International

Address by H.E. Li QiangPremier of the State CouncilOf the People’s Republic of China

Opening Plenary Of the Annual Meeting of the New Champions 2024

It is a great pleasure to join friends, old and new, here in the beautiful city of Dalian for the 15th Annual Meeting of the New Champions. Let me begin by extending, on behalf of the Chinese government, warm congratulations on the opening of the annual meeting and cordial welcome to all participants and journalists.

It has been five years since the Summer Davos was last held in Dalian. In the past five years, global transformation not seen in a century unfolded at a faster pace and world economic

development reached a critical juncture. As many people wonder where the future of the world lies, this annual meeting, focusing on “Next Frontiers for Growth,” is particularly relevant. I believe you all have your own thoughts and insights about the significance and value of exploring next frontiers for growth. Here, I would like to share with you three observations.

First, we need to confront the growth predicament of the world economy. The road to recovery has been treacherous since the onset of COVID-19. According to forecasts of the International Monetary Fund and other institutions, global growth may remain moderate or even slow in the coming years, and generally below the pre-pandemic level. Anemic global growth is not only caused by temporary factors such as impact of the pandemic, high inflation and rising debt. It is also ascribed to some deep-seated problems and intrinsic issues. From a cyclical perspective, the three industrial revolutions since the 1760s, which were respectively marked by the utilization of steam engines, electricity and information technologies, all transformed the way of production and life in human society. Each was followed by a surge in global growth. However, when the impetus unleashed by existing technological models diminished, global growth would slide into a period of stagnation. The impact of such fundamental transformation is manifold. At the macro level, we would see a slowdown of economic growth, and find it more difficult to make the pie of global economy bigger. At the meso level, we would see declining return on investment and diminishing economies of scale, with more business sectors turning from blue to red oceans. At the micro level, we would see intensifying competition among market players and spiraling “involution.” The neck-to-neck contest for available resources is, to some extent, triggering problems including backlash against globalization and escalation of geopolitical conflicts.

Confronted with the growth predicament of the world economy, maximizing one’s own benefits at the expense of others’ interests, or resorting to regressive actions of decoupling, disrupting supply chains and building small yards with high fences would only push up operational costs, sever the economic links between regions and aggravate tensions and disputes. This would drag the world into a destructive spiral where the fierce competition for a larger slice ends up in a diminishing pie. As we Chinese often say, “Range far your eye over long vistas.” In the current context, the right choice is to approach development issues with a longer view and broader mind, and join hands with others to make the pie bigger while pursuing one’s legitimate interests. This is how we could sustain the growth of the world economy, and open new horizon for our own development.

Second, we need to seize the new opportunities brought by the sci-tech revolution and industrial transformation. To overcome the growth predicament, we need to cultivate new engines for growth. We are delighted to see that as the new round of sci-tech revolution and industrial transformation deepens, global innovation activities in science and technology have become more intensive and dynamic than ever before. With the sparks ignited across domains, next frontiers for growth are starting to take shape. From a technology perspective, this round of sci-tech revolution is mainly powered by progress in intelligent, green and health technologies. The rapid advance of cutting-edge information, energy and biological technologies has provided new pathways for tackling climate change, energy crisis and other major challenges facing humanity. It has also notably enhanced the quality and efficiency of the supply system, and catalyzed and generated massive new demand. From an industry perspective, breakthroughs and integration of frontier technologies have redefined traditional production function, triggered a quantum leap in productivity, and opened up new domains and avenues of business, including artificial intelligence (AI), green energy and biomedicine. A host of sectors are expected to evolve into multi-trillion-dollar pillar industries. From a business model perspective, as the sci-tech revolution progresses, the organization of economic activities and industries is undergoing rapid transformation, which is characterized by the features of platform-based operation, networked structure and ubiquitous presence. New forms and models of business such as online services, C2M customization, and smart manufacturing are quickly emerging, making our life more convenient, and giving everyone a fair and accessible chance to participate. In a word, a number of frontier technologies and industries with the potential of explosive growth are metamorphosing and ready to burst onto the stage. This brings light and hope for catapulting the world economy into a new upward cycle.

