In a speech to the World Economic Forum Davos, Switzerland, the President of the European Commission Ursula von der Leyen announced plans for a "sovereignty fund" and a "Net Zero Industry Act" to defend Europe's industrial base from massive US and Chinese subsidies. "We see aggressive attempts to attract our industrial capacities away to China and elsewhere," von der Leyen tells the world's global political and business elite at their annual meeting in the Swiss Alpine resort.