China injects power and confidence into the world economy (Rui Finance) World | China | Injecting

On June 27th, participants of the Summer Davos Forum visited the Tianjin Port "Smart Zero Carbon" Wharf Model Exhibition Area at the Tianjin Meijiang Convention and Exhibition Center.

Photo by Xinhua News Agency reporter Li Ran

The 14th Annual Meeting of New Leaders of the World Economic Forum was held in Tianjin from June 27th to 29th, with over 1500 global leaders and innovators from politics, business, academia, social organizations, and international organizations participating.

In the interview, several Chinese and foreign business figures present expressed optimism about the prospects of China's economy. It is believed that China has always been an important driving force for stable growth of the world economy, playing an important role as a "ballast stone" in promoting international free trade and stabilizing world economic growth. In the future, China will continue to provide strong impetus for global economic recovery and growth, while also providing valuable development opportunities for enterprises in various countries.

Positive factors cannot be ignored

This year, many positive factors in the Chinese economy have become the focus of discussion and attention among attending entrepreneurs.

"At this year's forum, I not only met old friends and made new friends, but also learned about the latest ideas and needs of customers from different countries." said Smiragit Singh, CEO of GUARDANT in Asia and Africa, Singapore. The company focuses on precise diagnosis and treatment of cancer, and there are also more and more excellent enterprises in China conducting research and development of related reagents and drugs. Both sides have a very broad space for cooperation in cutting-edge fields such as biomedicine. "In September, we will launch a new round of cooperation with a local Chinese enterprise. We are delighted to work with our Chinese partners to better meet the needs of the Chinese market and further expand the global market."

Stephen W. Dell, a partner at American consulting firm Evergrande, said that in the past 20 years, the Chinese economy has injected excellent performance into the world economy. For the world economy, a continuously growing and open China is very important. Although short-term factors such as the COVID-19 epidemic have had adverse effects on all economies, including China, China's economy still has a very good foundation and many favorable conditions in the long run.

"At this year's forum, I once again felt a positive signal of China's support for the recovery of the real economy and the expansion of open cooperation. It is expected that with the continuous recovery of global economy, trade, and personnel exchanges, the Chinese economy will also bring more expectations to people. I also hope that the company's business in China can continue to grow this year," he said.

Accelerated release of enterprise vitality

The theme of this forum is "Entrepreneurial Spirit: The Driving Force of the World Economy". During the forum, many entrepreneurs actively shared their development experiences and conveyed their confidence in cooperation.

Zou Yongqiang, Chief Technical Officer of Cloud Account Sharing Economy Information Consulting Co., Ltd., said that in recent years, China's digital economy has flourished, and emerging flexible employment groups such as ride hailing drivers, delivery drivers, and video creators have continued to grow. "Cloud accounts provide full process services to relevant occupational groups by leveraging the advantages of digital technology, covering more than 60 sub sectors in the top 15 industries. This not only helps flexible employment groups focus on their main business, but also helps employers or cooperative enterprises reduce internal and external management costs." Zou Yongqiang said that a good business environment is the greatest encouragement for entrepreneurial spirit. In recent years, with the efforts of relevant departments, the business environment has been getting better and the development of enterprises has been accelerating. "In the first quarter of this year, our revenue increased by 25% year-on-year. We are looking forward to the future development prospects and space of the industry."

According to Li Yang, the General Manager of Tencent Smart Retail's Vertical Industry Ecology, after this year's Spring Festival, many overseas executives have led teams to visit Tencent Smart Retail to understand the changes in consumption in the Chinese market in the post pandemic era, and to learn from advanced experience in digital transformation of Chinese enterprises. "The attraction mainly comes from the rapidly recovering Chinese consumer market," Li Yang said. In the first quarter, the contribution rate of final consumer spending to economic growth reached 66.6%, becoming the first driving force of economic growth again. At the same time, China's rapidly developing digital economy has made the retail industry full of digital vitality, which has given businesses more confidence.

Li Yang said that he and his colleagues have been using the WeChat ecosystem and Tencent Cloud technology to assist in the integration of data and reality in the retail industry, helping businesses provide services to consumers and facilitate transactions through mini programs, video accounts, WeChat payments, enterprise WeChat, and other means. It is expected that in the future, with the advancement of digital technologies such as artificial intelligence, the exploration and application of digital infrastructure, intelligent customer service, digital marketing, and digital stores in the retail industry will be more in-depth.

Working together, looking forward to higher expectations

The summer Davos Forum was held offline for the first time after the epidemic, which released a positive signal of China's unwavering commitment to building an open world economy.

The President of the World Economic Forum, Borg Brend, stated that the world economy is facing multiple challenges, and the international community urgently needs to strengthen global cooperation. Business people are full of expectations for the opportunities in the Chinese market in the post pandemic era. He said that China is the world's second-largest economy, contributing over 30% to global economic growth. At the same time, China has taken many correct measures to support economic growth, which has given it confidence in the prospects of China's economic growth.

In the view of Wang Jun, founder and CEO of Hangzhou Bangzhi Technology Co., Ltd., having an innovative spirit is essential for enterprises to better participate in global competition and engage in international cooperation. "Nowadays, more and more enterprises are paying attention to the value of data and elevating data construction to a new level. Against the backdrop of policy encouragement and the gradual recovery of international trade, we hope to leverage and cooperate with enterprises from all over the world to inject new impetus into the Chinese economy and even the world economy." Wang Jun said.

"In April this year, the new phase of the production base we invested in and expanded was started in Baodi District, Tianjin. When it is put into production in the second half of next year, it will further enhance our ability to supply the the Belt and Road market." Han Jinming, chairman of Tianjin Hezhi Youde Pharmaceutical Co., Ltd., who has participated in the Summer Davos Forum for many years, said that more than 80% of the beauty cosmetics, health food and other products currently produced by the enterprise are sold overseas. By participating in activities such as the Summer Davos Forum, companies have accelerated the pace of traditional Chinese medicine products and services going global. In the future, enterprises will not only continue to make great efforts in technological innovation and product research and development, but also actively deepen cooperation with global partners to expand mutual benefit and win-win.

Our reporter Wang Junling