dependencies, in this case, on a foreign currency.

The world may be very different today, without any question, but I believe the lesson is very much the same. That geopolitical shocks can and must serve as an opportunity for Europe. And in my view, the seismic change we are going through today is an opportunity, in fact, a necessity to build a new form of European independence.

And this need is neither new nor a reaction to recent events. It has been a structural imperative for far longer. So when I used this term, European independence, around a year ago, I was surprised at the sceptical reactions.

But less than one year on, there is now a real consensus around this. The sheer speed and almost unthinkable scale of the change have driven this, but the underlying imperative is still the same. The good news is, we acted immediately.

Whether on energy, or raw materials, defence, or digital, we are moving fast. But the truth is also that we will only be able to capitalise on this opportunity, if we are able to build a new European order. If we recognize that this change is permanent, of course nostalgia is part of our human story, but nostalgia will not bring back the old order.

And playing for time and hoping for things to revert soon will not fix the structural dependencies we have. So my point is, if this change is permanent, then Europe must change permanently too. It is time to seize this opportunity and build a new, independent Europe.

And ladies and gentlemen, this new Europe is already emerging. On Saturday I was in Asunción, in Paraguay, to sign the EU-Mercosur trade agreement. It was a breakthrough after 25 years of negotiations.

And with it, the European Union and Latin America have created the largest free trade zone in the world, a market worth over 20% of global GDP, 31 countries with over 700 million consumers, aligned with the Paris Agreement.

So this agreement sends a powerful message to the world that we are choosing fair trade over tariffs, partnership over isolation, sustainability over exploitation, and that we are serious about de-risking our economies and diversifying our supply chains.

And that will not stop in Latin America. Last year we reached new agreements with Mexico, Indonesia and Switzerland, our host country. We’re working on a new free trade agreement with Australia.

We are also advancing with the Philippines, Thailand, Malaysia, the United Arab Emirates, and more. And right after Davos, the next weekend, I will travel to India. There’s still work to do, but we are on the cusp of a historic trade agreement.

Indeed, some call it the mother of all deals. One that would create a market of two billion people, accounting for almost a quarter of global GDP. And crucially, that would provide a first-mover advantage for Europe, with one of the world’s fastest-growing and most dynamic continents.

Europe wants to do business with the growth centers of today and the economic powerhouses of this century, from Latin America to the Indo-Pacific and far beyond. Europe will always choose the world, and the world is ready to choose Europe. And ladies and gentlemen, this reality also reflects the fact that Europe has all the assets it needs to attract investment.

The savings, the skills, the innovation with our AI factories and gigafactories and the applications that are necessary, AI first. What we need now is to mobilize collectively these assets to their full potential and to focus on the essential. So focal point number one is to create a conducive, and predictable regulatory environment.

We live in an age where capital and data can cross Europe in a second. And business must be able to move just as freely. But as things stand, too many companies have to look abroad to grow and scale up, partly because they face the new set of rules every time they expand into a new member state.

So while on paper the market is of 450 million Europeans open to them, it is far more complicated in reality. And that acts as a handbrake on the growth and profit potential of companies. So this is why we need a new approach.

We will soon put forward our 28th regime. The ultimate aim is to create a new, truly European company structure. We call it EU Inc.

With a single and simple set of rules that will apply seamlessly over our Union. So that businesses can operate across member states much more easily. Our entrepreneurs, the innovative companies, will be able to register a company in any member state within 48 hours, fully online.

They will enjoy the same capital regime all across the European Union. And ultimately we need a system where the companies can do business and raise financing seamlessly across Europe just as easily as in uniform markets like the United States or China. If we get this right, and if we move fast enough, this will not only help EU companies grow, but it will attract investment from across the world.

Which brings me to the second focus. Investment and capital. We are now building the Savings and Investment Union.

We need a large-scale, deep and liquid capital market that attracts a wide range of investors. And this will allow businesses to find the funding they need, including equity, at lower costs here in Europe. We have made proposals on market integration and supervision to ensure our financial market is more integrated.

