Summer Davos focuses on growth, innovation and cooperation

Editor's note: Ma Xue, a special commentator on current affairs for CGTN, is an associate research fellow at the Institute of American Studies under the China Institutes of Contemporary International Relations. The article reflects the author's opinions and not necessarily the views of CGTN.

The 15th World Economic Forum Annual Meeting of the New Champions, also known as Summer Davos, is being held in Dalian, Liaoning Province from June 25 to 27, 2024. It is an important window to observe the new achievements and new trends of world economic development. The theme of this year's forum is "Next Frontiers for Growth." As Chinese Premier Li Qiang explained to the opening plenary session of Summer Davos, "the exploration of new frontiers should not be seen as a zero-sum game," but rather "a process where all players compete for excellence and make progress together." The focus of Summer Davos involves the following three aspects.

It's unquestionable that the forum focuses on economic growth as promoting economic growth is the eternal theme of Davos. The theme of the forum in 2009 was "Relaunching Growth," and that of the 2011 annual meeting was "Mastering Quality Growth," while the theme for the 2015 meeting was "Charting a New Course for Growth."

Currently, world economic growth is facing new conditions and new problems. On the one hand, the global economy is experiencing a year of weak and uncertain growth prospects due to geopolitical conflicts, tense financing conditions, and the disruptive impact of artificial intelligence. Apart from these temporary factors, the sluggish global growth is also "ascribed to some deep-seated problems and intrinsic issues," as Premier Li pointed out in his address. Economic growth has become the number one issue of concern for all countries.

On the other, China's economic slowdown has attracted global attention. As an engine of global economic growth, China has all along injected impetus and vitality into the world economy. Therefore, it can be expected that the state and prospects of the Chinese economy is once again the focus of attention at the forum, which is filled with more Chinese elements to interpret and is expected to discuss China's economic development from a variety of perspectives.

Besides, the forum highlights innovation. For more than a year, the dazzling emergence of various kinds of AI products has amazed the wider public. It would not be surprising that the forum attaches great importance on discussing and reflecting on the impact of the rapid emergence of pioneering innovation, discovering the latest breakthroughs in science and technology which help drive economic growth, and meet social needs through innovation.

Science and technology are the primary productive forces, and innovation is the internal driving force for economic growth. However, there are still obstacles to realize commercial-scale production of many current innovations, such as the high cost, and the supply-demand relationship between markets and consumers.

The forum provides just such an interface, connecting needs and resources, and connecting ideas and markets in order to bring innovation from blossom to fruition. This also allows smart technology to enable rapid design iterations, accelerate development cycles, and realize rapid commoditization of entire product categories.

Meanwhile, we should also be aware of the potential side effects that come with fast-paced tech innovation. Premier Li stressed that "it is important to coordinate the development and governance of new technologies, make timely improvements to laws and governance frameworks to address conflicting rules and social risks brought by frontier technologies and industrial development, and strive to achieve more inclusive development that benefits all."

Premier Li called on countries around the world to deepen scientific and technological exchanges and cooperation. "The 'small yard and high fence' policy cannot stifle the development of opponents, but only shackle the hands and feet of themselves," he added.

Moreover, business cooperation could be another focal point of the forum. As the global economy is in urgent need of recovery, the international community should work together and strengthen coordination.

It is precisely because of Dalian's deep participation in the division of labor and cooperation in international economic development, integration of its own industry into the world industrial division of labor chain, and continuous enhancement of its international visibility and influence, that the city once again stands in the spotlight on the world stage. An increasing number of local enterprises in Dalian covering the fields of information technology, biomedicine, intelligent equipment, and cultural creativity, among others, are showing off their style to the world through this forum. As a result, these companies will achieve deep interaction and connectivity with the world.

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