The unprecedented attendance at the Summer Davos Forum, a business gathering being held in Tianjin this year, can be seen as a sign that more and more people are feeling anxiety about the possibility of a prolonged global recession.
Among the 2,000 delegates and guests attending the meeting is Premier Wen Jiabao, who, at the event's opening ceremony on Tuesday, called for global cooperation to combat current economic difficulties. The forum has appropriately given itself the working theme "Creating the Future Economy", and thus placed a priority on finding new ways to ensure the global economy regains its former momentum.
As usual, much of the forum's discussion is about ways to give corporations - especially emerging multinational companies - the largest possible role in efforts to boost economic growth. At the same time, we should recognize that their role may be constrained amid the current difficulties.
While the US and Europe struggle, emerging-market economies, which used to stoke the fires of global growth, are also showing signs of weakness. Banco Bilbao Vizcaya Argentaria SA, a Spanish banking group, has said in a recent report that, except for Indonesia, Mexico and Russia, emerging economies in Asia, Latin America and parts of Europe are showing signs of weakness in general.
There are, therefore, no easy solutions. This harsh reality poses a serious challenge to the participants in the Davos forum and, as Wen said, calls for confidence building and sincere cooperation.
(China Daily 09/12/2012 page8)
