During the opening of the World Economic Forum’s “Summer Davos” meeting in Dalian, China, Chinese Premier Li Qiang defended the country’s technological development. He emphasized that the rapid rise of China’s new industries is rooted in their unique comparative advantages. These advantages include the country’s large market, industrial network, labor force, diverse application scenarios, and receptive consumers. According to Li, these factors are what give China’s emerging industries their competitiveness.
Global Cooperation and Confrontation
Li also criticized efforts to restrict global cooperation and highlighted the importance of embracing each other with open arms. He noted that the depth of international cooperation determines the height of human development. The Chinese Premier emphasized the need to “reject” confrontation and promote collaboration among nations. Li’s remarks come amidst tensions with the EU over imports of Chinese electric cars, with the EU announcing plans for tariffs and the US raising duties on such vehicles.
Li expressed confidence in China’s economic growth, stating that it would remain “steady” in the second quarter. He also reiterated his confidence in the country’s ability to achieve the official growth target of 5% for the year. Recent data from China showed positive growth in retail sales but less than expected growth in industrial activity. Li pointed out that real estate continues to drag on the economy, while exports remain a strong supporter of growth.
Technological Innovation and Economic Policy
At the World Economic Forum, Premier Li emphasized that technological innovation should not be used as a means to restrict other countries. He highlighted Beijing’s efforts to support technological innovation and businesses, as well as its appeals to the US to remove restrictions on Chinese companies acquiring advanced technology. Li compared China’s economic policy to traditional Chinese medicine and boxing, suggesting that Beijing was pursuing a targeted and compilation-of-parts approach to economic development.
Li mentioned that China is adding support for its aging population as a new driver of growth. He did not elaborate on efforts to boost consumption beyond a previously announced trade-in policy. The Chinese Premier’s focus on supporting technological innovation, businesses, and the aging population reflects the country’s efforts to navigate economic challenges and achieve sustainable growth.
By defending China’s technological development, promoting global cooperation, and outlining the country’s economic goals, Premier Li Qiang’s remarks at the World Economic Forum shed light on China’s economic trajectory and its approach to international relations. As China continues to navigate global challenges and pursue economic growth, its unique comparative advantages and commitment to innovation will play a crucial role in shaping its future trajectory.
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