This covers trading, post-trading and asset management, as well as driving innovation and making our supervisory framework more efficient. This will help ensure that capital flows where it is needed. To scale-ups, to SMEs, to innovation, to industry.

And the third priority is to build an interconnected and affordable energy market. A true energy union. Energy is a choke point for both companies and households.

And just look at the dispersion of prices across European electricity hubs. Europe needs an energy blueprint that pulls together all the parts. This is our Affordable Energy Action Plan.

We are, for example, massively investing in our energy security and independence with interconnectors and grids. This is for homegrown energies that we are trying to promote as much as possible. The nuclear and the renewables.

To bring down prices and cut dependencies. to put an end to price volatility, manipulation and supply shocks. But now we have to speed up this transition.

Because homegrown, reliable, resilient and cheaper energy will drive our economic growth and deliver for Europeans and secure our independence. Ladies and gentlemen, whether on trade or business, capital or energy, Europe needs an urgency mindset. Our starting point is good.

We are home to global champions in fields ranging from wind power to next-generation batteries, from aerospace to the industrial machines that are essential to build the chips and advanced weapons. Our companies are taking up AI at the same pace as their US peers. Europe is in the race for the key technologies of tomorrow.

But as global competition gets ruthless, we must show real ambition, especially in those sectors vital for our independence. Take defence, for example. We have done more on defence in the last year than in decades before.

We have started a surge in defence spending, up to €800 billion till 2030. Member states are stepping up their investment at record level. And this has helped to triple the market value of European defence industry companies since January 2022.

We now have three leading European defence tech start-ups that have reached unicorn valuation. They are working on AI-powered software and systems for battlefield intelligence. or on advanced dual use and surveillance drones.

So they are also driving innovation and investment in Europe’s defence tech industrial base. All of this would have been unthinkable even a few years ago. This now only shows how economy and national security are more linked than ever.

But also what we can do when Europeans have the will to match the ambition. So ladies and gentlemen, this need for ambition is most important when it comes to the security of our continent. In just over a month, we will mark the fourth anniversary of Russia’s war of aggression against Ukraine.

Four years on, Russia shows no sign of abating, no sign of remorse, no sign of seeking peace. On the contrary, Russia is intensifying its attacks, killing civilians every day as we speak. Just last week, its bombing of Ukraine’s energy infrastructure left millions facing darkness, cold and water shortages.

This must end. We all want peace for Ukraine. We recognise President Trump’s role in pushing the peace process forward.

And we will work very closely with the United States. And we all agree that therefore Ukraine must be in a position of strength to go to the negotiation table. And this is why we Europeans have decided to provide Ukraine with a loan of 90 billion euros for 2026 and 2027.

With this support, we make sure that Ukraine can bolster its defence on the battlefield, strengthen its defence capabilities for a peace agreement and keep basic services running. Above all, it reaffirms Europe’s unwavering commitment to the security, the defence and the European future of Ukraine. And in parallel, we decided to permanently immobilise the Russian assets and that we reserve the right to make use of them.

This should serve as a stark reminder to Russia and as a message to the world. Europe will always stand with Ukraine until there is a just and lasting peace. Ladies and gentlemen, I’ve spoken a lot today about European independence, on partnerships, on prosperity and security.

So I would like to conclude with Greenland. An issue which cuts to the heart of all three of these imperatives. When it comes to the security of the Arctic region, Europe is fully committed.

And we share the objectives of the United States in this regard. For instance, our EU member, Finland, one of the newest NATO members, is selling its first icebreakers to the United States. And this shows that we have the capability right here in the ice, so to speak.

It shows that our northern NATO members have Arctic-ready forces right now. And above all, that Arctic security can only be achieved together. And this is why the proposed additional tariffs are a mistake, especially between long-standing allies.

The European Union and the United States have agreed to a trade deal last July. And in politics, as in business, a deal is a deal. And when friends shake hands, it must mean something.

