China will continue to provide strong momentum for global economic recovery and growth. Global | World | Economy

On the coast of the Bohai Sea, victory and friendship are like clouds. The 14th Annual Meeting of New Leaders of the World Economic Forum opened in Tianjin on the 27th.

This is the opening ceremony of the 14th Summer Davos Forum, which was filmed on June 27th. Photo by Zhao Zishuo, journalist from Xinhua News Agency

This is the first time that the Summer Davos Forum has resumed offline since the COVID-19 outbreak more than three years ago. Where is the driving force behind global economic growth? How can all parties work together to address global challenges? What opportunities will China's high-quality economic development provide for the world economy? At the three-day event, approximately 1500 representatives from over 90 countries and regions from all walks of life gathered together to seek sustainable development for the global economy. The strong voice of high-quality development of the Chinese economy conveyed by the forum injects confidence and momentum into the changing world economy.

China has always been an important driving force for stable global economic growth

On the morning of the 27th, Tianjin Meijiang Convention and Exhibition Center. A discussion on the theme of "China's Future Trends" attracted the attention of hundreds of attendees.

"China is ushering in a higher quality growth model based on sustainable development and technological information support. This has shifted China's development from simply pursuing GDP growth to more multidimensional goals, such as ecological environment, people's well-being, food security, etc." said Jin Keyu, an economics professor at the London School of Political Economy.

Fu Xiaolan, Director of the Technology and Management Development Research Center at the University of Oxford, believes that the Chinese economy is currently in a critical stage of transformation, and "innovation and modernization will be the main driving forces for the next wave of economic growth in China.".

Since the beginning of this year, the Chinese economy has shown a clear trend of recovery and improvement. In the first quarter, the Chinese economy grew by 4.5% year-on-year, and it is expected that the economic growth rate in the second quarter will be faster than in the first quarter. It is expected to achieve the expected economic growth target of around 5% for the whole year. Some international organizations and institutions have raised their expectations for China's economic growth in 2023, demonstrating confidence in the prospects of China's economic development.

Dai Jiahui, the joint head of Airui Platinum Consulting in Greater China and the head of the automotive industry in the Asia Pacific region, is highly concerned about the development of new energy vehicles in China. "Nowadays, many Chinese brand electric vehicles are more attractive than foreign brands." He said that China's high-quality economic development provides the world with more advanced technology and a broad market, and the world is full of expectations.

On June 16th, the audience visited the 2023 Guangdong Hong Kong Macao Greater Bay Area International Automobile Expo and New Energy Vehicle Expo. Photo by Xinhua News Agency reporter Liang Xu

In the first five months of this year, the production and sales of new energy vehicles in China increased by 45.1% and 46.8% year-on-year, respectively, with a market share of 27.7%.

"The whole world benefits from China's development," said World Economic Forum President Schwab. China's annual economic growth target of around 5% is encouraging. The attendees are very eager to learn about China's long-term development strategy, solutions to challenges, open policies, and the opportunities it will bring to global enterprises.

On June 27th, the President of the World Economic Forum, Schwab, delivered a speech at the opening ceremony of the 14th Summer Davos Forum. Photo by Zhao Zishuo, journalist from Xinhua News Agency

In the past decade, China has been an important driving force for stable global economic growth. Since the reform and opening up, China has formed the largest and most promising middle-income group in the world. In the view of Yi Si, Chairman of the Royal Institute for East West Strategy in the UK, the key to addressing challenges is to continuously deepen structural reforms and effectively unleash the consumption potential of middle-income groups. This will promote economic circulation, achieve stable economic growth in China, and provide a strong engine for global economic growth.

Attendees stated that the Chinese economy will achieve stable and long-term development on a high-quality track over a long period of time, further expanding market size, creating opportunities for cooperation, providing a source of power for global economic recovery and growth, and also providing win-win opportunities for investors from all countries.

