'Summer Davos' to boost ties between China and the rest of the world
The "Summer Davos" theme lights are lit on the banks of the Haihe River in Tianjin, China, June 21, 2023. /CFP

The "Summer Davos" theme lights are lit on the banks of the Haihe River in Tianjin, China, June 21, 2023. /CFP

Editor's note: Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinions, and not necessarily the views of CGTN.

The 2023 Tianjin Summer Davos Forum will take place from June 27 to 29, with around 1,500 participants from across business, government, international organizations, civil society, and academia. They will discuss how to provide new impetus for innovation and entrepreneurship, promote growth, and shape a fairer, sustainable, and resilient global economy.

This year's Summer Davos Forum will provide a platform for dialogue between governments and businesses from various countries in order to help them gain a deeper understanding of China's economic development and China's efforts to promote high-level opening-up, thus promoting economic exchange and cooperation between China and the rest of the world.

In the post-pandemic era, expectations are running high for the Chinese economy. As China's recovery gathers pace with the resumption of normal production, the vitality and development potential of the Chinese economy will be fully unleashed. Global investors have great confidence in the development prospects of the Chinese economy, which remains an important engine of global economic growth.

China continues to promote high-quality development, bringing new opportunities to the world through its own development and providing more stability and certainty to a turbulent world. As the largest developing country with a population of over 1.4 billion and the world's second-largest economy, China actively participates in the global economic governance, upholds true multilateralism, and gains recognition and trust from more countries worldwide for its responsible image as a major economy.

Recently, several international investment institutions have raised their growth forecasts for the Chinese economy this year and expressed optimism about the Chinese capital market, increasing their allocation to Chinese assets. A report released by the International Monetary Fund (IMF) pointed out that China will continue to be the growth engine for the Asia-Pacific region and the global economy.

With a series of policies aimed at stabilizing the economy being implemented, the Chinese economy has demonstrated significant resilience in its development and its innovation drive has been continuously unleashed. The endogenous driving force of China's economic growth is gradually strengthening, and the overall economic performance continues to improve.

Tianjin, China. /CFP
Tianjin, China. /CFP

Tianjin, China. /CFP

Take the 2023 Dragon Boat Festival holiday as an example. During the holiday, the recovery of the country's cultural and tourism industry has shown strong momentum, with a vibrant consumer market.

According to data published by the Ministry of Culture and Tourism, there were approximately 106 million domestic tourist trips nationwide, representing a year-on-year growth of 32.3 percent. Domestic tourism revenue reached 37.31 billion yuan, with a year-on-year increase of 44.5 percent. As of June 24, the express delivery volume in China for this year has reached 60 billion parcels. This milestone was reached 172 days ahead of 2019, when the 60 billion mark was achieved, and 34 days ahead of 2022.

Another example can be witnessed by the fact that since June, various e-commerce platforms across the country have successively launched mid-year promotional activities, driving a new round of growth in express delivery volume. According to data, during the e-commerce sales promotion period from June 1 to June 18, the average daily express delivery volume exceeded 400 million parcels, further expanding the market size.

With the arrival of summer vacation, consumer demand for leisure, travel, and other activities during this period is expected to further increase. Combined with the support of policies to stimulate consumption and promotional activities, the consumer market in the second quarter is expected to maintain a steady growth.

Moreover, the continuous transformation and upgrading of industries inject new impetus into China's economic development. In recent years, China has continuously increased investment in technological innovation, continuously enhanced its independent innovation capabilities, and vigorously developed strategic emerging industries such as next-generation information technology, high-end equipment manufacturing, and new energy vehicles. By encouraging innovation, promoting digitization, and accelerating the transformation to green energy, China aims to enhance its economic growth potential.

Global economic growth remains weak this year. As it strives to boost its economy, China will bring more opportunities for multinational companies. For international investors, the Chinese market is not an optional choice but a necessary one.

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