Editor's note: The World Economic Forum's 15th Annual Meeting of the New Champions (Summer Davos) was held in Dalian from 25 to 27 June under the theme "New Frontiers for Future Growth". During this period, Cai Tongjuan, member of the Chongyang Institute of Financial Research and director of the Macro Research Department and researcher of the Chongyang Institute of Financial Research of Chinese University, accepted an exclusive interview with China Youth Daily to interpret the hot topics of the conference, and the full text of the interview is now released as follows:
▲On June 26, the two guests exchanged views outside the Dalian International Conference Center, the main venue of the Summer Davos Forum. From June 25th to 27th, the 2024 Summer Davos Forum was held in Dalian, Liaoning Province. About 1,700 representatives from all walks of life from more than 100 countries and regions gathered together to carry out sincere exchanges and discussions, and seek common development in response to the changes in the world. Photo by Xinhua News Agency reporter Yao Jianfeng
Reporter: What is the difference between Davos in winter and Davos in summer?
Cai Tongjuan: The World Economic Forum Annual Meeting and the Annual Meeting of the New Champions are two important conferences organized by the World Economic Forum (WEF). They have some significant differences in time, place, theme, participants, and influence: Winter Davos is usually held in Davos, Switzerland, in January every year, and is the most famous and traditional Davos meeting. Winter Davos focuses on global political, economic and social issues. Attendees included heads of state, government officials, business leaders, academics and media representatives, focusing on major global issues and policies. Winter Davos is considered one of the most influential economic forums in the world due to its long history and top participants. Since 2007, the Summer Davos has been held annually in Tianjin or Dalian, China, usually in June and July. Summer Davos focuses more on emerging markets and technological innovations, and is known as the "Annual Meeting of the New Champions". Focusing on innovation, technology development, entrepreneurship and new trends in the global economy, the participants were mostly leaders in technology companies, innovators and emerging markets, and the discussion focused more on innovation and the development of emerging markets. Summer Davos, while relatively small in size and influence, has a unique presence and focus in the field of innovation and emerging markets.
Reporter: This year's conference has reached a new high in terms of scale, number of sessions and number of guests. What kind of message does China hope to send with the summer Davos? Why can China attract such positive interaction and response from the world?
Cai Tongjuan: China hopes to use this meeting to express its willingness to continue to open its markets and promote global economic cooperation, emphasizing free trade and multilateral cooperation, opposing protectionism and unilateralism, and advocating win-win development. As a representative of emerging markets, China hopes to highlight the importance of emerging markets in the global economy through the summer Davos meeting. At the same time, it emphasizes the importance of green development and low-carbon economy, and showcases China's efforts and achievements in the field of sustainable development and environmental protection.
There are several main reasons why China has been able to attract such positive interaction and response from the world: First, China is the world's second largest economy and has made a huge contribution to global economic growth. China's economic policies and market dynamics have an important impact on the global economy, and as an important link in the world's manufacturing and supply chain, China's economic situation directly affects global trade and industrial chains. Second, China has one of the largest consumer markets in the world, and China's economic growth rate and rapidly expanding middle class make it an important target market for global businesses. For many multinational companies and investors, the Chinese market is attractive. Thirdly, the Chinese government's policy support in the fields of scientific and technological innovation, environmental protection and sustainable development has provided a good environment for enterprises to develop. China's investment in infrastructure, urbanization and emerging industries also offers many opportunities for international companies to work together.
Reporter: This year's Summer Davos Forum focused on six agendas: "Global New Economy", "China and the World", "Entrepreneurship in the Age of Artificial Intelligence", "New Industrial Frontiers", "Investing in People", and "The Interconnection of Climate, Nature and Energy". How do you interpret the relationship between these six themes?
Cai Tongjuan: The six agendas of this year's Summer Davos Forum are closely linked, and they together reflect the main trends and challenges of global economic and social development. The first is the "New Global Economy", which focuses on new trends and patterns in the global economy, including the development of the digital economy, the green economy and the sharing economy. It was the background and the basis for all the other topics, because it was in this context that all the discussions took place. The theme "China and the World" explores China's role in the global economy and its relationship with the rest of the world. As the world's second largest economy, China's policies and market dynamics have a significant impact on the global new economy. China's scientific and technological innovation, industrial upgrading and market opening not only have a profound impact on the domestic economy, but also promote the development of the new global economy. The topic "Entrepreneurship in the Age of Artificial Intelligence" focuses on the impact of artificial intelligence (AI) on business and entrepreneurship. AI is one of the important drivers of the global new economy, and it is changing the way operations and business models of all walks of life. Entrepreneurship is especially important in the age of AI, as innovation and adaptability are key to surviving and thriving in a rapidly changing market. The theme of "New Frontiers of Industry" involves the development frontiers of emerging technologies and industries, such as 5G, Internet of Things, biotechnology, etc. These technologies are an important part of the global new economy, driving the transformation and upgrading of industries. The topic of "Investing in People" emphasizes the importance of human capital, including education, skills training and career development. In the context of the new global economy and technological change, investing in people is key to achieving sustainable development. The theme "The Interconnectedness of Climate, Nature and Energy" focuses on climate change, natural resource management and the energy transition. These issues have a direct impact on the development path of the new global economy, especially the green economy and sustainable development.
