Summer Davos forum closes, highlights inclusive growth

2017 Summer Davos closed its annual meeting on Thursday in northeast China's coastal city of Dalian, highlighting technological innovation and inclusive growth for sustainable development.

During the three-day Meeting of the New Champions 2017, more than 2,000 participants including officials and entrepreneurs from over 90 countries and regions shared their insights on economic globalization challenges, the sharing economy and new technology.

The meeting was themed "Achieving Inclusive Growth in the Fourth Industrial Revolution." Attendees tried to find ways to achieve a more inclusive style of growth that prioritizes meaningful job creation and sustainable development.

Chinese Premier Li Keqiang addresses the opening ceremony of the 11th Annual Meeting of the New Champions, also known as the World Economic Forum's Summer Davos session, in Dalian, on Tuesday, June 27, 2017. [Photo: Xinhua]

China will increase access to the service and manufacturing sectors, relax restrictions on foreign ownership, and treat Chinese and foreign companies on an equal basis, said Premier Li Keqiang at the opening ceremony of the forum on Tuesday.

"We will further ease market access in service and manufacturing sectors, relax foreign equity caps in some areas of interest, advance and improve the negative-list regulation model. Domestic and foreign companies are treated equally in the application of supportive policies," he said.

The meeting highlighted China's economy.

"China's growth is an incredible contribution to the global economy," said Klaus Schwab, the World Economic Forum (WEF) founder and executive chairman.

China has been a major stabilizer and driving force for the world economy, contributing more than 30 percent of recent growth. Its GDP in Q1 grew 6.9 percent year on year from the same period in 2016.

Li Daokui, an economist with Beijing-based Tsinghua University, is optimistic, predicting growth will accelerate next year with rising private investment and improved government efficiency.

"It is forecast the growth speed (of China's economy) this year will be the same as last year. In 2018, the economy will begin to go upward, largely due to rising private investment," said Li.

According to Sun Pishu, chairman of China's cloud computing and big data provider Inspur Group, the country's supply-side structural reform has delivered success.

"Profound changes have taken place in China's economic structure, with growth engines shifting to innovation and investment becoming steadier," said Sun. 

Established by the World Economic Forum in 2007, the Summer Davos forum is held annually in China, and alternate between the port cities of Dalian and Tianjin.