BRUSSELS–European Union nations must work together quickly to put a strategy in place to help the bloc compete against global economic powerhouses like China and the U.S., European Commission President Ursula von der Leyen said.

“Europe has everything it needs to succeed in the race to the top. But, at the same time, we must fix our weaknesses to regain competitiveness,” von der Leyen said on Wednesday as the EU executive unveiled a long-awaited proposal to boost the region’s industry.