Global economic trends behind keywords at 2024 Summer Davos

DALIAN -- China's northeastern coastal city of Dalian currently finds itself at the nexus of world attention, as the host of the 15th Annual Meeting of the New Champions.

Running from June 25 to 27, the ongoing event, also known as Summer Davos, has drawn over 1,700 representatives of the political, business, academic and media communities in more than 100 countries and regions to explore new frontiers in revitalizing the sluggish global economy.

Amid discussions among the leading figures, several keywords have emerged, shedding light on the economic trends commanding the world's attention.

Economic growth & cooperation

The global economy is facing challenges such as complex and volatile geopolitical landscapes and increased economic uncertainty.

According to the World Bank, global economic growth is projected to slow for the third consecutive year, declining from 2.6 percent in 2023 to 2.4 percent in 2024. The period from 2020 to 2024 is set to become the slowest five-year span for global economic growth in the past 30 years.

The question of how to stimulate global economic growth and make the economic pie bigger has become a topic of discussion among participants at the three-day grand gathering.

At this year's forum, Chinese Premier Li Qiang provided a feasible solution.

When meeting with Executive Chairman of the World Economic Forum (WEF) Klaus Schwab at the event's opening plenary, Li called on all nations and regions to maintain an open mindset, enhance their mutually beneficial cooperation and jointly seek new frontiers of economic growth.

Echoing Li's remarks, Schwab highlighted the necessity of global cooperation and innovation.

"To drive future economic growth, we must embrace innovation and foster collaboration across sectors, regions, nations and cultures to create a more peaceful, inclusive, sustainable and resilient future," he noted when addressing the opening plenary.

Next frontiers & AI

As a term included in the theme of this year's forum, "next frontiers" for development in the future have been observed as a major topic of several sub-forums.

Future growth points will revolve around new growth engines from technological innovation and green, low-carbon exploration amid a global transformation, said Chen Liming, chair of Greater China of the World Economic Forum.

Among the frontier sectors widely discussed by one panel after another lies the most powerful engine for economic growth: artificial intelligence (AI).

Recent breakthroughs in AI, such as deep learning, generative AI and foundational models, have catalyzed remarkable progress in enhancing human innovation and driving economic development.

"The world is on the cusp of a scientific discovery revolution driven by AI," proclaimed the Top 10 Emerging Technologies report released at this year's Summer Davos.

China

This year marks the 15th occasion that the Summer Davos has been held in China. When the inaugural event convened in Dalian in 2007, China's GDP was approximately $3.5 trillion, accounting for about 6 percent of the global economy.

By 2023, China's economic output had surged to nearly $18 trillion, representing over 17 percent of the global share and establishing China as a primary trading partner for more than 140 countries and regions. This substantial economic scale and steady growth trajectory have consistently placed "China" among the top buzzwords at both winter and summer Davos in recent years.

In an increasingly contentious geopolitical environment, China, as the largest emerging economy, plays a vital role in promoting international cooperation and multilateralism, said Elizabeth Ingleson, assistant professor of international history at the London School of Economics.

Meanwhile, in various domains, ranging from technological development represented by AI to business-model innovation spearheaded by internet platforms, industry insiders participating at the event recognized that China is among the flagbearers, eyeing more spillover effects from China's development of new quality productive forces.

"We're bullish about China going forward," said Shin Hak-cheol, CEO of LG Chem. The chemical giant from the Republic of Korea has built over 10 production bases in China since it entered the market over three decades ago. "We're not downsizing here, and we're really investing for the future."