Ladies and gentlemen, we consider the people of the United States not just our allies, but our friends. And plunging us into a downward spiral would only aid the very adversaries we are both so committed to keeping out of the strategic landscape. So our response will be unflinching, united and proportional.

But beyond this, we have to be strategic about how we approach this issue. And this is why we are working on a package to support Arctic security. First principle, full solidarity with Greenland and the Kingdom of Denmark.

The sovereignty and integrity of that territory is non-negotiable. Second, we are working on a massive European investment surge in Greenland. We will work with Greenland and Denmark hand in hand to see how we can further support the local economy and infrastructure.

Third, we will work with the United States and all partners on wider Arctic security. This is clearly in our shared interest, and we will step up our investment. In particular, I believe we should use our defence spending surge on European icebreaker capability and other equipment vital to the Arctic security.

And fourth, in the same spirit, we need to work with all our regional partners to strengthen our common security. And this is why we will look at how to strengthen our security partnerships with partners such as the UK, Canada, Norway, Iceland and others. Finally, I believe Europe needs to adjust to a new security architecture and realities that we are now facing.

And this is why Europe is preparing its own security strategy, which we plan to publish later this year. And as part of this, we are upgrading our Arctic strategy too. And at the heart of this will be the fundamental principle it is for sovereign people to decide their own future.

Ladies and gentlemen, when I started preparing for this year’s address, security in the High North was not the main theme. But in many ways, it feeds into the wider point I started with today. That Europe must speed up its push for independence, from security to economy to security.

from defence to democracy, having the dialogue with our friends and partners, also if necessary with adversaries. The point is that the world has changed permanently and we need to change with it. And therefore, thank you and long live Europe.

Madam President, there is not much to add but a big thank you. Long live Europe, more defence than in decades. The mother of all deals might be around the corner with India.

The largest trade deal in the world is between the EU and Mercosur. It is a very powerful and historic speech from Madam President. Please be seated because now we’ll walk Madam President out and then the Chinese Vice Premier will join us.

So a big applause to President Ursula von der Leyen. President Ursula von der Leyen President Ursula von der Leyen

We are now going to continue the proceedings this morning with the presence of the Vice Prime Minister of China, Liu Heitong, and we are going to give him the floor to participate. But first, we have to understand that there is a couple of minutes delay because, as you have probably heard, the traffic is quite intense in town. Sorry about that.

And now, I am very happy to invite the Prime Minister to come here to give his remarks.

Prime Minister Liu Heitong First, an apology. Because of the intense traffic, I was a little bit late. Sorry about that.

Chairman André Hoffmann, Chairman Lawrence Fink, President Børge Brende, distinguished guests, ladies and gentlemen, friends, good morning. It gives me great pleasure to join you in beautiful Davos for the World Economic Forum annual meeting. Under the theme of spirit of dialogue, it is timely that we listen to each other, learn from each other, and build stronger trust with each other.

In 2017, facing backlash against globalization, President Xi Jinping gave an incisive answer to the question, what has gone wrong with the world and what should we do about it here in Davos? As he pointed out, any attempt to channel the waters in the ocean back into isolated lakes and creeks is simply not possible and runs counter to the historical trend. offered much enlightenment and brought the world some sunshine, as the World Economic Forum described.

In 2021, President Xi proposed that we should let the torch of multilateralism light up humanity’s way forward. One year later, on the major question of how to rebuild from COVID, President Xi underscored that amidst the rage and torrents of a global crisis, countries are not riding separately in some 190 small boats but are rather all in a giant ship on which our shared destiny hinges.

Over nine years, guided by President Xi’s important remarks, China has consistently acted on the vision of a community with a shared future for humanity and remained steadfast in supporting multilateralism and free trade.

Today, President Xi’s insights continue to resonate and remain as inspiring as ever. As we speak, transformation not seen in a century is accelerating across the world. Rising unilateralism and protection, compounded by the impacts of regional conflicts and geopolitics, are bringing new changes to the global economic and trade order.

