“I plan to open several hundred factories in China in about ten years,” Henrik Stamm Kristensen, founder of a Danish food technology company, declared during this 14th Economic Forum. According to him, it was the vast Chinese market and its strong logistics system that convinced him to build local production centers.
The Davos Summer Economic Forum, held in the Chinese coastal city of Tianjin, attracted more than 1,500 people from the public and private sectors from nearly 100 countries and regions. During the discussions, many participants described the global economic situation as “fragile”. With the theme “Entrepreneurship: the driving force of the global economy”, this year’s forum placed “reviving growth” at the center of its concerns.
As the world’s second-largest economy and the largest player in merchandise trade for six consecutive years, China is in the spotlight. Over the past decade, the country has experienced an average growth rate of 6.2%, contributing more than 30% to global economic growth.
The representatives expressed optimism about the Chinese consumer market, its ability to maintain stable growth, contain inflation, as well as its level of innovation.
On the first day of the forum, the report titled: “Green Hydrogen in China: A Roadmap for Development” was published. This study lists 35 initiatives launched by China to reach the carbon peak by 2030, with a view to taking one more step in the transition to zero carbon. China rose to 11th place in the Global Innovation Index ranking in 2022, placing it at the top of middle-income economies. As you promote high-quality development and continue to implement your strategy of development through innovation, your economic growth will benefit from more new driving forces.
For global companies, China is not just a “great growth story” but also a win-win opportunity. In 2019, Alex Zavolokov moved his company headquarters to China due to his technological talent and his ability to convert scientific achievements.
Some voices are being raised today in the West to advocate “decoupling” and “de-risking.” The statements made by business representatives at the forum show that this would amount to “discooperation” or “unopportunity”, which goes against the laws of the economy. In today’s highly globalized world, some observers believe that lack of development and lack of cooperation are the real risks. If the world fell into “decoupling”, it would lose between 7 and 9% of global GDP, warns the World Economic Forum. “China stands ready to work with businessmen from all countries to strengthen the driving forces of high-quality development through opening up and high-level cooperation, to bring more certainty to the global economy,” Chinese Premier Li Qiang told the forum.
This content was produced with China Radio International. The BFMBUSINESS editorial team was not involved in the production of this content.
Source: BFM TV
