The World Economic Forum's 14th Annual Meeting of the New Champions concluded on June 29 in Tianjin, China, with attendees striking an optimistic tone.

During the three-day forum, more than 1,500 global leaders from business, government and civil society gathered in the northern Chinese city at a crucial time in the global economic recovery. The meeting — often referred to as "Summer Davos" — marks the forum's first in-person meeting since COVID-19 struck over three years ago.

This year's theme, "Entrepreneurship: The Driving Force of the Global Economy," prompted participants to discuss strategies for navigating global challenges and accelerating innovation and entrepreneurship. Sessions covered a wide range of topics, from global debt and the energy transition to artificial intelligence (AI) readiness and emerging technologies. A total of 25 initiatives were launched and advanced during the forum.

The World Economic Forum's 14th Annual Meeting of the New Champions, also known as "Summer Davos," was held in Tianjin from June 27-29, 2023. [Photo courtesy of the World Economic Forum]

Communication and win-win solutions

"As a community with a shared future, we must cherish the gains of our cooperation, embrace the concept of win-win cooperation and work together to promote human progress," Chinese Premier Li Qiang said at the opening plenary of the forum.

In an interview with China.org.cn, Chen Liming, chair of Greater China at the World Economic Forum, said: "The premier stressed the importance of openness and sharing. Our hosting of the Davos Forum is an advocacy for seeking cooperation and innovation through dialogue."

"We obviously cannot count on a single forum to solve all the problems such as decoupling and deglobalization," he added. "However, we believe that dialogue and exchange are more substantive ways to solve problems than confrontation and sanctions.”

Leah Ellis, co-founder and CEO of Boston-based tech startup Sublime Systems, also underscored the importance of collaboration. She noted Premier Li's frequent use of the term "win-win," and cited climate change as an example of a problem that affects everyone and should be tackled through cooperation.

Ellis also commended the premier's friendly and welcoming message, which focused on defusing tensions and fostering collaboration.

Attendees expressed their appreciation to the forum for providing them with the opportunity to engage in dialogue, foster mutual understanding and explore collaborative prospects.

David Cubbin, manager of German digital surgery platform developer Caresyntax, praised the event for facilitating networking and allowing him to connect with others in the healthcare sector and potential investors. "The forum provides an amazing opportunity for people in the private sector, government, ministries, regulatory bodies, and others to meet," he said.

"It's been a great experience. I am incredibly inspired, and I hope I inspired a couple of people," said Meirav Oren, CEO and co-founder of Versatile, as well as a co-chair of the meeting.

She noted that the forum brings people together to discuss topics like entrepreneurship and innovation, and to address the fragmentation that exists in the world.

As global headwinds persist, engaging with one another in the open exchange of viewpoints, ideas and experiences is more crucial than ever, Børge Brende, president of the World Economic Forum, said at the closing session, expressing his hope that the exchanges will inspire all stakeholders to take action toward shared ambition.

Attendees at the The World Economic Forum's 14th Annual Meeting of the New Champions in Tianjin, June 27, 2023. [Photo courtesy of the World Economic Forum]

China fuels global growth

Looking to the future, Børge Brende also underscored China's role in global growth. "Even if the world economy is sluggish, with a 2.8% economic growth this year, China is expected to achieve 5.4%," he said. "China, with these numbers, contributes to 36% of the global growth."

Striking an upbeat tone on the economic outlook, Premier Li Qiang said: "Some international organizations and institutions have revised up their growth forecasts for China this year, demonstrating their confidence in China's development prospects. We have full confidence and the ability to achieve the steady growth of the Chinese economy on the track of high-quality development for a long time to come."

Several participants also expressed their trust in China's market and business potential. For example, Tsuyoshi Stuart Oda, founder and CEO of Alesca Life, a Dubai-based agritech company specializing in vertical farming, praised China as an ideal place to start a hardware company. "China has a supply chain for LEDs, electronics and semiconductors, for everything from construction materials and insulation to everything that we need," he said, adding that he had met a lot of potential partners at the forum and planned to launch new projects in Chengdu city and Beijing' Tongzhou district.

Chen Liming, when discussing China's role in driving global economic development, said, "As the world's second-largest economy, a major trading partner for more than 140 countries and regions, China's economic growth has a strong spillover effect."

"We are bullish on the prospects of China's economic development," he said. The chair also acknowledged the foresight of professor Klaus Schwab in recognizing China's potential rapid growth and his decision to bring the Davos Forum to China.

"Moving forward, we hope to further deepen and expand our cooperation with the Davos Forum," Chen said. "We also hope that more Chinese enterprises will participate in this platform, have more opportunities to express their views, exchange and learn from each other, and make progress."

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