Latest news with #16thAnnualMeetingoftheNewChampions
The Sun
11 hours ago
- Business
- The Sun
China advancing toward high-income status, says Premier Li
TIANJIN (China): Chinese Premier Li Qiang said on Wednesday that China is moving towards becoming a high-income country as a whole as the demand for consumption upgrade is robust in the world's second-largest consumption market. Li made the remarks when addressing the opening of the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in north China's Tianjin Municipality. China is confident in and capable of maintaining rapid economic growth, he stated. It is striving to develop itself into a super-sized consumption powerhouse on the solid foundation of a manufacturing powerhouse and is willing to share its original technologies and innovative scenarios with the world. The Chinese government will continue to foster a first-class business environment that is market-oriented, law-based, and internationalised, and always keep the doors wide open and warmly welcome businesses from all countries to invest and deepen their roots in China, he added.
Biz Bahrain
13 hours ago
- Business
- Biz Bahrain
Minister of Sustainable Development and Chief Executive of Bahrain EDB Participates as Co-Chair in WEF's Annual Meeting of the New Champions 2025 in China
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board (Bahrain EDB), kicked off participation at the upcoming World Economic Forum's (WEF) Annual Meeting of the New Champions 2025 as Co-Chair. This year's 'Summer Davos' forum, taking place from 24 to 26 June in Tianjin, People's Republic of China, will be held under the theme Entrepreneurship for a New Era. Li Qiang, Premier of the People's Republic of China, is set to deliver the opening remarks at the 16th Annual Meeting of the New Champions, which is expected to convene over 1,700 global leaders from government, business, international organisations, civil society, and academia. This year's discussions will focus on navigating a rapidly transforming global landscape shaped by technological disruption, geopolitical shifts, and sustainability imperatives. The programme will revolve around five key pillars: Deciphering the World Economy, Outlook on China, Industries Disrupted, Investing in People and Planet, and New Energy and Materials. Other Co-Chairs of the Annual Meeting include a distinguished group of global leaders including: • H.E. Faisal Alibrahim, Minister of Economy and Planning, Kingdom of Saudi Arabia • H.E. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Arab Republic of Egypt • Henadi Al Saleh, Chair, Board of Directors, Agility • Dai Houliang, Chairman, China National Petroleum Corporation (CNPC) alongside several other prominent figures from government, business, and academia As Co-Chair, H.E. Noor bint Ali Alkhulaif will join a series of high-level panel discussions, multilateral sessions, roundtables, and firestarter conversations, including sessions on Contours of a New Economic Order, MENA-China Trade and Investment Relations, Skills That Matter, and Women Leaders – Shaping Tomorrow's Economy. These conversations will offer a platform to highlight Bahrain's policy leadership, forward-looking vision, and efforts to equip its workforce with the skills needed to thrive in a rapidly evolving global economy. Additionally, members of Bahrain EDB will engage in multiple strategic meetings and networking events on the sidelines of the forum. Bahrain EDB is a long-standing Strategic Partner of the World Economic Forum, reflecting the strength of the Kingdom's investment promotion agency's collaboration with the Forum across multiple global platforms, including its consistent participation at the Annual Meeting in Davos. H.E. Noor bint Ali Alkhulaif's selection as Co-Chair for this year's Annual Meeting of the New Champions highlights Bahrain's expanding international impact and its commitment to engaging in key dialogues to elevate its position as a globally competitive destination. The role additionally involves shaping the agenda, where this year's focus on economic transformation and innovation can reignite growth amid shifting global condition underscores the Kingdom's broader efforts to accelerate digital innovation, cultivate talent, and grow high-value sectors in support of its ambitious economic diversification agenda.
RTHK
14 hours ago
- Business
- RTHK
China becoming a consumption powerhouse: Premier
China becoming a consumption powerhouse: Premier Premier Li Qiang says China's economy continues to post steady growth. Premier Li Qiang said on Wednesday China is striving to develop itself into a super-sized consumption powerhouse as he expressed optimism towards the world's second-largest economy. The premier also warned that global trade tensions were intensifying in a keynote speech at the opening plenary of the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in Tianjin. Li said China would strive to become a "major consumption powerhouse" on the solid foundation of a manufacturing powerhouse. "We are also stepping up our efforts to implement the strategy of expanding domestic demand... promoting China's growth into a major consumption powerhouse," he said, stressing that China is moving towards becoming a high-income country. He added that Beijing is confident in, and capable of, maintaining rapid economic growth. "China's economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy." The central government has set a GDP growth target of about 5 percent for 2025. Li also said Beijing will continue to foster a first-class business environment that is market-oriented, law-based and internationalised, and always keep the doors wide open and warmly welcome businesses from all countries to invest and deepen their roots in China. On the world economy, the premier said it was undergoing profound changes, and Beijing is willing to do whatever it takes to help tackle difficulties and challenges it faces. "Protectionist measures are significantly increasing and global economic and trade frictions are intensifying," Li said. "The global economy is deeply integrated and no country can grow or prosper alone. "In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome." The premier called on the international community to take constructive actions to boost international economic and trade cooperation. "Constructive actions mean we need to proactively take more practical measures to safeguard free trade and multilateralism and promote the stable development of the world economy." Li said disputes and differences should be resolved through equal consultations. More than 1,700 leading figures from over 90 countries and regions are attending the summit in Tianjin from Tuesday to Thursday. The theme this year is "Entrepreneurship for a New Era," exploring how entrepreneurship and emerging technologies can unlock more dynamic and resilient economies. (Xinhua and agencies)
