Editor's note: Xin Ge, a special commentator on current affairs for CGTN, is an associate professor at the School of Public Economics and Administration, Shanghai University of Finance and Economics. The article reflects the author's opinions and not necessarily the views of CGTN. 

The World Economic Forum's (WEF) 14th Annual Meeting of the New Champions (AMNC), also known as Summer Davos, is being convened in China's Tianjin from June 27 to 29, 2023, bringing together about 1,500 participants from business, government, civil society, international organizations and academia.

The resumption of this long-awaited in-person event, following a three-year hiatus due to the global COVID-19 pandemic, marks a groundbreaking milestone in providing an exclusive platform for business and political leaders to have constructive dialogue and reignite the momentum for innovation and entrepreneurship, thus propelling the global economy forward.

Chinese Permier Li Qiang delivered an insightful and inspiring keynote speech at the opening ceremony of the forum, from which we can discern at least four key takeaways that hold immense significance for the global community.

To begin with, Premier Li stressed the importance of communication, cooperation, openness and peace for all countries. In the past few years, the world has undergone profound transformations. Having experienced both tangible and intangible barriers, it becomes paramount for us to cherish communication and exchange, promoting deeper understanding among different nations, ethnicities, and civilizations.

Furthermore, having weathered the impact of global crises, we must value unity and cooperation even more, embracing the paradigm of win-win collaboration and joining hands to confront global challenges. Amidst the setbacks of economic globalization, it is essential to underscore the primacy of openness and shared prosperity, constructing an open world economy that benefits diverse nations and populations. Having witnessed the unrest brought about by conflicts and turbulence, we must also hold peace and stability in the highest regard.

The robust growth of the Chinese economy will continue to offer impetus to global economic recovery and play a crucial role as ballast in promoting international free trade and stabilizing global economic growth. China has achieved an average annual economic growth rate of 6.2 percent over the past decade, with its share of global economic output rising from 11.3 percent in 2012 to approximately 18 percent in 2022. Furthermore, China has consistently held the top position in terms of total merchandise trade for six consecutive years, contributing an average of over 30 percent to global economic growth.

Chinese economy of the second quarter is expected to register faster growth rate than that of the first quarter. During the past three years, China has consistently maintained an average growth of 4.5 percent, 2.5 percentage points higher than the global average. And the potential positive spillover effect of Chinese economy can be highly anticipated. According to the International Monetary Fund, China is projected to continue contributing more than a third towards global growth, reaching 34.9 percent in 2023.

Premier Li has cautioned that notion of de-risking and reducing interdependence is misguided in his meeting with Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, as the global economy has been more intertwined than ever before. Just as Li said "the prevailing view is to reject the zero-sum mindset and keep to the right track of win-win cooperation. We should follow the trend of history, cement the consensus on development, and continue our efforts to build an open world economy. We should oppose the politicization of economic issues and work together to keep global industrial and supply chains stable and smooth, and deliver the fruits of globalization to different countries and groups of people in a more equitable way."

Additionally, any attempt to de-couple China and the U.S. would have detrimental effects on the entire global economy. Such a decoupling would lead to a long-term contraction of global GDP by five percent with developing countries experiencing even more significant double-digit losses.

Furthermore, Premier Li accentuated that in this era of uncertainty, there is an increasing need for entrepreneurs to possess a deep understanding of the market. Through their proactive actions, they can inject more certainty into these uncertain times. The theme of this year's annual conference, "Entrepreneurship: The Driving Force of the Global Economy," is highly relevant given the current circumstances.

Li stated "entrepreneurs from different countries may be distinct in different ways, but the core attributes of entrepreneurship are the same: a sharp sense, relentless drive, and an extraordinary ability to act in business start-up, innovation and creation."

In his concluding remarks, the premier delivered a profound analogy of far-reaching significance, drawing upon the recent Dragon Boat Festival in China. He reiterated that now is the opportune time for the world to pull together and row the boat.

Guided by Chinese President Xi Jinping's vision of building a community with a shared future for mankind, the whole world can work together to implement Global Development Initiative, Global Security Initiative, and Global Civilization Initiative. By undertaking these endeavors, we aim to advance in line with the progress of history and the trends of our times, striving to construct a better world.

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