WEF’s ‘Summer Davos’ in Dalian to focus on unlocking economic growth through innovations
More than 1,700 leaders, including from government, business and academia, will attend the three-day event – the World Economic Forum’s second largest annual gathering – from Tuesday (Jun 23).
More than 1,700 leaders from over 90 countries, including from government, business and academia, will attend the World Economic Forum’s Annual Meeting of the New Champions in Dalian, China this week. (Photo: CNA/Tan Si Hui)
New: You can now listen to articles.
This audio is generated by an AI tool.
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
DALIAN, China: The search for new drivers of economic growth will take centre stage at the World Economic Forum’s (WEF) Summer Davos meeting in the northeastern Chinese port city of Dalian this week, as leaders explore how innovation can be scaled to address pressing challenges amid growing global uncertainty.
More than 1,700 leaders from over 90 countries, including from government, business and academia, will attend the three-day Annual Meeting of the New Champions – the WEF’s second largest annual gathering – from Tuesday (Jun 23).
Under the theme of Innovating at Scale, discussions are expected to focus on the potential of frontier technologies such as artificial intelligence and quantum computing to drive economic momentum.
OPENING UP NEW POSSIBILITIES
Neo Gim Huay, a managing director at WEF, said the world has already entered a new technological age, powered by advances in AI, robotics and biotechnology.
This year’s focus is on extending the reach of these breakthroughs to unlock new possibilities for long-term growth.
“We are looking at new business models, new operating models made possible by technological advances,” said Neo.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
“But in order for this to be translated into the real economy, into real productivity gains, we have to address the issue of skills (and) jobs,” she added.
“We have to look at whether the policies are in place to enable and to support new ways of doing things, and you also need to have investors, as well as infrastructure providers, who are willing to invest into these new possibilities.”
Mirek Dusek, who is also a managing director at WEF, stressed the importance of creating the right conditions for adoption of new technologies across industries. This will require decision makers to develop supportive frameworks and “really think through what it means for people”.
“We have tremendous technologies that we didn’t have 10, 15 years ago. In certain instances, technology can help,” he said. “But at the same time, we all know that’s not a panacea.”
Dusek added: “There is at least a realisation on the part of sovereign actors that we all have our national security imperatives and considerations, but we also want to find ways, maybe to be a little smarter about what cooperation means.”
This year’s Summer Davos takes place amid a more complex international backdrop, from trade tensions to continued uncertainty in the Middle East.
The International Monetary Fund has downgraded its global growth forecast to 3.1 per cent this year, from 3.4 per cent in 2025, driven by escalating geopolitical risks.
Growth is projected to recover modestly to 3.2 per cent next year, although trade fragmentation and tightening fiscal conditions continue to cloud the outlook.
Heron Lim, a senior economist at real estate consultancy Cushman & Wakefield, said: “With shifting operating realities that are happening with businesses and also consumers facing somewhat elevated uncertainties and slightly-hit confidence due to all the economic anxiety that’s happening, the conversations have to be increasingly practical and really targeted on real outcomes and putting them at the forefront.
“This would be areas such as really realigning supply chains (and) balancing new energy needs with sustainability goals.”
CHINA’S GROWTH MOMENT
The meeting comes at a significant juncture for China, as the country begins implementing its 15th Five-Year Plan.
The blueprint places technological innovation at the heart of China’s future growth strategy, making it a key area of interest for many attendees.
“We hope this meeting will showcase the achievements of China’s high-quality economic development, convey China’s firm commitment to openness and cooperation, and share the vast opportunities created by Chinese modernisation,” said Gao Weiqi, deputy director-general of the National Development and Reform Commission’s international cooperation department.
“China’s healthy and stable development will inject greater certainty and new momentum into the world economy.”
China’s economic outlook remains firmly in focus, with weak domestic consumption and a prolonged property downturn weighing on the economy.
Observers say discussions this week could offer clues about the direction of the world’s second-largest economy.
Dusek said there is strong global interest in China’s innovation ecosystem, including the policies and industry-government partnerships that have helped build its robust innovation value chain.
He added that China, and Asia more broadly, have not only been at the forefront of research and development in emerging technologies, but have also led the way in deploying these innovations across industries.
For Dalian, the forum also carries significant economic importance.
Local officials say hosting the event has helped attract investment and boost the city’s profile as a manufacturing and innovation hub.
They pointed to multinational companies such as Volkswagen and Pfizer, which have expanded their presence there.
Last year, Dalian’s economy grew by 5.7 per cent to just over 1 trillion yuan (US$147 billion), making it the first city in Northeast China to do so.
The city’s mayor Li Qiang said: “This year, we hope to leverage the forum’s global resources to transform technological breakthroughs into industrial-scale advantages, particularly in areas such as clean energy, fine chemicals, shipbuilding and marine engineering equipment, while promoting higher-end, smarter, greener and larger-scale industrial upgrading.”
Source: CNA/ca(mp)
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