RTHK
14 hours ago
- Business
- RTHK
China becoming a consumption powerhouse: Premier
China becoming a consumption powerhouse: Premier Premier Li Qiang says China's economy continues to post steady growth. Premier Li Qiang said on Wednesday China is striving to develop itself into a super-sized consumption powerhouse as he expressed optimism towards the world's second-largest economy. The premier also warned that global trade tensions were intensifying in a keynote speech at the opening plenary of the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in Tianjin. Li said China would strive to become a "major consumption powerhouse" on the solid foundation of a manufacturing powerhouse. "We are also stepping up our efforts to implement the strategy of expanding domestic demand... promoting China's growth into a major consumption powerhouse," he said, stressing that China is moving towards becoming a high-income country. He added that Beijing is confident in, and capable of, maintaining rapid economic growth. "China's economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy." The central government has set a GDP growth target of about 5 percent for 2025. Li also said Beijing will continue to foster a first-class business environment that is market-oriented, law-based and internationalised, and always keep the doors wide open and warmly welcome businesses from all countries to invest and deepen their roots in China. On the world economy, the premier said it was undergoing profound changes, and Beijing is willing to do whatever it takes to help tackle difficulties and challenges it faces. "Protectionist measures are significantly increasing and global economic and trade frictions are intensifying," Li said. "The global economy is deeply integrated and no country can grow or prosper alone. "In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome." The premier called on the international community to take constructive actions to boost international economic and trade cooperation. "Constructive actions mean we need to proactively take more practical measures to safeguard free trade and multilateralism and promote the stable development of the world economy." Li said disputes and differences should be resolved through equal consultations. More than 1,700 leading figures from over 90 countries and regions are attending the summit in Tianjin from Tuesday to Thursday. The theme this year is "Entrepreneurship for a New Era," exploring how entrepreneurship and emerging technologies can unlock more dynamic and resilient economies. (Xinhua and agencies)
Qatar Tribune
20 hours ago
- Business
- Qatar Tribune
US 'secret sauce' at risk: tariffs, threaten economic edge
Agencies The American economy has outperformed others by relying on a sort of secret, magic 'sauce', but Washington's tariff and immigration policies are threatening to shift the outlook, according to leading US scholars attending the 'Summer Davos' in China. At the gathering, formally known as the World Economic Forum's 16th Annual Meeting of the New Champions, they collectively took stock of the US economy and debated whether it would be China or the US that most advances the frontier of tech and innovation. In one discussion on Tuesday, panellists such as former World Trade Organization chief economist Robert Koopman and Harvard professor of government Graham Allison took a look back at the US from where they sat in Tianjin, and they discussed the outlook for potential developments in the face of Washington's policy changes. Explaining that America's special concoction has several important ingredients, experts speculated that the US might be ditching key components, and that China may be advancing more quickly. 'Sectors have been able to get the capital and the workers they need, and it drives productivity growth in the US. You add immigration to that … It creates a nice magic sauce,' Koopman said. That sauce also includes higher education, according to Paul Gruenwald, chief economist at S&P Global Ratings. 'We're getting talent from all over the world in our top universities,' Gruenwald said. 'They start new businesses, they create value for the US.'However, he explained, 'if you start to damage that linkage between the education, finance and tech sectors, there are negative consequences'. 'If that secret sauce for medium-term growth is gone, then you would have to be marked down there,' he said. Harvard's Allison, meanwhile, said China also has all the right ingredients. 'They have a lot of risk,' he said. 'But I think they have all the ingredients to continue along the path that they're on, growing. It's generally twice the rate of the US, so that path looks likely to continue.' Koopman also praised China's advancements in tech. 'The US economy is one of those economies that really pushes the frontier out. If you look at China's model now, it is really focused on innovation and pushing out that frontier, too. I think that's a very good model.' Since the Covid-19 pandemic, the US economy has fared better than most other economies. But panel members also voiced concerns about the damage that US President Donald Trump's policies could do. 'As we watch what's now happening, while I look for the American team to do as well as possible, the current performance of the US economy, in my view, is poor and getting poorer,' Allison worry over a slowing US economy is also borne out in the World Bank's latest growth forecast published this month, with the US economy expected to expand by a mere 1.4 per cent in 2025 compared with last year's 2.8 per cent clip. China is forecast to grow 4.5 per cent this year. The global economy and trade outlook has been further complicated by Trump's erratic tariffs, coupled with simmering regional tensions such as the ongoing Israel-Iran conflict that the US is now involved in. Koopman said Trump's pursuit of tariffs and other unilateral policies will not only make the US isolated, they will increasingly push other countries closer to China. 'I suspect that many of those countries would say, 'we have challenges with China, but China is more predictable than the US', so there's this uncertainty aspect,' he said. 'You'd rather deal with the devil you know than the devil you have no idea what they're gonna do.' Some analysts also warn that Trump's immigration policies and disputes with top American universities could do more harm than tariffs. 'If I were running the rivalry against the US, and you tell me, 'I have a great plan; we can undermine this source of American strength', I would say that's fantastic. It would be a brilliant strategic coup,' Allison said. 'Unfortunately, [that's what] Trump, at least in some of his impulses, is doing to ourselves. 'I still hope this is going to get sorted out … there's already some substantial damage.'
