Summer Davos offers development opportunities for the world

Editor's note: Xin Ge, a special commentator on current affairs for CGTN, is a research fellow at the Institute of Public Policy and Governance, Shanghai University of Finance and Economics (SUFE), and associate professor at the School of Public Economics and Administration, SUFE. 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, or Summer Davos, has been taking place in Dalian, northeast China's Liaoning Province, from June 25 to 27. This year's event unfolded on six major topics: "A Global New Economy," "China and the World," "Entrepreneurship in the Age of AI," "New Frontiers for Industries," "Investing in People," and "Connecting Climate, Nature and Energy." Over 1,600 guests from nearly 80 countries and regions convened to explore "Next Frontiers for Growth."

Summer Davos not only serves as a gateway to deepen China's opening-up to the world, but also acts as a bridge linking global markets and resources to China. In recent years, China has contributed over 30 percent annually to global economic growth, emerging as a vital source and stabilizer of the global economy.

Established in 1971, the World Economic Forum (WEF) is a non-governmental international organization, which is dedicated to fostering international economic cooperation and exchange and exploring cutting-edge global economic and social issues.

Starting in 2007, the WEF has customized its agenda for China, hosting the Summer Davos forum, in the Chinese cities of Dalian or Tianjin. This year marks the 15th edition, and has gradually become a crucial platform for global stakeholders to understand China's economic dynamics and for entrepreneurs worldwide to explore opportunities in the Chinese market.

From my perspective, two significant opportunities for economic development to the world lie in Summer Davos: the opportunity of China's high-level opening-up and its engagement in an open world economy.

Firstly, the report to the 20th National Congress of the Communist Party of China emphasizes that "China is committed to its fundamental national policy of opening up to the outside world and is pursuing a mutually beneficial strategy of opening up. It strives to create new opportunities for the world with its own development and to contribute its share to building an open global economy that delivers greater benefits to all peoples."

Amidst the backdrop of sluggish global economic recovery, lackluster global trade performance, and subdued external demand, China's commitment to high-level opening-up provides significant momentum for revitalizing global trade and investment.

In 2021, China applied for membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), marking new institutional milestones in its opening-up endeavors. China actively aligns with the standards for competitive neutrality, investment protection, intellectual property rights protection, labor policies, environmental protection, dispute resolution mechanisms, and regulatory consistency, as well as new rules for trade in services and digital trade.

By the end of 2022, China's foreign direct investment reached $2.75 trillion, ranking in the top three globally for six consecutive years. By 2023, China had established 22 pilot free-trade zones, showcasing an innovative approach to coordinated reform and opening-up across coastal, inland, and border regions. A total of 302 institutional innovations have been developed, refined, and replicated nationwide, promising new opportunities globally through China's systematic approach to opening-up.

Furthermore, there is the opportunity for China's engagement in an open world economy. Since September 2013 when jointly "maintaining and developing an open world economy" was first proposed, Chinese President Xi Jinping has emphasized this important proposition on multiple occasions. At the opening ceremony of the WEF Annual Meeting in January 2017, President Xi delivered a keynote speech titled "Jointly Shoulder Responsibility of Our Times, Promoting Global Growth," highlighting that "integration into the global economy is a historical trend" and affirming China's commitment to fostering open development for common prosperity.

China not only advocates for the effective cooperation of multilateral mechanisms such as the World Trade Organization, G20, and Asia-Pacific Economic Cooperation, but also actively constructs new types of international economic and trade relations, promotes coordination and cooperation among major countries, and deepens economic and trade relations with neighboring countries.

Over the past decade, the China-proposed Belt and Road Initiative (BRI) has continuously deepened and expanded. Currently, China has signed over 200 cooperation agreements under the BRI with more than 150 countries and over 30 international organizations, resulting in over 3,000 cooperation projects and attracting trillions of dollars in investments, injecting strong impetus into the development of participating countries.

In 2023, China saw a 6.8 percent year-on-year expansion in the equipment manufacturing sector, alongside robust growth rates of 9.9 percent in high-tech manufacturing and 11.4 percent in high-tech services investments. These advancements underscore China's leadership in driving future growth through technological innovation. Platforms like Summer Davos can offer China an opportunity to share its experiences and contribute to achieving inclusive, balanced, and sustainable global economic growth.

In the face of challenges posed by anti-globalization sentiments, we believe that this year's Summer Davos will bring together like-minded partners to focus on cutting-edge technologies and innovative concepts for future development. By advocating mutual benefit and win-win cooperation instead of zero-sum games, the forum will definitely inject vitality into the stagnant global economy.

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