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Premier Li Qiang will address the World Economic Forum’s 14th Annual Meeting of the New Champions, often called the Summer Davos, in the northern Chinese city of Tianjin at 10:10am
Premier Li, who just returned from his first overseas trip to Germany and France, is expected to continue the campaign to lure foreign businesses and private investment, and to cement their confidence in China amid rising concerns that the recovery is losing momentum.
The meeting is set to renew momentum for innovation and entrepreneurship to drive growth and a more equitable, sustainable and resilient global economy.
The programme of the three-day meeting will cover six key pillars: rewiring growth; China in the global context; energy transition and materials; post-pandemic consumers; safeguarding nature and climate; and deploying innovation.




As it happened: Premier Li Qiang tells World Economic Forum China’s economy is growing faster

China’s Premier Li Qiang delivers a speech during the opening ceremony of the World Economic Forum Annual Meeting of the New Champions in Tianjin. Photo: AFP

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum’s 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin. Photo: Reuters

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The World Economic Forum’s 14th Annual Meeting of the New Champions takes place in the northern port city of Tianjin between Tuesday and Thursday
Premier Li Qiang gave the opening address on Tuesday to around 1,500 public- and private-sector leaders from more than 90 countries


Premier Li Qiang gave the opening address to the World Economic Forum’s 14th Annual Meeting of the New Champions in the northern port city of Tianjin on Tuesday.


World Economic Forum

China economy

China's economic recovery

Li Qiang

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Chinese Premier Li Qiang will address the World Economic Forum’s 14th Annual Meeting of the New Champions, often called the Summer Davos, in the northern Chinese city of Tianjin on Tuesday morning.
The three-day event, which is being held in person for the first time in three years, will focus on the theme of “entrepreneurship: a driver of the world economy”.
Having just returned from his first overseas trip as premier, Li been on a campaign to lure foreign businesses and private investment, and to boost their confidence in China.
Although an economic rebound was spotted in the first quarter of 2023, official data in April and May suggested China’s economy is facing prolonged challenges – including weakening consumption growth, low investment from private industry, rising youth unemployment and a sluggish demand for its exports.



Welcome to ‘Summer Davos’

Peng Peng, an economist with the Guangdong Society of Reform, said Li Qiang would be expected to underpin China’s commitment on opening up, determination to not “decouple from the world economy”, and to show support for private businesses.
“These would be the fundamental attitudes [Li would like to display],” Peng said.
“It would be very optimistic if he would take the chance to introduce some substantial policies to boost economic growth for the second half of the year.”
Gao Jian, an official with the National Development and Reform Commission, said in a preview of the forum last week that the meeting would “help participants gain a deeper understanding of China’s economic performance, high-standard opening up and strengthen confidence in long-term investment in China”.
As China’s economic woes grow, what is expected from Li Qiang at ‘Summer Davos’?
Last week in Europe, Li urged French and European Union officials to maintain strategic autonomy and boost cooperation with Beijing to “build more resilient supply chains”.
He also spent four days in Germany meeting with major business investors and top-level officials to urge for deepened economic ties and “more objective and rational understandings and policies” towards China.
Beijing has rolled out the red carpet to welcome foreign executives, with Microsoft co-founder Bill Gates and Tesla CEO Elon Musk visiting in June.



What will Li Qiang say?

Xu Tianchen, an economist with the Economist Intelligence Unit, believes that since the word “entrepreneurship” is at the centre of the forum, we can probably expect Premier Li Qiang to set the tone for a long-awaited reform package aimed at supporting the private sector.
According to the official website of the World Economic Forum, 14th Annual Meeting of the New Champions programme includes dozens of public and private sessions covering six key pillars: rewiring growth, China in the global context, energy transition and materials, post-pandemic consumers, safeguarding nature and climate, and deploying innovation.



‘Entrepreneurship’ to form part of speech

People began to gather outside the conference hall an hour ahead of Li Qiang’s speech.




Early arrivals

Russia’s war in Ukraine and worsening US-China relations were both not listed on the agenda.
“The annual conference will put a core emphasis on rebooting innovation and entrepreneurship in Asia, and to look at possible ways for the economy to recover,” said an official statement on Monday.


War in Ukraine? US-China relations?

Mongolian Prime Minister Luvsannamsrain Oyun-Erdene, New Zealand Prime Minister Chris Hipkins, Vietnamese Prime Minister Pham Minh Chinh and Barbadian Prime Minister Mia Mottley are also set to attend, along with the economic ministers from Oman and Zimbabwe, and Hungary’s minister of foreign affairs and trade.
Ngozi Okonjo-Iweala, director general of the World Trade Organization, is also in Tianjin and met with Chinese Premier Li Qiang on Monday.
But while China lifted its Covid-19 control measures in December, attendees for the opening ceremony were asked to be tested within 24 hours.




Who else will be in Tianjin?

In his meeting with World Trade Organization (WTO) chief Ngozi Okonjo-Iweala on Monday in Tianjin, Premier Li Qiang said overseas attempts to de-risk and reduce reliance are intended to politicise and ideologise economic and trade issues.
Li also said China supports WTO reforms and will actively take part in all relevant negotiations to defend multilateral rules.
In a separate meeting on Monday with Klaus Schwab, founder and chairman of World Economic Forum, Li said China will continue opening up and share the growth opportunities with the rest of the world.
Li also called for “candid and in-depth communication” among all countries to reduce misjudgment.




