Summer Davos highlights global cooperation for shared, green growth

The call for strengthened partnership has rung clear at the ongoing 2024 Summer Davos as the world seeks new growth engines to propel a sluggish global economy.

Over 1,700 representatives of the political, business, academic and media communities in more than 100 countries and regions are attending the three-day meeting, which kicked off on Tuesday in the coastal city of Dalian in northeast China's Liaoning Province.

Though there are diverse views on the "Next Frontiers for Growth," the theme of the 15th Annual Meeting of the New Champions, there is consensus that cooperation is paramount to successfully navigating the rapidly evolving world.

Expanding the pie together

The grand gathering is taking place amid an increasingly uncertain global landscape. Klaus Schwab, founder and executive chairman of the World Economic Forum, highlighted the significant issues facing the world today – issues such as environmental concerns, geopolitical tensions, and social challenges like pandemics and rising income inequality.

Since the outbreak of the COVID-19 pandemic, the global economy has been mired in sluggish recovery. While the World Bank and the United Nations have raised their projections for global economic growth in 2024, they caution that the pace of growth remains below the annual average of the decade before the pandemic.

Facing the global economic growth dilemma, countries that prioritize maximizing their own interests without considering the interests of others – even backtracking by promoting decoupling and erecting barriers – will drag the world into a vicious cycle of competing for a diminishing pie, Chinese Premier Li Qiang said when addressing the event's opening plenary.

"The correct course of action is to approach development issues with a broader perspective and a more inclusive mindset, seeking one's own legitimate interests within the framework of expanding the pie together," Li said.

Global cooperation and long-term cooperation to move to new horizons is essential, Schwab said, echoing Li's sentiment.

China remains key growth engine

Owing to China's resilient recovery, the world's second-largest economy has emerged as a significant force in bolstering global economic expansion.

The Chinese economy has shown a robust performance this year, with a year-on-year growth rate of 5.3 percent in the first quarter and a sustained positive trajectory in the second quarter.

Recognizing this, the International Monetary Fund has revised its 2024 GDP growth forecast for China from 4.6 percent to 5 percent, citing the country's strong first-quarter growth and recent policy initiatives.

"China is confident it will meet its annual GDP growth target for this year," Li said.

Fred Hu, founder, chairman and CEO of Primavera Capital Group, said that China has the ability to drive global economic growth, particularly in developing countries.

Shared growth dividends

With its huge market, strong manufacturing capabilities and leaps in technological innovation, China is both a beneficiary of openness and a catalyst for a virtuous global economic cycle, Hu said.

A total of 21,764 foreign-invested firms were established in China in the first five months of this year, a year-on-year increase of 17.4 percent.

Over the past six years, the China International Import Expo, the world's first national-level expo to promote imports, has attracted the participation of more than 10,000 overseas enterprises and seen the release of more than 2,400 new products, technologies and services.

"We're bullish about China going forward," said Shin Hak-Cheol, CEO of LG Chem. The chemical giant from the Republic of Korea has built over 10 production bases in China since it entered the market over three decades ago. "We're not downsizing here, and we're really investing for the future."

While opening up its market, China has also contributed to the global green shift by providing high-quality and cost-effective new energy products, including electric vehicles, lithium batteries and photovoltaic products.

"We are willing to share our technology with others around the world as addressing climate change and promoting sustainability are so important for each and every one of us," said Robin Zeng, founder and chairman of leading Chinese battery manufacturer Contemporary Amperex Technology Co., Ltd.