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Plagued by uncertainty and fresh stock market volatility， the world economy has been further weakened and will recover slower than expected. Furthermore， concerns about the health of China’s economy， considered a ma- jor engine of the global recovery， grow as the world’s second largest economy faces a further slowdown this year.
In this context， over 1，700 prominent business leaders and scholars convened at the 2015 Annual Meeting of the New Champions， popu- larly known as the “Summer Davos，” sponsored by the World Economic Forum （WEF） in the coastal city of Dalian， northeastern China’s Liaoning Province， to discuss pressing issues affecting China and the world， with an aim of chartering a new course for future growth.
Economic Crossroads
Recent global growth indicators paint an unsteady and uncertain picture， placing the world economy at crossroads.
Prior to this year’s Summer Davos， in July， the International Monetary Fund（IMF） downgraded its expected global growth for 2015 from 3.5 to 3.3 percent， citing weaker-than-expected economic activity in North America during the first quarter.
As the IMF stated in its latest edition of World Economic Outlook， “The slowdown reflects the dampening impact of lower commodity prices and tighter external financial conditions—particularly in Latin America and oil exporters， the rebalancing in China， and structural bottlenecks， as well as economic distress related to geopolitical factors—in the Commonwealth of Independent States and some countries in the Middle East and North Africa.”
While the IMF left its 2015 forecast for China unchanged at 6.8 percent， IMF chief economist Olivier Blanchard remarked that it remained so amidst greater uncertainty.
Despite greater uncertainty in world economic prospects， participants at the Summer Davos still attempted to “charter a new course for growth，” which was the theme of this year’s event.
A critical question in today’s world is how to stimulate global， sustainable and equitable growth. Addressing this question is imperative to driving long-term economic value， enabling individuals to improve their lives and ensuring a healthy future for the world we inhabit， according to Mitchell Baker， chair of Mozilla Foundation.
“Global growth is still moderate， so it is very important for us to work for growth，” declared Min Zhu， deputy managing director of the IMF， at a panel of Summer Davos. “The key driver of growth is structural reform. Meanwhile， the financial sector risk management is under construction. So countries need to monitor the financial sector to ensure financial stability.” Today， countries around the world are connected more closely than ever. Therefore， avenues to achieve inclusive growth are increasingly important for the world at large. To respond the Inclusive Growth and Development Report that WEF released， Professor Justin Lin， a renowned economist from the National School of Development at Peking University， commented， “Propoor growth and inclusive growth are all desirable. The issue is how to achieve it. The best way is to generate high-paid decent jobs through dynamic economic growth.”
China as a Source of Growth
After decades of double-digit growth， China is moving toward a consumptionand service-led growth model while reducing reliance on investment and exports.
In the process， China saw an economic slowdown in recent years. In the first half of this year， its economic growth slowed to 7 percent， down from 7.4 percent in 2014. Against such a backdrop， some worried that China was becoming a source of risk for the global economy.
“China will not experience a hard landing，” said Chinese Premier Li Keqiang at the Summer Davos opening plenary.“China still has many tools to use in its innovative macro-economic adjustment policies and will continue to roll out targeted measures to counter downward pressure，”he added.
China is accelerating structural reform and pursuing innovation-driven development to fully unleash its potential for economic growth. A more encouraging sign， according to Premier Li， is that China’s economy is more oriented toward consumption， which accounts for half of China’s economic output and 60 percent of growth.
“What we are watching right now is a transition of the economy to more consumption， more services and less dependency on investment，” Rich Lesser， CEO of the Boston Consulting Group， commented at a Summer Davos panel.
Commenting on Premier Li’s speech， Megan Walters， international director and head of research of Asia Pacific Capital Markets， said， “The Chinese government has sufficient tools in place to ensure there is a gentle switch from investment to consumption inside the Chinese economy. China is a net benefit to the world and a source of satiability and demand in the world， not a risk to the world.”
