AMNC24: What you need to know about China and the world

China is set to make a significant contribution to global economic growth in 2024 and remains central to global cooperation on issues ranging from geopolitics to the climate crisis.

Moreover, despite facing structural challenges, innovative approaches and new industries will present an important opportunity for sustainable growth in China. The country's rapidly expanding clean energy sector, for instance, accounted for roughly 40% of its economic expansion in 2023. Meanwhile, local companies have more than doubled spending on research and development programmes over the past five years, developing cutting-edge technologies and expanding globally.

As the largest emerging economy, China also plays an important role in shaping international cooperation and multilateralism amid an increasingly fractious geopolitical environment.

China's role in the world will be major topic of discussion at the World Economic Forum's Annual Meeting of the New Champions in Dalian, taking place from 25-27 June.

The meeting will bring together leaders from business, government, civil society and international organizations to explore this topic and more.

Speaking at the Opening Plenary, Li Qiang, Premier of the People's Republic of China, said: “China stands ready to join hands with all countries to sail the giant ship of the world economy into a vast blue ocean and create an even brighter for future humanity."

He added: “The history of global economic development shows that openness brings progress and isolation leaves one behind. Only through open interactions, exchanges and mutual learning can we keep pushing the boundaries of development and discover and open up new frontiers.”

25 June - All times are CST (GMT+8)

Reinvigorating Consumption

Consumption was China's main growth driver from 1980-2000 - regularly accounting for over 60% of GDP annually.

Zhu Min, Vice-Chairman, China Center for International Economic Exchanges (CCIEE), joined Pontus Erntell, President and Chief Sustainability Officer, IKEA Group; Pierluigi Antonelli, CEO, Fresenius Kabi, Fresenius; Hannah Qiu, Senior Vice President & China CEO, PayPal, discussed how China can restore and expand domestic consumption.

Catch up on the full session below.

26 June

What Does the Belt and Road City Look Like?

It's been 10 years since China's Belt and Road Initiative was developed to boost trade and investment. What does the future look like, particularly in the context of the city?

Yusuf Tuggar, Nigeria's Minister of Foreign Affairs, joined Ma Jun,
Chairman, Green Finance Committee, China Society for Finance and Banking; Lourdes Casanova, Senior Lecturer and Director, Emerging Markets Institute, SC Johnson College of Business, Cornell University; Gao Guoli, President, China Center for Urban Development, and Chen Shaowang, Mayor of Dalian, Dalian Municipal People's Government.

Catch up on the full session below.

Landlocked but Connected: Digital Eurasia

Across Eurasia, countries are using digital trade to overcome geographical challenges by investing in connectivity.

Sergelen Nyamdorj, Deputy Chief Executive Officer, Trade and Development Bank of Mongolia, joined Liu Liehong, Administrator, National Data Administration; Lee Xiaodong, Founder and Chief Executive Officer, Fuxi Institution and Hannah Qiu, Senior Vice President & China CEO, PayPal, to discuss the partnerships needed to continue Eurasia's shift to a larger and more inclusive digital economy.

Liu spoke about the importance of data, regarded by China as a production factor: "It has become the driver of the development of a new era."

He said the country was working on the standardization of data: "The utilization of data will bring about better outcomes."

Nyamdorj said Mongolia was aiming to become a digital nation and that despite being sparsely populated, 85% of the population had internet access, even in rural areas.

In the country's financial sector, fintechs and banks are playing a major role to drive digitalization in the country, she added.

"The rise of the e-commerce sector, integrated with the Mongolian banks digital financial solutions, has improved the customer experience and helped people to make purchases seamlessly and directly from the e-commerce."

Catch up on the full session below.

Press Conference: Accelerating Innovation for a Nature-positive Economy in China

China has a vital role in the transition to a carbon-neutral and nature-positive future. In this press conference, UpLink and 1t.org presented innovators that will help drive and sustain this change.

Panelists were Yangjie (JoJo) Zheng, Founder, Good to Nature; Liu Qiao
Dean, Guanghua School of Management, Peking University; Jianyun Sun,
Chief Investment Officer, Asia, Mercuria Energy Group and Andre Cheung,
Founder and CEO, Robotics Cats.

Catch up on the full session below.

Where Is Globalization Headed?

Global trade growth has stagnated since 2008, with governments and companies seeking to diversify.

Adam Tooze, Director, European Institute, Columbia University, shared his thoughts on the latest trends in globalization and what that means for the future.

He was impressed with the sentiment of the speech given by Li Qiang, Premier of the People's Republic of China, at the Opening Plenary saying Li clearly explained China's industrial policy, backed up with a historical understanding of why China needs to proceed in the way it is.

