China can be 'stabilizing force' for global economy amid 'extreme uncertainty': UN trade official

A senior United Nations trade official warned on Monday the greatest challenge facing the global economy this year is not a single policy shock but the escalating uncertainty that clouds the international landscape, but believes China can serve as an "important stabilizing force" amid these difficult times.

Rebeca Grynspan, Secretary-General of the UN Conference on Trade and Development (UNCTAD), gave her assessment of the current global economic prospects in an interview with China Central Television (CCTV) on the sidelines of the 2026 World Economic Forum(WEF) in Davos, Switzerland.

The five-day WEF opened in the Swiss Alpine town on Monday, gathering 3,000 leaders and experts worldwide to discuss pressing global challenges including enhancing cooperation, unlocking new sources of growth and deploying innovation at scale and responsibly.

While the global economy has faced a series of shocks over the last year, including tariffs imposed by the U.S. and a number of geopolitical flashpoints that have further strained global markets, Grynspan emphasized that trade and investment relies heavily on predictability.

"Extreme uncertainty doesn't allow for any predictability and I think that the highest tariff to trade and investment is uncertainty. And I think that that will continue in 2026," she said.

Despite this, Grynspan expressed cautious optimism, highlighting structural trends that could bolster economic resilience. She pointed to China's robust growth as a key driver of global trade vitality and stability.

"China will support developing countries in getting the capacities for them to be able to close the gaps. And I think that that is a very important stabilizing force because the least developed countries, the most vulnerable countries will be the most affected by the dynamic of the global economy because of tariffs, because of uncertainty, because of investment not coming to them," said Grynspan.

China announced in June 2024 that it would contribute 20 million U.S. dollars to UNCTAD to help implement the 2030 Agenda for Sustainable Development and ensure that no country will be left behind.

With this in mind, Grynspan highlighted China's steadfast commitment to multilateralism, noting its influential role within the UN, the World Trade Organization, and other international institutions.

She also noted that China's policies, including its zero-tariff policy for the least developed countries and its efforts to boost global cooperation, serve as powerful demonstrations of multilateral solidarity amid these challenging times.

"I see China as a very important component of multi-polarity with multilateralism of cooperation and solidarity between the countries. And China has several initiatives in this respect, where cooperation is a very important part or [where it is] opening trade to countries that are more vulnerable," said Grynspan.

China can be 'stabilizing force' for global economy amid 'extreme uncertainty': UN trade official

As Portugal's presidential race enters a runoff, voters are voicing frustration over housing, wages, healthcare, and education.

On Sunday, Portugal launched the first major election of Europe's 2026 political calendar. Voters on the streets of Lisbon were focused more on day-to-day issues. 

"The issue I carry the most when I'm casting the vote is about our housing prices, because we are having a major crisis. Even for young people, it's really hard to buy our first house. And even renting, the prices in Lisbon are collapsing, even outside, even the outskirts are collapsing. And about our healthcare national system, because it's also collapsing. It's a very complicated issue. And I'm a teacher and when I cast my vote, I need to think about my profession and my future colleagues as well," said Maria. 

"I'm concerned about things such as education in Portugal, the healthcare in Portugal, the wages which are pretty low compared to other countries in Europe. Basically for me those are the key points - education, health and wages. And right now, also the cost of living in Portugal is pretty high," said Juan. 

Portugal's presidential election will proceed to a second round, with Antonio Jose Seguro leading the first round with 30.69 percent of the votes, according to data released by the General Secretariat of the Ministry of Internal Administration.

Chega party leader Andre Ventura placed second with 26.97 percent of the vote, followed by Luis Marques Mendes of the center-right Social Democratic Party in third place, with 14.82 percent.

The move to a runoff marks the first time in 40 years that a Portuguese presidential election has required a runoff between the two leading candidates.

The runoff vote is scheduled for Feb. 8, with the winner to be determined by a simple majority.

Portuguese voters prioritize housing, wages, healthcare as presidential race heads to runoff