From the Davos platform, at a time of escalating trade wars and declining effectiveness of global economic governance rules, French President Emmanuel Macron presented an alternative vision based on restoring the importance of economic cooperation, placing China at the heart of the equation for recalibrating the imbalances plaguing the global economy.
In a speech delivered at the World Economic Forum's annual meeting, and published in full on the forum's official website, Macron emphasized that the logic of zero-sum confrontation or economic isolation offers no sustainable solutions. He asserted that "the only way forward is through greater cooperation and the development of new approaches" capable of addressing the structural transformations occurring within the international economic system.
The speech carried direct messages aimed at Europe, the United States, and China alike, in an attempt to redefine the foundations of competition and partnership, moving away from the logic of sanctions and reciprocal tariffs that now threaten the stability of global trade.
China: An Economic Partner, Not a Strategic Rival
Macron emphasized that China is “economically welcome,” but within a more balanced and equitable framework. He explained that Europe needs not only substantial Chinese exports but also foreign direct investment within the continent, particularly in strategic sectors capable of supporting growth, transferring technology, and creating genuine added value.
The French president clarified that the core issue does not lie with China itself, but rather with structural imbalances within the global economy. He pointed to “underconsumption and excessive investment” in China, contrasted with “weak investment and competitiveness” in Europe, and “excessive consumption” in the United States.
In his view, addressing these imbalances cannot be achieved through exclusion or trade escalation, but rather through rebalancing investment and trade flows. This rebalancing should ensure respect for the principle of a level playing field and protect the European industrial base from unfair competition.
Europe Between Economic Sovereignty and Openness
In the European section of his speech, Macron called for building a European economic sovereignty based not on traditional protectionism, but on smart and effective trade defense tools. He acknowledged that Europe had been “too naive” when it opened its markets wide without securing reciprocal treatment from its partners.
He indicated that rebalancing the economic relationship with China requires activating tools such as the anti-coercion mechanism and encouraging investments that adhere to European environmental, social, and technical standards, instead of allowing the influx of “oversubsidized” products that do not respect the rules of fair competition.
He emphasized that this approach is not specifically targeting China, but rather aims to restore a level playing field and protect European industry, particularly in sensitive sectors such as automobiles, chemicals, and advanced technologies.
Investment Instead of Trade Wars
Macron warned that trade wars and races for surplus production will only produce losers. He argued that escalating tariffs and their use as a tool of political pressure threaten the foundations of the global trading system and undermine the prospects for sustainable growth.
He stressed that strengthening cooperation with China, and with other emerging economies, must be part of a broader agenda encompassing the G7 and G20, because “a fragmented world makes no economic sense.”
He also pointed out that Europe will not be able to achieve sustainable growth if it continues to lose investment to other markets, or if global value chains remain hostage to the logic of conflict rather than partnership.
Towards a Global Rebalancing
Macron linked cooperation with China to the broader goal of correcting global economic imbalances, emphasizing that cooperation does not mean assigning blame to one party, but rather each party committing to its role in correcting the course.
In this context, he explained that France, which holds the G7 presidency this year, will strive to push for “a shared diagnosis of the global economy, coupled with practical commitments,” rather than simply managing crises temporarily.
While calling for greater European autonomy, Macron simultaneously emphasized that Europe “will remain open to dialogue and investment,” and that the partnership with China, if managed within clear and balanced rules, can be part of the solution, not the problem, in the global economic system.