To embrace the global trend of sci-tech advances and industrial development, all countries are making forward planning and deployment. China has also taken exploratory steps in this regard. In recent years, we have continued to promote high-quality development, accelerate the cultivation of new quality productive forces, and foster new drivers of growth. These efforts have provided strong dynamism for China’s economic development, and created greater cooperation space for companies around the world. The rapid rise of China’s new industries is in line with the global trend of sci-tech revolution and green development. Seizing the favorable opportunities from the sci-tech revolution and industrial transformation worldwide, China has been working hard to advance sci-tech innovation. We encourage companies to be first movers and make continuous investments in cutting-edge fields. Now, after years of cultivation, a number of enterprises and industries in China have gained an edge internationally. In particular, China has been vigorously developing green industries in recent years, such as new energy, to address climate change with concrete actions and meet the twin goals of carbon peak and carbon neutrality. As a result, China’s installed capacity of hydropower, wind power, solar power and nuclear power under construction has all been topping the world for many years running. And renewable energy now accounts for over 50 percent of China’s total installed capacity. Electric vehicles, lithium batteries and photovoltaic products made by Chinese companies have not only met domestic demand, but also enriched supply in the international market, eased the pressure of inflation worldwide, and contributed to the global climate response. The rapid rise of China’s new industries is rooted in its unique comparative advantages. China has a super-sized market of more than 1.4 billion people, a complete industrial supporting system, abundant labor force and talent pool, and diverse scenarios for application. Plus, Chinese consumers are fairly receptive to new technologies. All these make China a broad stage for enterprises to pursue innovation and upgrade their products. The economies of scale can help to reduce innovation costs for enterprises and accommodate the growth of different technology roadmaps and business models. That is also how China’s emerging industries get their competitiveness. The rapid rise of China’s new industries is a testament to the principal role of enterprises in innovation. Enterprises stand at the forefront of the market. They are most sensitive to the changes of demands, and have the strongest desire for innovation. From the Chinese government’s perspective, we have been doing our best to foster a market-oriented, world-class business environment within a sound legal framework. To that end, we have been abolishing regulations that limit market access and fair competition, facilitating the flow of factors of innovation to enterprises and promoting fine entrepreneurial spirit, so that enterprises can fully unleash the dynamism of innovation. China’s large market is open. Foreign companies compete, communicate and cooperate with domestic ones on a level playing field, and they have become a major force enabling the birth and growth of emerging industries. The rapid growth of new industries and new drivers has buttressed the sound and sustained development of the Chinese economy. Since the start of this year, the Chinese economy has sustained the momentum of recovery. It got off to a good start in the first quarter with a 5.3 percent year-on-year growth, and continued steady growth in the second quarter. We have the confidence and capability to achieve the growth target of around 5 percent for this year.

Third, we need to open up a vast blue ocean for future economic development. Facing major opportunities brought by the latest round of sci-tech revolution and industrial transformation, we will, as always, keep to the direction of building an open world economy, harness the momentum, make bold explorations, and work together to create new development space. In this connection, I wish to propose the following:

—First, deepening sci-tech exchanges and cooperation. Science and technology are key variables in future development. Major sci-tech progress usually comes from unrelenting research, accumulation and extensive cooperation. The exploration of new frontiers should not be seen as a zero-sum game. It is a process where all players compete for excellence and make progress together. Resorting to the “small yard, high fence” approach cannot hold back the development of others; it only ends up constraining oneself. The wise thing to do is to create an open, fair and nondiscriminatory environment for sci-tech innovation on the basis of protecting intellectual property, so as to enable the free flow of ideas for innovation and creation.