China's high-quality economic development injects confidence and vitality into the world

In the corner of the second floor of Meijiang Convention and Exhibition Center, there is a demonstration area for the "Smart Zero Carbon" terminal model at Tianjin Port. Several foreign guests are operating the platform to observe and perceive the efficient operation of the intelligent container terminal.

On June 27th, attendees 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

On the other side of the Tiankai Higher Education Science and Technology Innovation Park exhibition area, high-tech products such as depression intelligent diagnostic robots, metal capillaries, and intelligent car signal receiving device components are all displayed, attracting attention.

This is the exhibition area of Tiankai Higher Education Science and Technology Innovation Park, filmed on June 27th at Tianjin Meijiang Convention and Exhibition Center. Photo by Sun Weitong, journalist from Xinhua News Agency

At this summer's Davos Forum, the digital economy, green development, and life and health are driving the pulse of high-quality development of the Chinese economy.

In today's world, a new round of technological revolution and industrial transformation is deepening, and new technologies represented by digital technology and artificial intelligence are creating more favorable conditions for economic globalization.

"We have confidence in the transformation of the Chinese economy, and the digital economy is expected to become a new round of growth engine, which contains many opportunities and directions for cooperation," said Luca Ville, co-founder and CEO of Punofis. This company, which focuses on the development of neuromimetic visual systems, is entering the vast Chinese market with the help of smartphones, drones, and other technologies.

Not long ago, under the organization of Tianjin Electric Power Trading Center, in the summer of 2023, the venue of the Davos Forum, Fangmeijiang Convention and Exhibition Center, completed a green electricity transaction with a new energy generation enterprise, achieving a trading power of 1 million kilowatt hours, which is equivalent to saving 320 tons of standard coal and reducing carbon dioxide emissions by 800 tons.

The dark green color is painting a strong background for China's high-quality development.

State Grid Corporation of China Chairman Xin Bao'an said that China has built the world's largest clean power generation system, which can provide integrated solutions for large-scale new energy development, grid connection, and utilization for various countries. "We adhere to the direction of clean and low-carbon, while taking energy supply as an important prerequisite to ensure reliable energy supply."

On June 27th, Xin Bao'an, Chairman of State Grid Corporation of China, delivered a speech at the 14th Summer Davos Forum on "Working Together to Promote Energy Transformation". Photo by Xinhua News Agency reporter Sun Fanyue

China has announced its efforts to achieve carbon peak before 2030 and carbon neutrality before 2060, which will require arduous efforts and will also leverage a vast market. Wu Chun, Executive Partner of Boston Consulting in China, said that this will be a multi billion yuan investment market, which will spawn more new formats and technologies, and create more business opportunities.

More than a month ago, the global refrigeration industry leader Danfoss Group, which participated in multiple summer Davos forums, once again demonstrated confidence in investing in China - the global refrigeration research and development testing center with a total investment of 140 million yuan was put into use in Wuqing District, Tianjin.

This is a photo taken on May 10th at the Danfoss Global Refrigeration Research and Development Testing Center in Tianjin. Photo by Xinhua News Agency reporter Sun Fanyue

"The opportunities for green development in China are long-term and clear," said Dai Jian, General Manager of Danfoss Co., Ltd. The key for enterprises is to improve their internal skills and enhance their ability to adapt to the market and seize opportunities.

The theme of this forum is "Entrepreneurial Spirit: The Driving Force of the World Economy". Faced with various uncertainties, entrepreneurs inject more certainty into the global economy with keen vision, unremitting pursuit, and extraordinary action. Attendees stated that the stimulation of entrepreneurial spirit cannot be achieved without a more optimized business environment and a fair competitive market.

The "Plan for the Reform of Party and State Institutions" has been issued, deepening the construction of a unified national market and placing the creation of a market-oriented, rule of law, and international business environment in an important position... With a focus on building a high-level socialist market economy system, China adheres to the direction of socialist market economy reform and takes firm steps.

