Rejects China Shock
Chinese Premier Li Qiang has pushed back against warnings of a new economic shock from China, emphasising that Beijing’s rise in high-tech industries should be seen as an opportunity, not a threat, at the 17th Annual Meeting of the New Champions in Dalian on Wednesday.
“[Some people] feel somewhat anxious about China’s technological and industrial innovation, and some have even taken the opportunity to pitch certain negative, unfriendly, and unrealistic rhetoric,” he said. “Certain media outlets have reported on the so-called ‘China Shock 2.0’, believing that China’s development is a shock to the world economy.”
China Shock 2.0 refers to fears that a surge of low-cost Chinese exports, especially in electric vehicles, batteries and advanced machinery, could undercut industries and jobs in other major economies, echoing the impact of China’s manufacturing boom in the early 2000s.
Promotes Global Opportunities
Li retorted with what he called “China Opportunity 2.0”, arguing that the country’s emerging technologies and products could help drive global growth.
“You may have seen these reports, which strongly prove the impact and benefits of China’s emerging technologies and products in new fields to the world. It is not an impact but an opportunity, not a threat but empowerment,” he said.
The Chinese premier said more foreign companies were already working with China in advanced technology and industrial sectors, and urged countries to treat innovation as a shared benefit.
“We should persist in technology for good and more effectively promote common governance and innovation, which carries mankind’s unremitting pursuit of a better life. Advanced technology should become a tool to benefit people of all countries, rather than a source that endangers peace and stability,” he added.
Calls For Cooperation
Li also pointed to what he described as China’s economic resilience, technological progress and commitment to global cooperation. He said Beijing would continue to open its markets and improve conditions for foreign businesses.
“We sincerely welcome enterprises from all countries to invest in China, share more of China’s development, and work together to create a better future,” he said.
Summer Davos Gathering
The World Economic Forum says the Annual Meeting of the New Champions, also known as Summer Davos, is its flagship gathering for entrepreneurship, innovation and next-generation growth companies.
This year’s meeting runs from June 23 to 25 under the theme “Innovating at Scale”, bringing together more than 1,700 leaders from over 90 countries.
World Economic Forum, via Viory.Video
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