What will China and Summer Davos bring to the world?

Editor's note: Fan Jijian is an associate professor at the School of Economics, Zhejiang University, and deputy director of the Real Estate Investment Research Center at Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN.

Since the Summer Davos (Annual Meeting of the New Champions) was first held in China in 2007, it has successfully hosted a number of sessions and become an important platform for global economic cooperation. Over the past years, China and the world have engaged in continuous dialogue, and the seeds of win-win cooperation have blossomed. China's sustained and rapid economic development has made great contributions to global economic growth: it has not only benefited other countries in international trade and investment through the Belt and Road Initiative, but has also brought Chinese wisdom and solutions to global sustainable development through its achievements in scientific and technological innovation, green development and poverty alleviation. China's economic development has not only brought tangible benefits to its own people, but also made positive contributions to the prosperity and stability of the global economy.

First, China's rapid economic growth has provided a strong impetus to global economic growth. Despite a series of economic slowdowns, China's economic growth rate has remained at the forefront of the world's major economies. For example, China's GDP growth rate reached 14.2 percent in 2007, and even as the first country to be affected by the COVID-19 pandemic, China became the only country among the world's major economies to achieve positive growth in 2020. According to the International Monetary Fund, China's contribution to global economic growth has exceeded 30 percent during certain years, making it one of the main engines of global economic growth.

At the same time, China adheres to an open development strategy and actively participates in international economic cooperation, promoting the liberalization and facilitation of global trade and investment. Having lifted hundreds of millions of people out of poverty domestically, China's Belt and Road Initiative and overseas investment became an important force for global poverty reduction. For example, the Mombasa-Nairobi railway is an important railway line in Kenya. Its construction began in December 2014, and was officially opened to traffic on May 31, 2017. Built by Chinese companies, this railway is the largest infrastructure project to be undertaken since Kenya's independence and one of the major achievements of China's Belt and Road Initiative in Africa. The completion of the Mombasa-Nairobi railway has greatly improved Kenya's transportation situation, increased the efficiency of freight and passenger transportation, and promoted the development of the local economy during the past 7 years. It not only strengthens Kenya's links with neighboring countries, but also contributes to the economic integration of the East African region. In addition, the project has created a large number of job opportunities and improved the living standards of local residents, which is a vivid manifestation of the friendly cooperation and common development between China and Africa.

In recent years, China has insisted on independent innovation in science and technology, and made remarkable achievements in high-tech industries. Artificial intelligence, 5G technology, e-commerce and other fields have not only promoted the transformation and upgrading of the domestic economy, but also contributed to China's strength in global scientific and technological innovation. In addition, China has also continued to contribute its strength in basic natural sciences. For example, in the field of quantum communication, China has successfully launched the world's first quantum science experiment satellite "Mozi", and made breakthroughs in quantum key distribution and quantum invisible transmission; in the field of aerospace science and technology, China has successfully launched major aerospace projects such as the Chang'e lunar exploration program, the Tiangong Space Station and the BeiDou Navigation Satellite System, making sustainable contributions to mankind's understanding and utilization of outer space.

In the area of sustainable development, China has made positive efforts to address climate change and promote green development. For example, China is the world's largest investor in renewable energy and has vigorously developed wind, solar and other clean energy sources, especially in the field of electric vehicles, where China accounts for nearly half of the world's new energy vehicle sales, significantly reducing greenhouse gas emissions and contributing to global climate governance.

This June, the Summer Davos Forum is successfully held again in Dalian, China, which is another good opportunity for China and the world to communicate and cooperate. As China actively participates in international affairs, promotes the building of an open world economy, supports the multilateral trading system and opposes protectionism, it is foreseeable that China will continue to shoulder its responsibilities as a major country and make sustainable contributions to global economic development and the common destiny of mankind.