Chinese Vice Premier Ding Xuexiang met with global finance and business leaders including Blackstone CEO Steve Schwarzman, Bridgewater Associates founder Ray Dalio and JPMorgan CEO Jamie Dimon during a private lunch in Davos on Tuesday.

China is not seeking a trade surplus and is willing to import more competitive and high-quality products and services to balance trade, Ding Xuexiang, the country’s vice premier, said on Tuesday.

The global elite in Davos woke up Tuesday breathing a sigh of relief after President Donald Trump concluded his first day in office only talking about trade wars rather than starting any.

His second term heralds the demise of the pro-trade internationalist ethos that the WEF has long revered. Read more at straitstimes.com.

Welcome to CNBC’s live blog covering all the latest news, views and action on day 3 of the World Economic Forum in Davos, Switzerland.

DAVOS, Switzerland -- Chinese Vice-Premier Ding Xuexiang delivered a speech at the World Economic Forum (WEF) Annual Meeting 2025 in Davos, Switzerland, on Tuesday, urging the global community to uphold multilateralism and promote open and inclusive development.

The European Commission chief did not explicitly mention the new US president or his trade policies, but underscored the number of American jobs tied to European trade.

Ding Xuexiang also tells Davos that Beijing isn’t pursuing a trade surplus and there are ‘no winners in a trade war’.

EU, German and Chinese leaders took turns defending global cooperation in Davos on Tuesday as the spectre of new trade wars looms following Donald Trump's return to the White House.

China's Vice-Premier Ding Xuexiang at the 55th annual World Economic Forum meeting in Davos, Switzerland, January 21, 2025. REUTERS/Yves Herman China does not pursue a trade surplus and is willing to import more competitive and high-quality products and services to balance trade, Ding Xuexiang, the country's vice premier, said on Tuesday.

Von der Leyen insisted that the United States remains an important partner, taking a conciliatory tone in a speech to the annual meeting of global elites in Davos, Switzerland. The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with Trump, she said.

CEO Matthew Prince shared his insights on China's artificial intelligence (AI) landscape with Yahoo Finance Executive Editor Brian Sozzi at the 2025 World Economic Forum in Davos, Switzerland. According to Prince,