Overall, the six agendas form an interconnected and mutually supportive whole: the new global economy provides the macro context for the discussions, and China and the world explore how China interacts with the global economy in this context. Entrepreneurship and New Frontiers in Industry in the Era of Artificial Intelligence focus on technological innovation and industrial transformation, and explore how to achieve business and technological breakthroughs in the new economic environment. Investing in people underscores the indispensable role of human capital in this process, providing the foundation for innovation and industrial development. The new frontier of the industry is closely related to artificial intelligence, and AI technology plays a key role in many emerging industries. The improvement of human capital is closely related to entrepreneurship and the frontier of industrial innovation, because only with high-quality talents can enterprises and industries make full use of the opportunities brought by new technologies. The interconnectedness of climate, nature and energy underscores the importance of the green economy and environmentally friendly technologies from the perspective of sustainable development to ensure economic growth while protecting the environment. Sustainable development is closely linked to all other issues, and green technology, clean energy and environmental policies not only influence the direction of new industrial frontiers, but also need to be supported by entrepreneurship and human capital. Together, these themes depict a new global economic landscape driven by innovation, win-win cooperation, and sustainable development.
Reporter: What kind of economy should the "new global economy" be? What role will emerging economies and growth companies play in this?
Cai Tongjuan: "Global new economy" refers to a modern economic system that adapts to the trend of globalization with innovation and technology as the driving force, sustainable development as the goal, and global cooperation and inclusive growth as the core characteristics, aiming to achieve the harmony and unity of economic growth, social progress and environmental protection. Specifically, the new global economy should have the following characteristics: digitalization and intelligence, green and sustainable development, globalization and open cooperation, innovation-driven and entrepreneurial spirit, inclusiveness and equity.
Emerging economic powers have provided the power source for the development of the global new economy through their huge market demand, rapid economic growth, strong innovation capabilities and policy support. Growing enterprises have promoted the practical operation and realization of the new economy through technological innovation, market flexibility, job creation and international development.
Reporter: The theme of the forum is "New Frontiers for Future Growth". In the current complex context, how to understand the concept of "growth"? What should countries do to expect "growth" in the future?
Cai Tongjuan: The concept of "growth" needs to be understood from a broader and integrated perspective, no longer limited to traditional economic growth indicators such as GDP, but covering multiple dimensions of sustainable and inclusive development. First, economic growth is multi-dimensional. Pay attention not only to the speed of economic growth, but also to the quality and efficiency of growth. High-quality growth means higher productivity, lower resource consumption, and greater innovation. Economic growth should reflect the diversification and balanced development of the industrial structure, rely more on scientific and technological innovation and technological progress, realize the transformation from factor-driven to innovation-driven, and enhance the endogenous driving force of economic growth. The second is sustainable development. Economic growth should take into account the environmental carrying capacity, reduce carbon emissions and environmental pollution, and promote the development of green economy and circular economy. Improve the efficiency of resource utilization, promote the use of clean energy and renewable energy, and ensure the sustainable use of resources. The third is social inclusion. Pay attention to the fairness of income distribution, narrow the gap between the rich and the poor, and achieve a more balanced distribution of social wealth. Strengthen the social security system, improve the quality of public services, and ensure the fairness and universality of basic public services such as education and medical care. Pay attention to national health, improve the level of medical services, and improve people's quality of life and happiness. Fourth, global cooperation and openness. Promote free trade and multilateral cooperation, and realize the global allocation of resources and the interconnection of markets. Strengthen international cooperation in the fields of science and technology, environmental protection and public health, and jointly address global challenges.
All countries should strengthen multilateral cooperation and global governance to jointly address global challenges such as climate change, public health and security. Promote free trade, reduce trade barriers and protectionism, and promote the growth of international trade and investment. Promote the reform of the economic system and management system, optimize the allocation of resources, and improve the efficiency of government governance and market operation. Strengthen government transparency and accountability mechanisms, and improve the scientific and enforcement of public policies. Strengthen infrastructure construction and improve the level of infrastructure in key areas such as transportation, energy, and communications. Establish and improve the financial and economic risk management system, and improve the ability to prevent and respond to economic fluctuations and external shocks.
Reporter: What role does China play in "future growth", "new frontier" and "new global economy"?
Cai Tongjuan: In terms of future growth, China is the world's second largest economy, and economic growth has made a huge contribution to global growth. In the future, China will continue to maintain stable economic growth and inject impetus into the world economy. China's huge consumer market will continue to be an important growth driver for global companies, attracting more foreign investment and products to the Chinese market. China is increasing investment in scientific and technological innovation and R&D, promoting the development of new technologies and industries, and facilitating economic transformation and upgrading.
In terms of new frontiers, China is developing rapidly in the field of digital economy, with e-commerce and mobile payment widely used, providing examples and experiences for global digital transformation. China has invested heavily in the field of artificial intelligence and has become an important promoter of global AI technology innovation and application. China is the largest manufacturer and consumer of the global new energy vehicle market, which has promoted the rapid development of electric vehicle technology and industry.
