New growth horizons emerging based on technological advances

Speaking at the 15th Annual Pioneers Meeting of the World Economic Forum in Dalian (WEF Dalian) which opened on June 25, Chinese Premier Li Qiang said that the world economy is facing many difficulties in restoring growth.

Chinese Premier Li Qiang delivers a speech at the 15th Annual Pioneers Meeting of the World Economic Forum in Dalian (WEF Dalian) which opened on June 25. (Source: Reuters)

Gathering more than 1,700 delegates from 80 countries, international organizations, scholars, multinational corporations and innovative startups of WEF, the Conference is held at a "turning point" for China when the world's second largest economy is trying to achieve the growth target of 5% in 2024.

China's gross domestic product (GDP) grew 5.3% in the first quarter of 2024, beating most economists' expectations. However, the real estate crisis continues to be the biggest drag on Asia's number one economy.

Last month, Beijing announced a series of measures to rescue the property sector worth up to 300 billion yuan ($41.3 billion) to help deal with excess housing inventory. Reliance on external demand is also a barrier to future growth as uncertainties mount over trade conflicts with the United States and Europe.

Identifying new growth horizons

Speaking at the conference, Chinese Premier Li Qiang said that the world economy is facing many difficulties in recovering growth. According to forecasts from the International Monetary Fund (IMF) and other organizations, global growth may remain moderate or even slow down in the coming years.

“Weak global growth is not just due to temporary factors like the pandemic, high inflation and rising debt. It can also come from deep-seated and internal problems,” he said.

According to Premier Li Qiang, new growth horizons are beginning to take shape based on technological advances.

“The rapid advancement of advanced technology, information and bioenergy has opened up new avenues to address climate change, the energy crisis and other major challenges facing humanity.

This also contributes to significantly improving the quality and efficiency of the supply system, while promoting and creating new large demand from the industry perspective.

“Breakthroughs and integration of advanced technologies have redefined traditional manufacturing functions, created a leap in productivity, and opened up new business fields and avenues, including artificial intelligence (AI), green energy and biomedicine,” the Chinese leader stressed.

Promoting a world-class business environment

Calling on investors to continue investing and doing business in China, Premier Li Qiang said: “The rapid development of China’s new industries stems from our unique comparative advantages. China has a super-large market of more than 1.4 billion people. We have a complete industrial support system, abundant labor force and human resources.

Chinese consumers are also quite receptive to new technologies. All of this makes China a vast stage for businesses to pursue innovation and upgrade their products. This can help businesses reduce costs and accommodate different technology roadmaps and business models."

To become more attractive to investors, Prime Minister Li Qiang also mentioned changes in a number of recent regulations that help "untie" the business environment of the country of more than a billion people.

“We have been working hard to foster a world-class market-oriented business environment within a sound legal framework. To that end, we have deregulated market access and fair competition, facilitated the flow of innovation to businesses, and fostered entrepreneurship,” he stressed.

Changing perspectives on population aging

Regarding the issue of population aging, the Chinese Prime Minister said that this issue should be viewed from a different perspective. He said: "With the improvement of the health care system, this is a positive and healthy aging process. The elderly are a valuable resource for society."

But there needs to be a response to changes in population structure – something Beijing is improving in some areas, he added.

“We need to have a long-term vision to solve these problems. We are working to improve the elderly care system and support the development of the ‘silver economy’. I believe that an effective response will not only help us better cope with aging but also promote new growth drivers,” he believes.

Vietnam story at WEF Dalian

Prime Minister Pham Minh Chinh speaks at the opening session of the conference. (Photo: Quang Hoa)

Speaking at the opening session of the conference, Prime Minister Pham Minh Chinh highly appreciated the leading role of the Chinese economy in global economic growth. As a close neighbor, “mountains connected to mountains,” “rivers connected to rivers,” and jointly building a “Vietnam-China Community of Shared Future of Strategic Significance,” Vietnam is pleased with China’s development and strong rise in the context of many difficulties and challenges in the world and the region.

Prime Minister Pham Minh Chinh emphasized: “Vietnam believes that China will continue to promote its role, promote new growth drivers; strongly promote multilateralism, strengthen solidarity and international cooperation, preserve a peaceful, stable, cooperative and prosperous environment in the region and the world. A self-reliant, strong, equally competitive and deeply integrated Chinese economy will bring positive impacts to the world."

Sharing Vietnam's story, Prime Minister Pham Minh Chinh emphasized that Vietnam's success over the past 40 years is closely linked to the key words: Innovation, creativity and integration. From a country devastated by 30 years of war and embargo, Vietnam has become a middle-income country, ranked among the 40 largest economies in the world.

Vietnam is considered by the international community as a model in healing and restoring the wounds of war, putting the past behind, respecting differences, looking toward the future, turning enemies into friends, and successfully implementing the United Nations Millennium Development Goals.

The achievements have affirmed the correctness of the development policies and viewpoints of the Party and State of Vietnam with 3 foundations, 6 key policies, 3 strategic breakthroughs and a consistent principled viewpoint: Maintaining political stability; taking people as the center, subject, goal, driving force and most important resource of development; not sacrificing progress, social justice, social security and the environment to pursue mere economic growth.

Source: https://baoquocte.vn/thu-tuong-trung-quoc-nhung-chan-troi-tang-truong-moi-hinh-thanh-dua-tren-tien-bo-ve-cong-nghe-276304.html