Beijing, China / TimesNewswire / June27, 2023 – A sign of the Summer Davos Forum in north China’s city of Tianjin, June 26, 2023. /CFP
China will continue to provide strong dynamism to the world’s economic growth, as well as win-win cooperation opportunities for global investors, said Chinese Premier Li Qiang at the opening ceremony of the 14th Annual Meeting of the New Champions, also known as Summer Davos, on Tuesday.
The country’s economic growth in the second half of 2023 will exceed that of the first half, confident in achieving this year’s economic growth target of around 5 percent, said Li.
China’s economic re-opening has provided a much-needed boost to the regional and global economy, said Mirek Dusek, managing director of the WEF.
The International Monetary Fund (IMF) projected China alone to contribute more than one-third of global growth in 2023.
Cooperation as the key to deterring risks
Global growth hurdles are being addressed at the forum, notably economic decoupling.
Premier Li denounced the “de-risking” strategy to reduce global co-dependence. Having experienced twists and turns of economic globalization, all countries should cherish openness and cooperation more, said Li.
The IMF estimates that the long-term costs of trade fragmentation could slash 7 percent of global output.
This situation of slow growth in trade would be made far worse, if the world were to decouple or fragment, warned Ngozi Okonjo-Iweala, Director-General of the World Trade Organization.
“If ever there was a time for the public and private sector to work hand in glove, it is now. And if there was ever a time for the East and West, North and South to work together, it is now,” said Mia Amor Mottley, Prime Minister of Barbados.
“We cannot take another crisis and decoupling presents that risk,” she added.
“The global economy has a lot to look forward to. As long as we continue to cooperate and we continue to promote an open and rules-based system for global trade, then I think there will be greater prosperity for everybody,” said New Zealand Prime Minister Chris Hipkins.
The WEF 14th Annual Meeting of the New Champions, also known as Summer Davos Forum, kicked off in north China’s city of Tianjin on Tuesday. The three-day forum is themed “Entrepreneurship: The Driving Force of the Global Economy.”
Over 1,500 participants from nearly 90 countries representing domestic and international bodies, business and finance, government and academia, are attending the in-person event after a three-year pause in light of the COVID-19 pandemic.
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