Li to address World Economic Forum

China is the secondlargest economy in the world, 20 percent of the global GDP. The steps that China takes are incredibly important for the world.”

Borge Brende, president of the World Economic Forum

Premier Li Qiang will attend the World Economic Forum Annual Meeting 2024, which will open in Davos, Switzerland, on Monday, amid high expectations that China, as the world’s second-largest economy, will contribute its share to helping the global economy recover in the year ahead.

During his first overseas trip of the year, from Sunday to Wednesday, Li will also make official visits to Switzerland and Ireland.

Li will deliver a special address at the opening of the Annual Meeting of the World Economic Forum, which is themed “Rebuilding Trust”, Foreign Ministry spokeswoman Mao Ning said at a regular news conference on Thursday.

“Currently, the world is facing many uncertainties and instabilities, and global economic growth is sluggish,” Mao said. “We look forward to working with all parties to strengthen exchanges and communication, enhance mutual understanding and mutual trust, and contribute to world economic recovery, improving global economic governance and jointly meeting the challenges.”

During the five-day event in Davos, more than 2,800 delegates from businesses, governments, international organizations and civil society will convene to address the world’s most pressing issues and set priorities for the year ahead.

The eye-catching meeting takes place amid a protracted period of low growth, as well as increasing division and uncertainty that continue to destabilize the world.

Global economic growth is projected to slow from an estimated 2.7 percent in 2023 to 2.4 percent in 2024, trending below the pre-pandemic growth rate of 3 percent, according to the United Nations’ report “World Economic Situation and Prospects 2024”.

The UN’s flagship economic report presents a somber economic outlook for the near term. It says that persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters pose significant challenges to global growth.

China’s economic output is estimated to have exceeded 126 trillion yuan ($18 trillion) in 2023, basically achieving the main targets for economic and social development, President Xi Jinping said at a meeting in Beijing on Dec 29. The Chinese government set a GDP growth target of around 5 percent for 2023, with the benchmark being the 2022 GDP of 120 trillion yuan.

Borge Brende, president of the World Economic Forum, said that China will continue to be an important driver for global economic growth.

“China is the second-largest economy in the world, 20 percent of the global GDP. The steps that China takes are incredibly important for the world,” Brende said in an interview with Xinhua News Agency.

“I think China works really well with the Global South. China is also a major player in Asia. And I think China can be very important in making sure that there is progress in global trade negotiations.”

“China plays an incredibly important role in the global climate negotiations,” he added.

During Li’s visit to Switzerland, he will hold talks with President of the Swiss Confederation Viola Amherd and other officials to exchange views on China-Switzerland relations, mutually beneficial cooperation in various fields and international and regional issues, according to Mao, the Foreign Ministry spokeswoman.

Li’s visit to Switzerland is the beginning of high-level exchanges between China and Europe in 2024. Mao said that China looks forward to enhancing political mutual trust between the two countries, strengthening bilateral and multilateral cooperation, and jointly advocating for free trade and multilateralism.

This year marks the 45th anniversary of diplomatic ties between China and Ireland. China looks forward to working with Ireland to further develop bilateral ties and make new contributions to the healthy and stable development of China-Europe relations, Mao said.