Her view was echoed by many leading economists speaking at the Summer Davos. According to them， China’s capacity to achieve its target of around 7 percent growth this year has not been impaired by recent market volatility and the structural reform challenges it faces. “Whether China will be able to achieve around 7 percent growth is a big question mark in everybody’s mind，”commented renowned economist Justin Lin. “I am confident China will.” Lin also predicted that China would grow for at least the next five to 10 years， continuing to contribute between a quarter and a third of global growth.
Innovation-Driven Future
Participants agreed that innovation is the essential component of charting a new course for growth and inclusion across the global economy. In fact， “innovation” was a key word at this year’s Summer Davos.
“Innovations are crucial to our global future，” remarked WEF Managing Director David Aikman. “If they are harnessed properly， they can help return the world to achieve sustainable， productive growth and mitigate risks such as climate change.”
Certainly， the technological advances anticipated in the coming five to 10 years， including leaps in data gathering and analysis， robotics， artificial intelligence and 3D printing， will only make it more difficult to slow the pace of even more innovation. Disruptions are happening across sectors such as health， education and the automotive industry.
“We have to supercharge innovation，”declared Mitchell Baker. “We have to give more tools to more people. With innovations and technologies， we now have vast new possibilities.”
At this year’s Summer Davos， 10 Chinese tech companies including China’s leading cab-hailing app operator Didi Kuaidi were listed as WEF’s Global Growth Companies.
“Amid a wave of technological innovation in China， disruptors have stood out across a spectrum of industries，” commented Aikman. “China offers the world many opportunities. I think countries worldwide can draw inspiration from the Chinese innovation at this year’s Forum.”
Chinese Premier Li Keqiang reiterated that mass innovation provides an inexhaustible driving force for a country’s development in his speech at the Summer Davos. “We need a more relaxed environment to foster more innovation—more flexibility and more encouragement， particularly for those who may have failed，”pleaded Cheng Wei， founder and CEO of Didi Kuaidi.
“Arguably， science and technology are the greatest agents of change in the modern world，” declared Lee Howell， head of WEF’s global programming. “In the case of China， such changes are already underway： A new generation of digital entrepreneurs is disrupting industries， and a new generation of researchers is filing more patents than any other country in the world.”
In this context， over 1，700 prominent business leaders and scholars convened at the 2015 Annual Meeting of the New Champions， popu- larly known as the “Summer Davos，” sponsored by the World Economic Forum （WEF） in the coastal city of Dalian， northeastern China’s Liaoning Province， to discuss pressing issues affecting China and the world， with an aim of chartering a new course for future growth.
Economic Crossroads
Recent global growth indicators paint an unsteady and uncertain picture， placing the world economy at crossroads.
Prior to this year’s Summer Davos， in July， the International Monetary Fund（IMF） downgraded its expected global growth for 2015 from 3.5 to 3.3 percent， citing weaker-than-expected economic activity in North America during the first quarter.
As the IMF stated in its latest edition of World Economic Outlook， “The slowdown reflects the dampening impact of lower commodity prices and tighter external financial conditions—particularly in Latin America and oil exporters， the rebalancing in China， and structural bottlenecks， as well as economic distress related to geopolitical factors—in the Commonwealth of Independent States and some countries in the Middle East and North Africa.”
While the IMF left its 2015 forecast for China unchanged at 6.8 percent， IMF chief economist Olivier Blanchard remarked that it remained so amidst greater uncertainty.
Despite greater uncertainty in world economic prospects， participants at the Summer Davos still attempted to “charter a new course for growth，” which was the theme of this year’s event.
A critical question in today’s world is how to stimulate global， sustainable and equitable growth. Addressing this question is imperative to driving long-term economic value， enabling individuals to improve their lives and ensuring a healthy future for the world we inhabit， according to Mitchell Baker， chair of Mozilla Foundation.
