The 2026 Davos Economic Forum witnessed significant political and economic developments, most notably the speech by French President Emmanuel Macron, who presented a different vision for managing international economic relations in a period marked by heightened trade tensions and slowing global growth. The speech was not delivered in a traditional, protocol-driven manner, but rather carried profound strategic dimensions, particularly concerning the relationship between Europe and China, and the role of investment in revitalizing the global economy.
This speech comes against a complex international backdrop, where the global economy is suffering from the cumulative effects of successive crises, from the COVID-19 pandemic to the war in Ukraine, and including disruptions to supply chains and rising inflation rates. These factors have led many countries to adopt protectionist policies that have negatively impacted global trade and eroded trust among economic partners. Therefore, Macron attempted to offer an alternative approach based on cooperation rather than confrontation, and investment rather than sanctions.
The French president emphasized a central idea: that China should not be treated as an economic adversary to be contained, but rather as a strategic partner with whom relations can be conducted within clear and balanced frameworks. He pointed out that reducing the relationship with Beijing to the trade balance alone is a narrow interpretation, as the modern economy is based on interconnected investments, technology transfer, and integrated value chains. This perspective reflects a relative shift in European discourse, which for years has oscillated between openness and caution towards China.
In this context, Macron emphasized the importance of attracting Chinese investments to Europe, particularly in advanced industrial and technological sectors, rather than simply being a consumer market for Chinese products. He believes this approach can contribute to reducing the trade deficit, creating jobs, and strengthening European production capacities, without falling into the trap of dependency or losing control over strategic sectors.
Conversely, Macron did not neglect the concept of European economic sovereignty, stressing that openness does not mean abandoning the protection of vital interests. According to his vision, sovereignty is built by strengthening the industrial base, encouraging innovation, and improving the business climate, not through isolation or imposing broad trade restrictions. This approach seeks to achieve a delicate balance between openness and competitiveness, a balance that has long posed a challenge for the European Union.
One of the key points emphasized in the speech was the call to replace the logic of trade wars with the logic of investment. Instead of a race of tariffs and reciprocal sanctions, Macron called for directing efforts toward investment in infrastructure, clean energy, and technology, which he sees as the true engines of sustainable economic growth. He argues that long-term investment is more capable of addressing the root causes of economic crises than short-term protectionist policies.
Globally, such a vision, if adopted collectively, could lead to tangible positive outcomes, including boosting foreign direct investment flows, improving the performance of emerging markets, and mitigating inflationary pressures resulting from supply chain disruptions. Easing trade tensions would also restore some of the lost investor confidence and encourage cross-border projects.
However, this vision is not without its challenges. Its success requires broad political and diplomatic coordination, not only within the European Union but also with the United States, China, and other emerging economic powers. Europe itself is also called upon to undertake profound internal reforms to address its structural imbalances, whether in the labor market or industrial policies, in order to become a strong partner capable of imposing balanced conditions.
Ultimately, Macron's speech in Davos reflects a serious attempt to reshape the rules of the global economic game at a pivotal moment. It is a speech that calls for realism over populism, for cooperation over confrontation, and for investment as a strategic option to escape the uncertainty that pervades the global economy. The greatest challenge remains translating this vision from rhetoric into practical, implementable policies.