Li calls for ‘candid and in-depth communication’

We expect China’s Premier Li Qiang to begin his speech at 10.10am.



Stage is set

According to the official website of the World Economic Forum –

The World Economic Forum will convene the 14th Annual Meeting of the New Champions in Tianjin from June 27-29.


The meeting will welcome over 1,500 participants from nearly 90 countries.


The gathering comes as the need for global collaboration remains urgent as various crises continue to impact the global economy.


The meeting – occasionally referred to as “Summer Davos” – will be held under the theme of Entrepreneurship: The Driving Force of the Global Economy.


The meeting’s programme includes dozens of public and private sessions covering six key pillars: rewiring growth, China in the global context, energy transition and materials, post-pandemic consumers, safeguarding nature and climate, and deploying innovation.


More than 25 initiatives and coalitions will also be launched or advanced at the meeting.




6 things you need to know

Klaus Schwab, founder and chairman of World Economic Forum, is speaking.



Klaus Schwab speaks

Chinese Premier Li Qiang takes the stage in Tianjin ahead of his speech.



Li Qiang takes the stage

Li Qiang starts his speech by warning that uncertainty and unpredictability have become the new normal, citing protectionism and unilateralism, while the tech revolution has deepened.


‘Tech revolution has deepened’

“This conference is the first in-person meeting after the three years of Covid, so I understand that many people will pay a lot of attention to it,” he says.
“There have been great changes in our world in the past years, with the convergence of Covid and unprecedented changes in a century.
“Our world is at the crossroads of changes. In one way, at the time of Covid, there is an increase of protectionism. Anti-globalism and uncertainties have become the new normal.”



‘Our world is at the crossroads of changes’

Li Qiang says he will share four points he concluded from the changes and uncertainties of the world in the past four years.
“Firstly, I find it worrying that some man-made blockades have been taking place, and pushing the world into divergence. These have gone against humanity and civilisation,” he says.
“Without effective communication and objective understanding, it is easy to form stereotypes and misunderstandings.”



‘Easy to form stereotypes and misunderstandings’

Li Qiang calls for cooperation to tackle global challenges including public health governance, climate change, increasing debt and slow growth.
“Sincere and efficient” communication is needed to increase understanding and reduce conflicts, he adds.


‘Sincere and efficient communication needed’

Li Qiang says the third inspiration he got from the past few years is that we should “treasure openness and cooperation of our world after experiencing hiccups in economic globalisation”.



‘Treasure openness, cooperation’

Li Qiang reiterates that the world is an integral whole, and every country’s interests are intertwined as it is not a zero-sum game.
He says business decisions should not be subject to geopolitical confrontations, so that the global production and supply chain can retain smooth operation.


‘Not a zero-sum game’

“Enterprises are the most sensitive to economic risks and challenges in industries, and should have the strongest say,” Li Qiang says.
“Enterprises can make judgments and choices. And we, as the government and other relevant organsiations, should not create blockades or try to do it for them, and we should not expand, politicise or turn these risks into an ideological fight. This would bring a lot of problems.”
Li also sends a strong signal to the audience that China is against any attempts to de-risk, saying that such talk is “a false proposition”.



‘Enterprises most sensitive to economic risks’

“We are sternly against politicising economic problems. We should jointly protect global industrial chains, make sure supply chains are secured and stable, and make sure economic globalisation benefits different countries and populations,” Li Qiang says.
“Of course, we cannot deny that there will be competition as we become more open. This requires us to know how to settle these disputes properly.”


‘Settle disputes properly’

“In the past few years, there have been some people fanning ideological opposition, inciting hatred and containment. Occasional regional conflicts and wars are still happening,” Li Qiang says, without naming any countries or people.
He says that these have done “enormous destruction” to the world’s development.



‘Enormous destruction’

Li Qiang says China’s economic growth in the second quarter is expected to be quicker than the 4.5 per cent growth in the first quarter and that China appears able to realise its annual growth target of around 5 per cent.


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Economic growth in second quarter is expected to be quicker

Li Qiang says that while the country has still not achieved a “balanced development”, it shows that China has the room and potential for further development.
“We have full confidence in the ability to push China’s economy toward high-quality develop and walk a stable and sustainable path in the long run.
“This would include a continuous expansion of the market, enhanced cooperation, and creating opportunities for the recovery of the world economy and chances for investors from all countries.”


China has room and potential for further development

And with that, Li Qiang finishes his speech.
He leaves the stage without taking any questions.



Speech is over

Li Qiang wrapped up his 30-minute speech by stressing a commitment to the market economy, free trade and the continued contribution to a world economy that can be “beneficial for all”.
He did not introduce any new substantial economic policies, but promised that “more pragmatic and effective” plans would be put in place.



‘Beneficial for all’


China is expecting a stronger gross domestic product (GDP) in the second quarter than its first, which was 4.5 per cent. China’s GDP target for the year is 5 per cent.


He said that calls from the West to “de-risk” are a “false proposition”.


Li said enterprises should make decisions for themselves at a time of economic challenges, and that the government should not stand in the way by politicising problems.


China’s economic recovery is on the right track, and Beijing looks to deliver on its economic targets for the year. China will also continue to be committed to a more open market economy, while boosting domestic demand for economic growth.