—Second, enhancing the foundation for green development. There is only one Earth for humanity. Growth in the future has to be premised on harmony between man and nature. We need to stand by the goals and principles of the United Nations Framework Convention on Climate Change and its Paris Agreement, follow the principle of common but differentiated responsibilities, and deliver on our respective emission reduction responsibilities. We cannot slow down our pace in green transition in exchange for short-term growth, or practice protectionism in the name of green development or environmental protection. Green transition itself provides huge potential for development. We need to jointly advance the development of green and low-carbon industries and foster more growth drivers for the green economy.

—Third, safeguarding an open market environment. The history of global economic development shows that openness brings progress while isolation leaves one behind. Only through open interactions, exchanges and mutual learning can we keep pushing the boundaries of development and discover and open up new frontiers. In many ways, the depth of international cooperation determines the height of human development. So it is essential that we embrace each other with open arms and work closely with each other, reject bloc confrontation and decoupling, keep industrial and supply chains stable and smooth, and advance trade and investment liberalization and facilitation, so as to promote the sound development of globalization and form a strong synergy for global economic growth.

—Fourth, promoting inclusive and mutually beneficial development. New technologies such as AI and big data, while contributing to economic growth, may also cause problems such as structural unemployment, economic inequality and technology and AI divide. It is important to coordinate the development and governance of new technologies, make timely improvements to laws and governance frameworks to address conflicting rules and social risks brought by frontier technologies and industrial development, and strive to achieve more inclusive development that benefits all. It is also important to provide education and training to vulnerable groups and upskill the workforce, so that more countries and people can benefit from innovation.

Development has no limits. Exploration knows no boundary. China stands ready to join hands with all countries to sail the giant ship of the world economy into a vast blue ocean and create an even brighter future for humanity.

International

ABUJA INT’L CARNIVAL 2024

Last weekend, Kashim Shettima, Vice President of Nigeria represented, President Bola Ahmed Tinubu, at the opening of the 2024 Abuja International Carnival, which took place in Abuja.

In the remarks, the creative economy was identified as a cornerstone of the current administration’s economic diversification agenda reaffirming the administration’s commitment to positioning Nigeria’s creative sector as a key driver of Nigeria’s global influence.

The carnival was emphasized as playing a major role in strengthening Nigeria’s position in the global creative economy showing creativity, drawing admiration and respect in the global arena. The carnival is representative of rich heritage of Nigeria and is the truest measure of what it means to be Nigerian—proud, resourceful, and innovative.

International

Xi’s metaphoric vision on APEC family

Article from China Daily

President Xi Jinping is attending the 31st APEC Economic Leaders’ Meeting in Lima, Peru, where leaders from across the Asia-Pacific have convened to chart strategies for shaping the region’s future.APEC gatherings, renowned for blending economic discussions with cultural exchanges, often feature leaders donning local attire for the iconic “family photo”. This no-tie tradition is seen as a way to cut down on the formality that high-level meetings usually involve.

In these meetings, Xi’s remarks showcase not only his eloquence but also his wit, vividly conveying his vision for Asia-Pacific cooperation. Over the years, his incisive words and catchphrases have offered fresh perspectives on advancing regional growth and fostering deeper collaboration among APEC members.

On growth

During the 2016 APEC gathering, also held in Lima, Xi used an analogy to describe the relationship between China and the wider Asia-Pacific region, comparing it to sweet potatoes, a food native to Latin America.

He explained that while the vines of sweet potatoes may stretch in all directions, they all grow out of their roots. “Similarly, no matter what level of development it may reach, China, with its roots in the Asia-Pacific, will always contribute to the region’s development and prosperity.”That metaphor holds even truer today.Since joining APEC in 1991, China has become a key trading partner and export market for the majority of APEC members. According to China Customs, China’s trade with APEC economies reached a historic high, surpassing 21 trillion yuan ($2.92 trillion) in the first 10 months this year, marking a 5.7 percent increase from the previous year and accounting for 59.1 percent of China’s total trade.