“Global growth is still moderate， so it is very important for us to work for growth，” declared Min Zhu， deputy managing director of the IMF， at a panel of Summer Davos. “The key driver of growth is structural reform. Meanwhile， the financial sector risk management is under construction. So countries need to monitor the financial sector to ensure financial stability.” Today， countries around the world are connected more closely than ever. Therefore， avenues to achieve inclusive growth are increasingly important for the world at large. To respond the Inclusive Growth and Development Report that WEF released， Professor Justin Lin， a renowned economist from the National School of Development at Peking University， commented， “Propoor growth and inclusive growth are all desirable. The issue is how to achieve it. The best way is to generate high-paid decent jobs through dynamic economic growth.”
China as a Source of Growth
After decades of double-digit growth， China is moving toward a consumptionand service-led growth model while reducing reliance on investment and exports.
In the process， China saw an economic slowdown in recent years. In the first half of this year， its economic growth slowed to 7 percent， down from 7.4 percent in 2014. Against such a backdrop， some worried that China was becoming a source of risk for the global economy.
“China will not experience a hard landing，” said Chinese Premier Li Keqiang at the Summer Davos opening plenary.“China still has many tools to use in its innovative macro-economic adjustment policies and will continue to roll out targeted measures to counter downward pressure，”he added.
China is accelerating structural reform and pursuing innovation-driven development to fully unleash its potential for economic growth. A more encouraging sign， according to Premier Li， is that China’s economy is more oriented toward consumption， which accounts for half of China’s economic output and 60 percent of growth.
“What we are watching right now is a transition of the economy to more consumption， more services and less dependency on investment，” Rich Lesser， CEO of the Boston Consulting Group， commented at a Summer Davos panel.
Commenting on Premier Li’s speech， Megan Walters， international director and head of research of Asia Pacific Capital Markets， said， “The Chinese government has sufficient tools in place to ensure there is a gentle switch from investment to consumption inside the Chinese economy. China is a net benefit to the world and a source of satiability and demand in the world， not a risk to the world.”
Her view was echoed by many leading economists speaking at the Summer Davos. According to them， China’s capacity to achieve its target of around 7 percent growth this year has not been impaired by recent market volatility and the structural reform challenges it faces. “Whether China will be able to achieve around 7 percent growth is a big question mark in everybody’s mind，”commented renowned economist Justin Lin. “I am confident China will.” Lin also predicted that China would grow for at least the next five to 10 years， continuing to contribute between a quarter and a third of global growth.
Innovation-Driven Future
Participants agreed that innovation is the essential component of charting a new course for growth and inclusion across the global economy. In fact， “innovation” was a key word at this year’s Summer Davos.
“Innovations are crucial to our global future，” remarked WEF Managing Director David Aikman. “If they are harnessed properly， they can help return the world to achieve sustainable， productive growth and mitigate risks such as climate change.”
Certainly， the technological advances anticipated in the coming five to 10 years， including leaps in data gathering and analysis， robotics， artificial intelligence and 3D printing， will only make it more difficult to slow the pace of even more innovation. Disruptions are happening across sectors such as health， education and the automotive industry.
“We have to supercharge innovation，”declared Mitchell Baker. “We have to give more tools to more people. With innovations and technologies， we now have vast new possibilities.”
At this year’s Summer Davos， 10 Chinese tech companies including China’s leading cab-hailing app operator Didi Kuaidi were listed as WEF’s Global Growth Companies.
“Amid a wave of technological innovation in China， disruptors have stood out across a spectrum of industries，” commented Aikman. “China offers the world many opportunities. I think countries worldwide can draw inspiration from the Chinese innovation at this year’s Forum.”
Chinese Premier Li Keqiang reiterated that mass innovation provides an inexhaustible driving force for a country’s development in his speech at the Summer Davos. “We need a more relaxed environment to foster more innovation—more flexibility and more encouragement， particularly for those who may have failed，”pleaded Cheng Wei， founder and CEO of Didi Kuaidi.
“Arguably， science and technology are the greatest agents of change in the modern world，” declared Lee Howell， head of WEF’s global programming. “In the case of China， such changes are already underway： A new generation of digital entrepreneurs is disrupting industries， and a new generation of researchers is filing more patents than any other country in the world.”