Editor's Note: Mahendra Subedi is a Nepali journalist currently based in Beijing. The article reflects the author's opinion and not necessarily the views of CGTN.

With recent unprecedented incidents and unstable factors, the global economic prospects look largely volatile. Unpredictable political happenings, rise of the so-called ultra-nationalist forces in some major economics, thirst of protectionism and unilateralism have pushed things from bad to worse.

Such happenings have only intensified mistrust in trade, unfair competition, higher prices of commodities and unfavorable international business environment. Most importantly, the small and least developed economies are at the receiving end due to trade frictions and looming qualms.

Though this is the least talked about issue in the current narrative, the developing and least developed countries' citizens have to pay much and would pose challenges to the global commitment to sustainable development goals (SDGs) by 2030.

Amid such circumstances, annual meeting of the New Champions 2019, also known as Summer Davos, held from July 1-3 in northeast China's coastal city of Dalian with participation of 1800 delegates from 100-plus countries, has drawn wide attention globally with expectations to bring things back on the right track, easing the current volatility.

The forum with the theme "Leadership 4.0: Succeeding in a New Era of Globalization" saw intensive debates on crucial issues and at the same time delivered the global message that collaboration and consensus are the only ways to tackle the problems the world is facing.

This is because only joint efforts can yield better results for safeguarding multilateralism and free trade through effective development endeavors by offering important platform for discussions on key global agendas.

During the sessions, experts and government ministers came up with clear ideas that the trade frictions should come to an end without delay in line with the current spirit of globalization.

Inaugurating the event on Tuesday, Chinese Premier Li Keqiang reaffirmed his commitment to give national treatment to the foreign investment in China, meaning that China is fully open to foreign investors.

"China will unswervingly promote opening-up on all fronts. The country will support foreign investment in advanced manufacturing industries such as electronic information, equipment manufacturing, medicine and new materials, and in the central and western regions," Li said.

As Li pledged for lowering the overall level of tariffs and to remove non-tariff barriers, and actively expand imports of goods and services. The other economies, especially the United States, too, should abide by the fundamental principles of globalization and end bullying others, including the European markets.

If the current business headwinds continue, the ultimate sufferers will be the poor consumers, and paths to social harmony and stability could be destabilized. The leaders have come to terms with the fact that they should sit together and settle their standoffs amicably without further delay.  

The forum witnessed around 200 penal sessions on key issues including Going Beyond a Trade War, Rethinking Capitalism, Empowering AI Leadership, The Plastic Revolution, Geopolitical Shifts and Climate Change.

Nepal's Minister for Foreign Affairs Pradeep Kumar Gyawali while addressing the session on "Climate Change: The Next Financial Crisis?" underscored the need for an enhanced level of international cooperation in tackling the adverse impacts of climate change. "It is in this light that climate justice must be promoted and that access to technology must be made easy and affordable", he said.

On climate change, Bangladeshi Prime Minister Sheikh Hasina shared her citizens' sorrows stating "we are not emitters, but we are suffers."

In the 2019 Summer Davos, the leaders and delegates not only shared their experiences but also offered recommendations for innovation to make lives better for the next generation through integration and resilience.

So, gathering and deliberations from the global leaders, this year's Summer Davos has received a round of applause for calling global economic players to end the current impasse and opt for high-quality development through collaborative efforts. Only this shall contribute to global growth.

By organizing such a mega event after the Boao Forum for Asia and Conference on Dialogue of Asian Civilizations, China has shouldered its global responsibility on yet another important issue where global think tanks have pondered their insights for the greater good of the humanity.

Finally, the Summer Davos held amid rising threats to rules-based system of globalization has renewed commitments from the global partners, economists and market players while agreeing to forge collaboration to tackle the challenges through strategic cooperation.

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