In its efforts to promote free and open trade and investment in the Asia-Pacific and beyond, China has reduced its overall tariff level to 7.3 percent.”China cannot develop in isolation from the Asia-Pacific while the Asia-Pacific cannot prosper without China,” the Chinese leader made these remarks when he debuted at the APEC stage in Bali, Indonesia, in 2013, highlighting the interconnected growth of the region.Connectivity stands out as one key theme of Xi’s vision for Asia-Pacific development.

He once invoked a concept from traditional Chinese medicine to illustrate APEC cooperation: when there is free flow, there is no pain; when there is pain, there is no free flow. “Connectivity makes the economic arteries of the Asia-Pacific flow more smoothly,” he explained.During his 2013 trip to Indonesia, Xi proposed the 21st Century Maritime Silk Road, a pivotal component of the Belt and Road Initiative, and proposed plans for establishing the Asian Infrastructure Investment Bank to support the BRI.

To date, more than half of APEC’s 21 economies have engaged in Belt and Road cooperation, with signature projects like the Jakarta-Bandung High-Speed Railway in Indonesia and Chancay Port in Peru aiming to help strengthen trade networks and drive growth across the region.”

President Xi has put forward a series of proposals and initiatives to enhance Asia-Pacific regional cooperation, and the BRI is a major one to promote regional comprehensive connectivity,” said Liu Chenyang, director of the APEC study center at Tianjin-based Nankai University.”

These efforts led by President Xi have also shown the world China’s determination to take root in the Asia-Pacific and benefit the region in the long run,” Liu said.

While hosting the 2014 APEC meeting by Yanqi Lake in Beijing’s northern suburbs, Xi compared the 21 APEC economies to 21 swan geese.The lake got its beautiful Chinese name because the migrant swan geese would flock there for rest each spring and autumn. In Chinese culture, swan geese symbolize faithfulness, resilience and determination, flying in unison toward a shared destination despite great distances.”

We are meeting here at Yanqi Lake to enhance cooperation and embark on a new flight to shape a new vision for the development of the Asia-Pacific region,” he said. “A lone goose cannot make a formation.”As a steadfast champion for unity, Xi called on APEC economies to stay committed to mutually beneficial cooperation and fully leverage each other’s strengths to promote development for all.

“We should replace the ‘winner-take-all’ mentality with an all-win approach and work together for great development and prosperity of our region,” he noted.Founded in 1989, APEC was designed to foster economic growth and facilitate free trade and investment across the Asia-Pacific region. Throughout the years, thanks to the joint efforts of its members, the Asia-Pacific region has served as a vital engine of the world economy, driving what Xi has called “the Asia-Pacific miracle”.

The latest IMF data show the region contributes approximately 60 percent to global economic growth.The APEC economies, covering several continents and home to one-third of the world’s population, vary significantly in their development paths and economic conditions.

Acknowledging the differences and divergences among those in the region, Xi emphasized, “Those who cherish the same ideals and follow the same path can be partners, and so can those who seek common ground while reserving differences.”In 2014, under Xi’s chairmanship, APEC economies endorsed a road-map to advance the Free Trade Area of the Asia-Pacific, initially proposed in 2006 in Hanoi, Vietnam. This endorsement was widely viewed as a milestone, marking the official start of efforts to transform a broad vision into concrete actions aimed at elevating Asia-Pacific regional economic integration to a new level.Sharing Xi’s vision, Montri Mahaplerkpong, executive board member of the Federation of Thai Industries, said, “Adhering to the objective of driving APEC together, whether in big, small or medium-sized economies, we have plenty of room in this world to move the economy forward together, as long as we have the will to make it better.”

“I believe all 21 APEC member economies could do hand-in-hand collaboration by seeking common ground while shelving differences,” said Montri.On shared future“I was looking at the vast ocean when I boarded the ship, and it struck me that we are all indeed fellow passengers in the same boat,” Xi said while addressing the 2018 APEC CEO Summit hosted at a distinctive setting — onboard the giant cruise Pacific Explorer in Port Moresby, Papua New Guinea.”

