The 15th Annual Meeting of the New Champions, commonly known as Summer Davos, unfolded in Dalian, in northeast China’s Liaoning Province, from June 25 to 27. Gathering over 1,600 guests from nearly 80 countries and regions, this year’s forum explored the theme Next Frontiers for Growth across six major topics:
- A Global New Economy
- China and the World
- Entrepreneurship in the Age of AI
- New Frontiers for Industries
- Investing in People
- Connecting Climate, Nature and Energy
As a significant platform since its inception in 2007, Summer Davos has become a gateway for deepening China’s opening-up and a bridge connecting global markets and resources. China’s burgeoning influence is evident, contributing over 30 percent annually to global economic growth in recent years and emerging as a vital source and stabilizer of the world economy.
The World Economic Forum (WEF), established in 1971, hosts this annual gathering, focusing on fostering international economic cooperation and addressing cutting-edge global economic and social issues. The Summer Davos, alternating between Dalian and Tianjin, offers global stakeholders invaluable insights into China’s economic dynamics and presents entrepreneurs worldwide with opportunities in the Chinese market.
Opportunities from China’s High-Level Opening-Up
Two significant opportunities arise from this year’s Summer Davos: China’s commitment to high-level opening-up and its active engagement in promoting an open world economy.
Firstly, China’s dedication to opening up at a high level is evident. The report to the 20th National Congress of the Communist Party of China emphasizes the nation’s commitment to a mutually beneficial strategy of opening up, striving to create new opportunities for the world through its development and contributing to building an open global economy that benefits all.
Amid sluggish global economic recovery and subdued trade performance, China’s openness injects significant momentum into revitalizing global trade and investment. In 2021, China applied for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), marking new milestones in its institutional opening-up efforts. By aligning with international standards in areas such as investment protection, intellectual property rights, labor policies, and environmental protection, China showcases its commitment to integrating into the global economy.
By the end of 2022, China’s foreign direct investment reached $2.75 trillion, ranking among the top three globally for six consecutive years. With the establishment of 22 pilot free-trade zones by 2023, China demonstrates an innovative approach to coordinated reform and opening-up across coastal, inland, and border regions. The development and nationwide replication of 302 institutional innovations promise new opportunities for global partners through China’s systematic opening-up.
China’s Engagement in an Open World Economy
Secondly, China’s engagement in promoting an open world economy holds significant promise. Since jointly proposing to maintain and develop an open world economy in 2013, Chinese President Xi Jinping has emphasized this commitment on multiple occasions. In his keynote speech at the opening ceremony of the WEF Annual Meeting in January 2017, President Xi highlighted that ‘integration into the global economy is a historical trend,’ affirming China’s dedication to fostering open development for common prosperity.
As the world navigates complex economic challenges, the Summer Davos serves as a beacon for collaborative growth and shared opportunities. China’s proactive stance in opening up not only bolsters its own development but also offers substantial benefits to the global community, paving the way for a more interconnected and prosperous world economy.
Reference(s):
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