The 15th Annual Meeting of the New Champions was held in Dalian, Liaoning province, from June 25-27 under the theme "Next Frontiers for Growth." [Photo by Wang Yiming/China.org.cn]

The 15th Annual Meeting of the New Champions, also known as the Summer Davos, concluded on June 27 in northeast China's coastal city of Dalian. 

Under the theme "Next Frontiers for Growth," the three-day forum brought together more than 1,600 global leaders from the public and private sectors, as well as civil society and international organizations, to explore new drivers and pathways for global economic growth. China's robust economic performance and prospects were key topics of discussion at the forum.

China's economy is on an upward trajectory, said Peng Sen, president of the China Society of Economic Reform. "China's economic data in the first quarter of this year exceeded expectations, with GDP growing by 5.3% year on year," he said. 

He added that through the development of new quality productive forces and significant reform decisions expected at July's upcoming economic policy meeting, the second half of this year bodes well for China's economic development.

"As Premier Li Qiang affirmed, we have the confidence and capability to achieve the growth target of around 5% for this year," Peng said.

Aparna Bharadwaj, managing director and partner at Boston Consulting Group, emphasized China's global economic importance: "Five percent growth will already add more to the global GDP than India, Indonesia and Japan combined," she said. "So even a so-called slowed down growth of China is actually incredibly relevant for the global economy."

Sam Ramadori, CEO at BrainBox AI, supported this view, saying: "I think China is on a good solid track. Five percent growth is a good number. The most important thing is that it keeps stable and growing. China is so big now that it impacts the entire planet."

New industries to cultivate new growth engines

New quality productive forces has become a buzzword for China's growth. Chinese Premier Li Qiang emphasized in the meeting's opening plenary that "the rapid growth of new industries and new drivers has buttressed the sound and sustained development of the Chinese economy."

Peng Sen said, "New quality productive forces are about advanced productivity and innovation." He also noted that by focusing on key projects such as AI, the country is cultivating emerging industries, preemptively laying out future industries, and using new technologies to empower and transform traditional industries.

"In recent years, we have continued to promote high-quality development, accelerate the cultivation of new quality productive forces, and foster new drivers of growth," said Premier Li. "These efforts have provided strong dynamism for China's economic development, and created greater cooperation space for companies around the world."

Li also identified artificial intelligence, green energy and biomedicine as potential multi-trillion-dollar pillar industries. Alex Zhavoronkov, founder and CEO of Insilico Medicine, observed, "The premier's message this year is very clear, that China is becoming more open and prioritizes AI, biotechnology and green technology as key areas for economic growth."

Sam Ramadori highlighted China's scale of green energy developments: "The amount of solar and renewable wind energy that you've built in China just last year was more than the rest of the planet combined. That 50% of every new car sold is an electric vehicle is impressive."

Jin Keyu, professor of economics at the London School of Economics and Political Science, pointed out that China's early start in industries like electric vehicles and solar panels has been key to its success. "China might be leading the way in EVs and batteries and solar panels, but they are all embedded in a global supply chain. It's going to involve everybody," she said.

Alok Medikepura Anil, founder and managing director of Next Big Innovation Labs, expressed optimism about future explorations in China: "I have spent some time at Tsinghua University in Beijing, and there is amazing research work going on there in precision medicine. Hopefully, after this meeting, we can start making good relationships and explore together."

Open collaboration to make the pie bigger

"From the Chinese government's perspective, we have been doing our best to foster a market-oriented, world-class business environment within a sound legal framework," Premier Li said. "To that end, we have been abolishing regulations that limit market access and fair competition, so that enterprises can fully unleash the dynamism of innovation. China's large market is open."

Alok Medikepura Anil appreciated this approach, saying, "It's very welcoming to see that there is an enhanced interest again for China to welcome global tech into the region and for better cooperation."

Shahrukh Shamim, co-founder and CEO of EnviCore Inc. in the construction and mining sector, expressed optimism about expanding in China. "China is massive in manufacturing, and we believe in the value of collaboration for sustainable solutions in construction and mining. The fact that Premier Li emphasized openness and support for green tech companies gives us confidence in exploring business opportunities here."

Mauricio Benavides, founder and CEO of Metabase Q, noted Premier Li's focus on technology and collaboration. "Global collaboration in new technologies is essential for economic growth." He added that it is important to avoid measures that complicate this process, such as ancillary taxes, which would hinder business operations and consumer choices.

Eswar Prasad, professor of economics at Cornell University, emphasized the need for an environment conducive for globalization. "Governments need to ensure they have the right kind of environment in place to participate in the benefits of globalization. China has made significant efforts to maintain a rules-based international economic order, but it is crucial to convince the world of its commitment to fair competition and market access," he said. 

Prasad highlighted that such measures can help unleash economic forces that benefit both China and the global economy at large.

The right choice is to approach development issues with a longer view and broader mind, and join hands with others to make the pie bigger while pursuing one's legitimate interests, according to the premier. 

Professor Jin echoed this perspective, saying we need to "make sure we keep China open for business, and keep the world open for China."