As we brave the rough waters of the global economy and confront the many risks and challenges, it is all too befitting that we have come together on this ship to chart the course for future development and cooperation,” he noted. APEC has faced unprecedented challenges in recent years, from trade frictions to geopolitical tensions. Against this backdrop, Xi has consistently championed genuine multilateralism and warned against antagonism and confrontation.

“The Asia-Pacific is no one’s backyard and should not become an arena for big power contest,” he emphasized in the 2022 Bangkok meeting.During the 30th APEC Economic Leaders’ Meeting held in San Francisco last year, Xi posed a critical question: “Where will Asia-Pacific cooperation be headed in the next 30 years?” And he has provided an answer with Chinese insights — build an Asia-Pacific community with a shared future.”Community” has always been the keyword of Xi’s foreign policy. At his APEC debut in 2013, Xi urged member economies to strengthen “the sense of community of common destiny”.

Five years later in Port Moresby, he advocated for jointly building “a community with a shared future in the Asia-Pacific” to address common challenges.In 2020, as the world grappled with the COVID-19 pandemic and its economic fallout, Xi, while attending the annual APEC gathering via video link, elaborated on his vision to build an Asia-Pacific community with a shared future featuring openness and inclusiveness, innovation-driven growth, greater connectivity and mutually beneficial cooperation.

The 2020 meeting saw APEC members adopt the Putrajaya Vision 2040 as the guiding framework for future work, calling for the creation of an open, dynamic, resilient and peaceful Asia-Pacific community.As Xi prepares to join other Asia-Pacific leaders for discussions under the theme of “Empower. Include. Grow,” observers have set their expectations for the ongoing annual meeting in Lima.

“The role of APEC in facilitating dialogue among political and economic leaders is more crucial than ever at this time of growing protectionism and economic decoupling,” said Hans Hendrischke, professor of Chinese business and management at the University of Sydney Business School.

China has always been active in pushing emerging market economies and developing countries in the Asia-Pacific region to realize more efficient development, said Dora Isabel Gonzalez, a researcher at the Faculty of Higher Studies of the National Autonomous University of Mexico in Acatlan.

“I believe President Xi’s trip to Peru will strongly promote economic, trade and investment cooperation and sustainable development in the Asia-Pacific region and even globally,” said Gonzalez.

International

Chinese vice premier calls for strengthening early warnings for all at COP29

Chinese President Xi Jinping’s special representative Ding Xuexiang, also China’s vice premier, on Tuesday called for strengthening early warning systems for all and enhancing climate adaptation capacity when addressing a high-level meeting held by China on early warnings during the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan.

Ding, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, noted that China attaches great importance to international cooperation on meteorological early warning and President Xi has made specific requirements on this issue.

In recent years, climate change has had an increasing impact globally, with frequent extreme weather events posing unprecedented challenges to the safety of people’s lives and property as well as to economic and social development, Ding said, adding that strengthening early warning systems for all and enhancing climate adaptation capacity have become increasingly important and urgent.

China is willing to work with all countries to advance the implementation of the United Nations’ Early Warnings for All initiative, make new and greater contributions to addressing climate change, Ding said. He further proposed three points.

First, jointly improving global risk assessment capabilities and promoting the standardization of climate risk assessments to provide scientific support for climate governance.

Second, jointly building a global early warning network, sharing technology, enhancing system interconnectivity, and working to improve global early warning systems.

Third, jointly establishing a climate adaptation partnership. Ding said that China will develop and implement a South-South cooperation flagship project for early warning in response to climate change, supporting other developing countries through the provision of meteorological observation equipment, early warning systems, and capacity-building training.

COP29 President Mukhtar Babayev, the UN secretary-general’s Special Adviser on Climate Action and Just Transition Selwin Hart, World Meteorological Organization Secretary-General Celeste Saulo, and Kamal Kishore, the UN secretary-general’s special representative for disaster risk reduction and head of the UN Office for Disaster Risk Reduction, also attended the meeting and delivered speeches.

During the meeting, China’s Action Plan on Early Warning for Climate Change Adaptation (2025-2027) was published. Article from CGTN