Hu Zuliu, Chairman of Chunhua Capital Group, stated that China adheres to deepening reform and opening up, continuously creating a market-oriented, legal, and international business environment, and facilitating the flow of innovative elements. This will greatly boost market expectations and confidence, continuously stimulate entrepreneurial spirit, and provide solid institutional support for high-quality development.

Promoting accelerated recovery of the world economy through cooperation and opening up among countries

At present, Tianjin Port has maintained shipping and trade exchanges with over 500 ports in over 180 countries and regions around the world. In the first five months of this year, the container throughput of Tianjin Port Group increased by more than 7% year-on-year.

This is the Tianjin Port IoT container terminal. Photo by Zhao Zishuo, journalist from Xinhua News Agency

At the Summer Davos Forum, more than 50 kilometers away, it was a consensus among the attendees to be optimistic about China and invest in China.

In the past three years, leveraging the transformation and upgrading of China's foreign trade, Fanding International Group, which is engaged in international logistics and overseas warehousing services, has achieved an average compound annual growth rate of over 100% in both revenue and profit.

"We have witnessed firsthand the transformation from 'Made in China' in primary contract manufacturing to 'Chinese brands' with competitive advantages in the international market." Mao Yunyun, Vice President of Fanding International Group, stated that as a global base for high-quality product research and manufacturing, China has always been an important component of a stable global industrial and supply chain.

In the eyes of the attending guests, the attractiveness of the Chinese economy stems from confidence in the development prospects of the Chinese economy, and more importantly, from the unwavering determination to expand high-level opening up.

Recently, the National Development and Reform Commission and Volkswagen Group signed a letter of intent to promote cooperation in the automotive industry between China and Germany, jointly promote research and development innovation and promotion of new energy vehicles, and promote the electrification and intelligent transformation of the automotive industry. At the end of May, Volkswagen Group announced the settlement of its largest science and technology innovation center in China in Hefei, Anhui.

Volkswagen Group Chairman and CEO, Baird, said that China is not only an innovative country but also the most dynamic market. The Chinese automotive market, especially the new energy vehicle market, has enormous potential. Volkswagen will continue to deeply cultivate the Chinese market and continuously improve its research and development capabilities to meet the needs of the Chinese market.

From continuously reducing the negative list of foreign investment access, to adding comprehensive pilot projects for expanding the opening up of the service industry; From implementing national treatment for foreign-funded enterprises to increasing the protection of intellectual property rights and legitimate rights and interests of foreign investment... China actively connects with high standard international economic and trade rules, promotes high-level opening up to the outside world through institutional openness, and continuously improves macroeconomic policy stability.

Slowing growth, debt risks, climate change, wealth inequality... Faced with a series of global challenges, the international community's desire to seek win-win cooperation is even stronger. This forum focuses on six main themes: restarting growth, China in the global context, energy transformation and material supply, consumption trends in the post pandemic era, and protecting nature and climate and deploying innovation, which are in line with global attention.

At the Summer Davos Forum, the voice of strengthening cooperation and mutual benefit spread from the coastal city to the world.

"Once trade 'decoupling' occurs, it will cause significant losses to the global economy, and the damage to developing countries will be particularly severe." The Director General of the World Trade Organization, Ivira, said that new opportunities in the trade field should be seized, including enhancing the resilience of global industrial and supply chains, promoting the development of digital trade, and so on.

"No country can solve global problems alone, and a 'global approach' should be adopted to address' global challenges'," said Vietnamese Prime Minister Pham Myung sung.

"The positive recovery of the Chinese economy has boosted confidence in the world economic recovery, but it also faces many challenges. We hope to use the exchange platform of the World Economic Forum to gather consensus, deepen cooperation, and respond to global economic uncertainty with our own certainty, jointly contributing to global economic growth." said Zhang Yuzhuo, Director of the State owned Assets Supervision and Administration Commission of the State Council.

Text and video cameras: Hao Jie, Fang Jinyang, Ma Chen

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