In particular, since last year, tariff and trade wars have inflicted significant shocks on the world economy and posed serious challenges to multilateralism and free trade. In response to the changes of the world, of our times, and in the dynamics, President Xi has put forward the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative, and last year, the Global Governance Initiative.

Pulling consensus and strength for solidarity and cooperation over division and confrontation and providing China’s solution to the common problems of the world. In light of the current situation, I wish to share a few observations. First, we should firmly support free trade and jointly promote a universally beneficial and inclusive economic globalization.

Economic globalization, driven by international specialization, collaboration, complementary strengths and the pursuit of win-win, is a prevailing trend of history. It has benefited many countries, including China, and enabled them to achieve fast development. On the contrary, tariff and trade wars have no winners.

Beyond driving up costs for production and trade, they fragment the world economy and disrupt the global distribution of resources. WTO data shows that the share of global trade under most favored nation terms has dropped from 80% at the beginning of last year to 72%. The IMF estimates that economic fragmentation can reduce global economic output by about 7%.

That is in no country’s interest. While economic globalization is not perfect and may cause some problems, we cannot completely reject it and retreat to self-imposed isolation. The right approach should be and can only be to find solutions together through dialogue and steer economic globalization in the correct direction.

China advocates a universally beneficial and inclusive economic globalization. We are committed to building bridges, not walls. We will firmly support trade and investment liberalization and facilitation and continue to share development opportunities with the world.

We will work with all parties to create a bright future of prosperity and development where every country and every community shares the dividends of development. Second, we should firmly safeguard multilateralism and make the international economic and trade order more just and equitable. The multilateral trading system now faces the most serious challenges in years.

The unilateral acts and trade deals of certain countries clearly violate the fundamental principles and rules of the WTO and severely impact the global economic and trade order. As President Xi Jinping noted, at difficult times, we must uphold our original commitment to peaceful coexistence and strengthen our confidence in win-win cooperation. Multilateralism is the right way to keep the international order stable and promote humanity’s development and progress.

The rules must apply equally to everyone. A handful of countries should not enjoy privileges based on their strength, and the world must not return to the law of the jungle where the strong bully the weak. Every country is entitled to defend its legitimate rights and interests.

Since joining the WTO, China has strictly followed the organization’s rules, earnestly fulfilled its commitments and taken voluntary steps to contribute more. Last year, it solemnly announced that it will not seek new, special and differential treatment in current and future negotiations at the WTO. China will continue to firmly uphold the WTO-centered, rules-based multilateral trading system and firmly support the reforms of multilateral institutions, including the WTO and the IMF, with a view to enhancing the authority, effectiveness and inclusiveness of the multilateral trading system and increasing the representation of the Global South and developing countries.

China is glad to see countries reaching trade agreements that are mutually beneficial, but these agreements should comply with WTO rules and not undermine the interests of third parties. Third, we should pursue win-win cooperation, work together to make the pie bigger, and jointly resolve development issues. Currently, world economic growth is lacking momentum.

The IMF forecasts global growth of 3.1% for 2026, which is below the pre-COVID average of 3.7%. What is more worrying is that unfairness continues to grow, and sustainable development is facing severe challenges. According to a UN report, two-thirds of the sustainable development goals will not be met by 2030.

The pursuit of development should not be a you-lose-I-win zero-sum game. Rather, every party should play its part and get its fair share. Making the pie bigger together is more important than fighting for the pie, and solving problems together is more effective than blaming each other.

China is committed to fostering common prosperity with its trading partners through its own development and making the pie bigger for global economy and trade. We never seek trade surplus. On top of being the world’s factory, we hope to be the world’s market too.

However, in many cases, when China wants to buy, others don’t want to sell. Trade issues often become security hurdles. On the other hand, services now account for two-thirds of global GDP.

