Li advocates economic cooperation
Premier dismisses ‘de-risking’, urges nations to spot areas of mutual interest
Premier Li Qiang said that China has the confidence and capability to achieve steady economic growth, calling on countries to look for more areas where mutual interests converge to make the global economy pie bigger.
Having experienced the unease caused by conflicts and turmoil, the world should value peace and stability even more, Li said, underscoring that both are prerequisites for development.
Li made the remarks on June 27 when addressing the opening plenary session of the 14th Annual Meeting of the New Champions, also known as the Summer Davos Forum, in Tianjin.
The annual forum, which is being held offline for the first time since the COVID-19 pandemic, was themed “Entrepreneurship: The Driving Force of the Global Economy” this year, and ran from June 27-29. The meeting brought together more than 1,500 officials and experts from over 90 countries.
Li said that China is on track to hit a growth target of around 5 percent set for 2023 after the country’s economy showed a clear momentum of rebound and improvement with 4.5 percent year-on-year GDP growth in the first quarter.
“China wishes to work with all of you to firmly support economic globalization, uphold the market economy, support free trade and steer the world economy toward a more inclusive, resilient and sustainable future,” he told the participants.
Li, who recently returned from Europe on his first overseas trip since taking office in March, said some Western countries are raising the rhetoric of “de-risking”, which he believes is a false proposition.
If there are risks in a certain industry, he said, it is businesses that should be allowed to make their own choice or draw their own conclusion. “Governments and relevant organizations should not overreach themselves, even less overstretch the concept of risk, or turn it into an ideological tool,” he said.
The premier underlined the importance of eliminating both visible and invisible barriers, deepening mutual understanding, and strengthening dialogue to bridge differences and expand common ground. The absence of effective communication can easily lead to prejudice and even stereotypes, he said.
Li noted that the power of humanity was proven when countries around the world looked out for each other during the fight against COVID-19.
The premier also invited multinational companies to explore more opportunities for cooperation in China when taking questions during a dialogue session, saying the country will create greater global stability and security as it pursues high-quality development.
Confronted with a multitude of global challenges, such as climate change, debt risks, slowing growth and a wealth gap, countries must once again cherish the gains of cooperation, embrace the concept of winwin cooperation and work together to tackle the challenges, Li said.
He said that China always attaches high importance to multinational corporations, which serve as important players and are a force in China’s
economic development.
“China is committed to its own development and is also always ready to share opportunities with the rest of the world,” Li said, adding that China is an open and inclusive country with international credibility.
The premier said China is stepping up scientific and technological innovation, modernizing its industrial system and expanding domestic demand, and a new round of technological revolution and industrial transformation is expected. Multinationals are welcome to participate in this process, he added.
Li said that China stands ready to work with all parties to develop cutting-edge technologies, expand new areas of cooperation and facilitate enterprises’ investment.
The country will speed up building a market-oriented and world-class business environment governed by a sound legal framework. The country’s policies will also become more predictable and consistent, he said. “Going forward, we will only open wider to the world,” Li said.
“We need to look for certainties and opportunities for economic development, pool efforts to bring more certainty to economic globalization and to jointly ensure that global industrial and supply chains are stable and smooth,” Li said.
A Commerce Ministry report released last year on multinationals in China and the role they can play in reshaping global supply chains showed that China remains an important destination for global investment by multinationals.
Ralf Brandstatter, the chief of Volkswagen China, said at the session that the close economic relations between Germany and China, especially in the automotive industry, have led to more investment, innovation and employment in both countries.