In terms of the new global economy, China actively participates in global economic governance and multilateral cooperation, advocates free trade and open markets, and promotes the building of an open world economy. The Belt and Road Initiative (BRI) initiated by China has promoted infrastructure construction and economic cooperation in Asia, Europe, Africa and other regions, injecting vitality into global economic growth. China is committed to achieving carbon peak and carbon neutrality, actively participating in global climate change governance, and promoting green and low-carbon development.
Overall, China will continue to play an important role in future growth, new frontiers, and the new global economy, not only to drive its own economic development, but also to inject new impetus into global economic growth and development.
Reporter: Polish President Duda, Vietnamese Prime Minister Pham Minh Chinh and other senior dignitaries will attend the forum. How do you assess the continent's current economic interaction with CEE countries, as well as its Asian neighbors?
Cai Tongjuan: China's economic interaction with CEE countries and its Asian neighbors has shown a win-win situation, providing important opportunities for the economic development of both sides. China has deepened cooperation with Central and Eastern European countries and its Asian neighbors in the fields of trade, investment, production capacity cooperation, infrastructure construction and financial cooperation, making positive contributions to promoting regional economic integration and common development.
Trade cooperation between China and Central and Eastern European countries and Asian neighbors has shown a growing trend, and the scale of bilateral trade has been expanding. The trade structure is relatively diversified, covering machinery and equipment, electronic products, chemicals and other fields. The Belt and Road Initiative (BRI) provides more opportunities and platforms for Central and Eastern European countries and Asian neighbors to connect their infrastructure. China's participation in infrastructure construction in Central and Eastern European countries and neighboring Asian countries has promoted the improvement and development of local infrastructure. Some Chinese companies have set up production bases in Central and Eastern Europe and Asia to strengthen cooperation with local enterprises. China exports a large amount of equipment and technology to Central and Eastern European countries and Asian neighboring countries, helping local industrial upgrading and economic development.
Reporter: What expressions in Premier Li Qiang's speech impressed you?
Cai Tongjuan: In Premier Li Qiang's speech, there are several expressions that are impressive. First, we need to face reality and deeply analyze the current predicament of the world economy. Premier Li Qiang said bluntly at the beginning that the world economic recovery is difficult, which is affected by both phased factors and deep-seated contradictions, pointing out that "the lack of momentum for world economic growth is not only affected by the impact of the epidemic, high inflation, debt intensification and other phased factors, but also closely related to some deep-seated contradictions and problems." And the current predicament was analyzed in detail at the macro, meso, and micro levels. This comprehensive and insightful analysis is impressive.
Second, we should emphasize win-win cooperation and oppose isolationism. Premier Li Qiang pointed out that under the trend of globalization, isolationism and protectionism not only do not help solve problems, but will exacerbate contradictions. He also quoted Chairman Mao's poem "The scenery should be long-term and broad-minded" to advocate that all countries should treat development issues with a "higher vision and a broader mind", and seek their own reasonable interests in making the cake bigger together, which not only injects lasting impetus into the world economy, but also opens up a new world for their own development. ”
Third, we should grasp the new opportunities of the scientific and technological revolution and industrial transformation. Premier Li Qiang emphasized that the scientific and technological revolution and industrial transformation are the new power sources to get rid of the growth dilemma, pointed out the theme of "new frontiers of future growth", and pointed out a series of new opportunities for future growth from the aspects of technology, industry and business model.
Fourth, Premier Li Qiang put forward a four-point proposal to deepen scientific and technological exchanges and cooperation, strengthen the background of green development, maintain an open market environment, and promote inclusive and inclusive development, which is specific and practical: "On the basis of protecting intellectual property rights, we should create an open, fair and non-discriminatory environment for scientific and technological innovation, so that all sources of innovation and creativity can fully flow." In particular, it is proposed to "do a good job in education and training for vulnerable groups, improve the skills of workers, and let the results of innovation benefit more countries and people." It embodies the people-centered development philosophy and service concept.
These expressions not only reflect the Chinese government's sober understanding and deep thinking on the current international economic situation, but also reflect China's firm belief in win-win cooperation with other countries in the world, jointly addressing challenges and seizing opportunities.
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Established on January 19, 2013, Chongyang Institute for Financial Studies of Chinese University of China (Renmin University Chongyang) is the main funding project donated by Chongyang Investment to Chinese University and set up an education fund for operation.
As a new type of think tank with Chinese characteristics, Chongyang has hired dozens of former politicians, bankers, and well-known scholars from around the world as senior researchers, aiming to pay attention to reality, advise the country, and serve the people. At present, the Chongyang National People's Congress has 7 departments and 4 operation and management centers (the Center for Ecological Finance, the Center for Global Governance, the Center for China-US People-to-People Exchange, and the China-Russia Center for People-to-People Exchange). In recent years, the Chongyang National People's Congress has been highly recognized at home and abroad in the fields of financial development, global governance, major-country relations, and macroeconomic policy.