China has recorded a large deficit in its services trade over the long term, but it never feels being taken advantage of. We will give full play to our supersized market, step up our efforts to expand import and strengthen industrial cooperation so that countries can better share in China’s opportunities. Fourth, we should uphold mutual respect and equal-footed consultation and manage differences and solve problems through dialogue.

Last year, economic and trade relations between China and the United States went through some ups and downs. Guided by the common understandings of the two presidents from their meeting in Busan and four phone calls, Chinese and U.S. teams had five rounds of consultation and economic trade issues.

Following the principles of mutual respect, peaceful coexistence and win-win cooperation, they properly handled some outstanding issues and kept the economic and trade relationship generally stable. Facts have demonstrated once again that China and the United States will gain from cooperation and lose from confrontation, and that they should and can help each other succeed and prosper together. The trade talks also showed that as long as the two sides engage in equal-footed consultation and work in the same direction, there will always be more solutions than problems.

To be frank, it’s normal for countries with different social systems, stages of development, histories and cultures to encounter divergences and frictions as they develop and interact. Sometimes these are merely misunderstandings. The key is to uphold the spirit of equality, respect and mutual benefit, build trust through dialogue and resolve disputes through consultation.

Instead of looking for answers from confrontation or antagonism, we must find a way out through communication and consultation and explore the path of win-win and all-win. China is a trading partner, not a rival for other countries. And China’s development presents an opportunity, not a threat, to the world’s economy.

When it comes to differences and misunderstandings in international economic and trade cooperation, China calls for equal consultation to enhance mutual trust, bridge differences, and solve problems. Ladies and gentlemen, friends, over the past five years, the Chinese economy has made steady progress. We have deepened reform and opening up, continued to expand the consumer market, made solid headway in developing new quality productive forces, and accelerated the green and low-carbon transition.

With an average annual growth rate of around 5.4%, China’s economy has expanded to 140 trillion RMB, contributing approximately 30% to global economic growth. Over the past five years, China has imported over 15 trillion U.S. dollars worth of goods and services.

Its overseas investment has generated over 300 billion U.S. dollars of tax revenue, created numerous jobs, and boosted local economic growth. The Chinese economy is on solid foundations, demonstrating advantages in many areas, strong resilience, and great potential.

China’s development has been achieved mainly through reform, opening up, and innovation, rather than so-called government subsidies. Admittedly, we do face some old and new problems and challenges, but they are predominantly the growing pains of our development and transition, and we are working hard on them. And we are fully confident and capable of tackling all kinds of risks and challenges.

Last October, the 20th Central Committee of the Communist Party of China held its fourth plenary session and adopted the recommendations for the 15th Five-Year Plan. laying out the top-level design and strategic blueprint for China’s economic and social development in the next five years. China will further apply the new development philosophy of innovative, coordinated, green, open, and shared development put forward by President Xi Jinping, work faster to foster a new development paradigm, with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, fully tap into the potential of our supersized market with 1.4 billion people and strive for new progress in high-quality development.

We will improve our market rules and institutional safeguards and provide more opportunities for all other countries. China will actively expand domestic demand and share with the world the opportunities in its vast market. Currently, China is the world’s second largest consumer market and in many segments, such as automobile, mobile phone, and home appliances, it is already the largest one.

But its per capita consumer spending is still below that of developed economies. As China’s middle-income group continues to grow, there will be more and more diverse needs for a higher quality of life, which means immense potential for consumption. China has put domestic demand on top of its economic agenda this year and is working faster on an income growth plan for both urban and rural residents to vigorously boost consumption and make itself a consumption powerhouse on top of a manufacturing powerhouse.

China will continuously promote investment in both physical assets and in human capital, actively expand investment and consumption in such areas as education, medical services, and elderly care, and create more space for consumption.

