A win for globalization and China as Summer Davos 2017 picks up steam

Summer Christmas for the global business leaders this year came in the form of the Summer Davos which kicked off on June 27-29. The summit is also known as The World Economic Forum's 11th Annual Meeting of the New Champions. This year’s summit focuses on achieving inclusive growth in the fourth industrial revolution. Which essentially means, strengthening “globalization” with special focus on sharing economy, oceans, green investment and new technology innovations for environmental management. This year’s summit has attracted a record high of over 2,000 prominent leaders from eighty four countries. The participating leaders are from various walks of life including; politics, business, civil society, academia and arts. The leaders convened in China's northeastern coastal city of Dalian on Tuesday and the summit is scheduled to conclude on Thursday June 29th. 

The pronounced interest and importance being given to the Summer Davos 2017 in Dalian by the world media is mainly due to the growing wave of anti-globalization sentiment in many countries. The business community and proponents of global trade the world over have started to view China as a bastion of globalization and the Summer Davos 2017 in Dalian is a perfect platform for strengthening and enhancing trade. This is the reason why the key note address of the Chinese Premier Li Keqiang which kick started the event focused a lot on “globalization and inclusivity”. Premier Li said, "It (globalization) is bringing benefits to all countries…Based on the principal of equal consultation, mutual understanding and accommodation, as well as equal treatment without discrimination, countries must seek convergent interests and complement each other's advantages to achieve win-win results." Premier Li acknowledged the hurdles on the path towards globalization and said, “The problems facing different countries are not due to globalization itself, but because of the inability to address it, he noted. It does not make sense to blame the rough road and stop moving if I sprain an ankle."

The Summer Davos 2017 lays tremendous importance towards promoting technological advancements through which various global issues can be tackled. Premier Li said, "Achieving Inclusive Growth in the Fourth Industrial Revolution" meeting will focus on how technology and policy innovation can accelerate a more inclusive style of economic growth that prioritizes meaningful jobs.” China is fast becoming one of the central players in helping the global community in the process of defibrillating the global economy. The major reason for this is the fact that the Chinese leadership is guiding the Chinese economy through major reforms and much of the Chinese policies are in line with the agenda of the Summer Davos 2017. The Global business community and leaders appreciate China’s commitment and this raises their confidence in China’s role and plans for globalization, which include the Belt and Road initiative. China is now heavily invested in supporting innovations and technological advancements. China now houses nearly 50 unicorns (private companies worth more than $1 billion). These unicorns are on a path towards further expansion, which is why in the near future the world markets will also witness Initial Public Offerings (IPOs) from Chinese technology firms.

With China emerging as a leading country, it is also the reason why there is tremendous interest in China’s economy and Premier Li during his address said, “The Chinese economy has become more stable and sustainable, and has made progress in restructuring and improving efficiency.” As part of the reform process "domestic demand has become a significant pillar (for the economy).” The growth exhibited by the Chinese economy during the first quarter of 2017 is the fastest and raises tremendous confidence in China’s leadership role. A number of financial institutions, including the International Monetary Fund acknowledge China’s economic stability, which is why they have upgraded their forecast on China as new impetus is accumulating and the economic re-balance is making headway.

China has also become a leading country in its efforts towards protecting the environment and that is why a senior official at the World Economic Forum stated that, “China plays an increasingly vital role as a world leader in a green and sustainable development model, both in the public and private sectors, The world's largest issuer of green bonds during 2016 was the Shanghai Pudong Development Bank,” this highlights the importance placed by the Chinese government towards ecological and digital economy.”

The Summer Davos 2017 has been a great platform over the years for enhancing trade and mobilizing the leaders as well as global business minds together to not only enhance trade but by the sharing of creative ideas which is reflected in China’s technological advancements and this year’s meeting will tremendously benefit in bolstering the fourth industrial revolution which centers on inclusivity and building the world economy through sustainable and creative means. The 11th annual meeting of the Champions indeed serves as a global stage for engagement of over 2,000 leaders who in turn share ideas on cutting edge of innovation, science and technology which brings mankind closer to building a future where entrepreneurship serves all of society keeping inclusivity as a vivacious central pillar.

The Author:

Dr. Shafei Moiz Hali studied at George Mason University, Virginia, USA and specialized in the field of International Commerce and Policy. Dr. Hali did his PhD from Huazhong University of Science and Technology, Wuhan, China and specialized in Chinese foreign policy focusing on the Belt and Road Initiative and energy issues. Dr. Hali is an Assistant Professor at the National Defence University (NDU), Islamabad, Pakistan with the department of Government and Public Policy.