Chinese Premier Li Qiang and Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, warmly greeted each other with a firm handshake at the commencement of the World Economic Forum’s 14th Annual Meeting of the New Champions 2023. The esteemed event took place at the Meijiang Convention and Exhibition Centre in Tianjin, China on June 27, 2023. The presence of these influential figures signifies the importance of the forum and its role in shaping global economic policies.
During his address at the summit, Premier Li emphasized China’s commitment to stimulate demand, energize markets, promote development, and accelerate the green transition. Additionally, he announced plans to open “high-level” parts of China’s economy to the outside world, inviting international investors and collaborators to participate in China’s growth story. While Li did not delve into specific details of China’s upcoming stimulus policies, his remarks left investors eagerly anticipating further clarification from the government.
Premier Li also provided insight into China’s economic growth projections. He expressed optimism that China’s GDP growth in the second quarter will surpass that of the first quarter, ultimately reaching the annual growth target of around 5 percent. Notably, China achieved a 4.5 percent year-on-year GDP growth in the first quarter of the year, but subsequent data indicated a significant decline in momentum. As a result, major banks, such as Goldman Sachs, BofA Global Research, and Nomura, have accordingly revised their 2023 GDP forecasts for China.
In addition to discussing economic matters, Premier Li addressed the recent negative rhetoric directed towards China by leading Western democracies. He dismissed the notion of “de-risking” diplomatically and economically from China, highlighting the importance of effective communication and cooperation between nations. Li stressed that the global trend of globalization remains intact despite setbacks, reaffirming that China’s economy remains open for business and encourages foreign investment.
The conclusion of Premier Li’s speech was met with resounding applause, signifying the appreciation and recognition of his insightful remarks. As the world continues to navigate economic complexities and geopolitical tensions, Premier Li’s words carry significant weight and offer a guiding light towards a more interconnected and prosperous future.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.