We will continue to host events such as the China International Import Expo Further expand imports and encourage more quality products across the globe to enter the Chinese market We encourage businesses from around the world to seize the opportunities presented by our expanding domestic demand Provide more and better products and services and further explore China’s consumer market So as to gain a head start in the fierce international competition China will steadfastly expand opening up and share with the world the opportunities from its high-standard opening up Reform and opening up is China’s fundamental state policy China will open its door still wider to the world China will actively expand voluntary opening up align with high-standard international economic and trade rules Expand market access and open more areas particularly in the service sector and step up our efforts to attract and utilize foreign investment China will continue to foster a market oriented law-based and world-class business environment provide equal treatment for both domestic and foreign investing enterprises and make the demand list of businesses a service list of the government Should foreign enterprises encounter any problems in China, please do not hesitate to inform us and we will actively address them China is committed to deepening international industrial specialization and collaboration Keeping global industrial and supply chains secure and stable and building a global market of shared benefits We welcome foreign enterprises to invest in China and share in China’s opportunities We also hope governments of other countries can provide a fair non-discriminatory transparent and predictable investment environment for Chinese enterprises China will accelerate sci-tech innovation and share with the world the opportunities from its innovation driven development The latest round of technological revolution and industrial transformation is unfolding at a faster pace creating new historical opportunities Innovation is an essential engine for China’s high-quality economic development, and Chinese modernization must be underpinned by modernization in science and technology.

Currently, China has the biggest number of researchers and international patent applications. There are diverse scenarios for application and a sound environment for innovation. And now AI is empowering various sectors.

China will continue to promote full integration between technological and industrial innovation, strengthen the protection and application of intellectual property rights, and stimulate the vitality of all innovators.

Scientific and technological progress cannot be achieved without international cooperation, and innovation brings both opportunities and risks. China is ready to work with all other countries in the spirit of openness and cooperation to advance sci-tech innovation, empower the world economy, and address global challenges in such areas as AI governance.

China’s innovation-driven development not only serves itself, but also benefits the world. We welcome companies from around the world to deepen cooperation with China on innovation and sharing the opportunities presented by innovation-driven development. China will pursue green development and share with the world the opportunities from green and low-carbon transition.

At the UN Climate Summit last September, President Xi Jinping solemnly announced China’s 2035 nationally determined contributions. This is the first time that China put forward an absolute emissions reduction target, which is a testament to China’s firm resolve and maximum effort. China has put in place the world’s largest renewable energy system and the most complete new energy industrial chain.

We will control both the total amount and intensity of carbon emissions across the board, and strive to achieve carbon peaking before 2030 and carbon neutrality before 2060. China will work with all other parties to fully and effectively implement the UNFCCC and its Paris Agreement, uphold the multilateral process on climate change, and actively promote global green and low-carbon development.

China will work with all parties to foster closer partnerships for green development, address the shortfall in green production capacity, and ensure the free flow of quality green products globally. We invite enterprises from all over the world to embrace the opportunities from green and low-carbon transition, work closely with China in such areas as green infrastructure, green energy, green minerals, and green finance, and jointly create a green and prosperous future.

Ladies and gentlemen, friends, the wisdom of Davos lies in dialogue, and the future of the world hinges on cooperation. As President Xi Jinping noted, for us to break through the mist and embrace a bright future, the biggest strength comes from cooperation, and the most effective way is through solidarity. Let us uphold the vision of a community with a shared future for humanity, carry forward a spirit of dialogue, enhance openness and cooperation, and steer the giant ship of the world economy steadily forward on the vast blue ocean, breaking all winds and waves.

Let’s build a better future for all. I wish this annual meeting a full success. Thank you.

So, Vice Premier He, I really appreciated your words, the wisdom of Davos is dialogue, you underlined also strongly the importance of a win-win approach, and also you underlined the importance of China increasing demand in its domestic economy.

When China was first in Davos in the beginning of the 80s, China was 2% of the global GDP. Today, China is close to 20% of the global GDP. So it is a very important path also that China is following.

On behalf of everyone here, I would like to thank you. Thank you also for your leadership, and I think many of us will also have the pleasure of joining you in the summer, in summer Davos, in Dalyan this year. So thank you very much, Mr.

Vice-Premier. Thank you very much.