Li: Nations must face up to growth predicament

Premier Li Qiang has called for countries around the world to face the growth predicament of the world economy squarely, and seek their reasonable interests in making a bigger "pie" together to promote both their own development and global economic recovery.

Li made the remarks on Tuesday when addressing the opening ceremony of the World Economic Forum's 15th Annual Meeting of the New Champions, also known as the 2024 Summer Davos, in Dalian, Liaoning province.

He said the world economy lacks sufficient growth momentum due to various factors including the shock from the COVID-19 pandemic, high inflation and the worsening debt issue.

"If countries only think about maximizing their own interests without considering that of others, and even turn back the wheel of history by decoupling and cutting off industrial and supply chains with the 'small yard and high fence' policy, it will only raise the cost of global economic operations, sever economic ties between regions and intensify contradictions and disputes," the premier said.

"That would even drag countries around the world into a vicious cycle where they vie for a pie, but the pie is becoming smaller and smaller amid the fight."

Li said the right choice should be to approach development with a broader horizon and mindset, and to seek reasonable interests in making a bigger pie together, in order to give a lasting impetus to the world economy.

Speaking of China's emerging industries, Li said the rapid rise of new industries in the nation is in line with the global trends of the technological revolution and green development, rooted in its unique comparative advantages such as an enormous market, a full industrial system, abundant human resources and talent, and diverse application scenarios, as well as the prominent role of enterprises in innovation.

"The rapid growth of new industries has strongly supported the sustained and healthy development of the Chinese economy, and has also created greater cooperation opportunities for enterprises from various countries," Li said.

Electric vehicles, lithium batteries and photovoltaic products produced by Chinese companies have not only met domestic market demand but also enriched the global market supply, he said.

"This has alleviated global inflationary pressures and made a positive contribution to global efforts in addressing climate change," he added.

Li underlined the importance of building an open world economy, and called for deepening technological exchanges and cooperation. It is essential to create a fair, just and nondiscriminatory environment for technological innovation while protecting intellectual property rights, he said.

The premier also urged maintaining an open market environment, rejecting camp confrontation, opposing decoupling and maintaining stable and unimpeded industrial and supply chains, as well as promoting trade and investment liberalization and facilitation.

The three-day event, themed "Next Frontiers for Growth", gathered some 1,700 leading figures from the public and private sectors from more than 100 countries and regions to jointly explore new drivers and pathways for global economic growth.

Polish President Andrzej Duda and Vietnamese Prime Minister Pham Minh Chinh attended the opening ceremony.

Duda said that Poland is an excellent place for investment, adding that the nation offers "credibility, predictability and stability" to international investors.

Chinh called for greater international cooperation in making, planning and implementing policies at the global level, and greater coordination in the management of dynamic, proactive, flexible, timely and effective monetary policy.

He also called for effectively addressing regional and global issues based on international laws.

Efforts should be made to ensure the harmonious interests of all parties involved and avoid politicizing and discriminating with regard to global science, technology and innovation, added the Vietnamese prime minister.

Business executives attending the event were upbeat about China's economic prospects and expressed their commitment to expanding investment in the nation.

Jason Ding, managing partner of consultancy Bain & Company Greater China, said that China remains a key growth driver for the global economy and his company is confident about the Chinese economy's potential and resilience.

"All the multinationals cannot ignore China. They have to be engaged with China and also win in China to truly become a global leader. Our company is also very committed to investing and growing with our clients in China," he added.

Fan Feifei contributed to this story.