Prime Minister Fumio Kishida said Tuesday he will push for a green and digital transformation as part of his efforts to create a new form of capitalism, in an address at a virtual World Economic Forum event.

In his speech at the Davos Agenda conference, Kishida stressed the need to overhaul economic and social structures while sticking to universal values such as democracy — pointing to the risks posed by state capitalism, in an apparent reference to countries such as China.

"Japan is determined to lead the global trend with this new form of capitalism and will demonstrate concrete examples of how capitalism can evolve, as Japan will assume the Group of Seven presidency next year," Kishida said.