The 15th World Economic Forum Annual Meeting of the New Champions, known as Summer Davos, is making waves in Dalian, Liaoning Province. From June 25 to 27, over 1,600 guests from nearly 80 countries and regions gathered to explore six major topics, including \"A Global New Economy,\" \"China and the World,\" and \"Entrepreneurship in the Age of AI.\"
Summer Davos serves as a pivotal platform for deepening China's engagement with the global market. In recent years, China has consistently contributed over 30 percent annually to global economic growth, positioning itself as a key stabilizer of the world economy.
Established in 1971, the World Economic Forum (WEF) is dedicated to fostering international economic cooperation and addressing cutting-edge global issues. Since 2007, the Summer Davos forum has been hosted in Chinese cities like Dalian and Tianjin, becoming an essential venue for global stakeholders to understand China's economic dynamics and for entrepreneurs to explore opportunities within the Chinese market.
Two significant opportunities emerged from this year's Summer Davos:
- China's High-Level Opening-Up: The report to the 20th National Congress of the Communist Party of China emphasized China's commitment to an open, mutually beneficial strategy. Amidst global economic challenges, China's dedication to opening up provides a strong impetus for revitalizing global trade and investment.
- Engagement in an Open World Economy: Since 2013, Chinese President Xi Jinping has advocated for \"maintaining and developing an open world economy.\" At the WEF Annual Meeting's opening ceremony in January 2017, he highlighted China's role in promoting global growth and integrating into the global economy.
China's proactive approach includes applying for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) in 2021. By the end of 2022, China's foreign direct investment soared to $2.75 trillion, ranking it among the top three globally for six consecutive years. Additionally, the establishment of 22 pilot free-trade zones by 2023 showcases China's innovative strategies for coordinated reform and opening-up across various regions.
With 302 institutional innovations developed and replicated nationwide, China's systematic approach to opening up promises new opportunities for global economic collaboration and growth.
Reference(s):
cgtn.com