Catch up on the full session below.

China and the Middle East: The Next Chapter

With economic ties strengthening between China and the Middle East, what does the future hold for partnerships between the two in areas from the energy transition to trade and investment?

Victor L. L. Chu, Chairman and CEO, First Eastern Investment Group, joined Liu Qian, Founder and CEO, Wusawa Advisory, Inc, and Ahmad Al Hanandeh, Jordan's Minister of Digital Economy and Entrepreneurship, to discuss.

Al Hanandeh said: "I think the whole world is going into a next chapter, not only the Middle East, China relationship. I think everything around us is changing so fast. We're moving towards a different tomorrow, a more digital tomorrow [with] different requirements of the future citizen. And it's all driven by digital transformation as a backbone of what's going on.

"China has been a trading partner for the all countries in the Middle East, one of the top partners historically to the Middle East region, to the Arab world and I do believe that China will remain doing so."

He described China as like "the older brother", who is very skillful, able to do everything: "Whenever something is needed, they immediately jump on it. They make it very cost-effective, very fast. And they just deliver it."

He said it was time for China give a chance to the "other brothers and sisters to build their own skills" but added that China will "remain playing the role of strategic, important trading and economical partner for the Arab countries and the Middle East region".

For Liu Qian, the new relationship between China and the Middle East was being enhanced beyond just trade and economics.

The Middle East was proactively looking at Chinese technologies: "'We have the money, we have the market, we have the youth, we have the labour, we want to grow. How can you help? How can we help each other?' It's that kind of very different and in a way exciting opportunity and mentalities."

Catch up on the full session below.

27 June

US-China Relations Analysed

Cooperation between the US and China remains crucial in order to make progress on global priorities, including security, climate change, trade and debt. Panelists explored expected developments in the second half of this year - and beyond.

The speakers were Sir Robin Niblett, Distinguished Fellow, Chatham House joined Lynn Kuok, Lee Kuan Yew Chair in Southeast Asia Studies, Brookings Institution; Li Cheng, Professor of Political Science, University of Hong Kong; Jin Keyu, Professor of Economics, London School of Economics and Political Science and Graham Allison, Douglas Dillon Professor of Government, Harvard Kennedy School of Government.

Jin Keyu compared the relative competitiveness of the US and China and their investment in technology, but urged for "more conversations about AI regulations, about data regulation".

"I do believe that this is a phenomenal opportunity for the developing world to embark on the digital economy, maybe even leapfrog."

Catch up on the full session below.

Next Steps from Chinese Innovators

China has the world's second-largest innovation ecosystem but faces challenges including financing, restricted market access and demanding labour conditions.

Gong Yuan, Managing Director, HongShan; Chun'e Ma, Founder and CEO, ShuKun; Cheryl Cui, Co-Founder and CEO, Bota Biosciences; Bill Deng, Founder and CEO, XTransfer and Alex Zhavoronkov, Founder and CEO, Insilico Medicine, discussed how entrepreneurship in China is different and how it is changing.

Horizon Scan: China Future Trends

Jin Keyu, Professor of Economics, London School of Economics and Political Science and Eswar Prasad, Professor, Cornell University looked at the key social-economic trends in China and what they mean for the world.

China Economic Outlook

What is the outlook for the Chinese economy and its contributions to global growth? What short-term economic stimulus and long-term systematic approaches are needed to boost growth prospects and ensure development?

Peng Sen, President, China Society of Economic Reform (CSER); Jin Keyu, Professor of Economics, London School of Economics and Political Science; Eswar Prasad, Professor, Cornell University, and Aparna Bharadwaj, Managing Director and Partner; Global Leader, Global Advantage Practice, Boston Consulting Group discussed.

Catch up on the full session in the X thread below.

Geopolitical Rivalry and Business: 10 Recommendations for Policy Design: How can policies be designed to attain geopolitical goals through means that do the least harm to cross-border commerce? This whitepaper details strategies available to the private sector and offers recommendations for policymakers.

The Global Cooperation Barometer 2024: This World Economic Forum report, written in collaboration with McKinsey & Company, measures the current state of global cooperation. It is meant to serve as a tool for leaders to better understand the contours of cooperation broadly and along five pillars – trade and capital flows, innovation and technology, climate and natural capital, health and wellness, and peace and security.

Chief Economists Outlook: May 2024: The May 2024 Chief Economists Outlook explores key trends in the global economy, including the latest outlook for growth, inflation, monetary and fiscal policy, and the implications of recent geopolitical and domestic political developments. This series of reports draws on the individual and collective perspectives of a group of leading chief economists through consultations with the World Economic Forum’s Chief Economists Community and a regular Chief Economists Survey.

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