Fostering entrepreneurship for economic resilience, progress

BEIJING -- Accelerating global economic recovery necessitates stimulating business vitality in the world economy, driven by an entrepreneurial spirit that fuels innovation and advances social progress.

Themed "Entrepreneurship: The Driving Force of the Global Economy," the 14th Annual Meeting of the New Champions, also known as Summer Davos Forum, opened on Tuesday in China's Tianjin municipality.

Entrepreneurial spirit is the primary driver of innovative thinking and technological advancement.

The world faces challenges such as slowing growth, climate change and wealth gap. Rising unilateralism, protectionism and de-globalization harm the environment for international businesses and partnerships. Instability, uncertainty and unpredictability are on the rise.

At this critical juncture, it is important to give full play to the entrepreneurial spirit, which is embodied by a willingness to take risks, the ability to identify opportunities, a commitment to continuous learning, and fearlessness in the face of difficulties and setbacks.

Currently, the latest technological revolutions and industrial transformations are gaining momentum. The world needs the power of innovation more than ever, particularly in fields like artificial intelligence, big data, blockchain and new energy. It is imperative that we increase investment and accelerate the digitalization process to create new drivers of economic growth and infuse sustained momentum into the global economy.

In the first quarter of this year, China's GDP grew by 4.5 percent year-on-year, and it is expected to expand even faster in the second quarter. The country is on track to achieve the growth target of around 5 percent as set by the government.

China is committed to collaborating with entrepreneurs from different countries in support of economic globalization, upholding the market economy, and firmly endorsing free trade. A total of 11,000 new foreign-invested companies were established in China in the first quarter, representing a 7.6 percent year-on-year increase.

In his speech at the Summer Davos opening plenary, Klaus Schwab, executive chairman of the World Economic Forum, called for global efforts to fight fragmentation and strive for dialogue, understanding and collaboration.

Valuing entrepreneurship and win-win cooperation, the world should work together to keep global industrial and supply chains stable and smooth, and deliver the fruits of globalization to different countries and groups of people in a more equitable way by steering the global economy towards a more inclusive, resilient and sustainable future.