(Summer Davos) Xinhua Headlines: Powering global innovation, China delivers stability and renews vitality

* The 16th Annual Meeting of the New Champions, also known as the Summer Davos, is being held in north China's Tianjin Municipality from June 24 to 26.

* China will continue to deepen its integration and connectivity with the world market and strengthen industrial collaboration with various countries, Chinese Premier Li Qiang said in his speech.

* China's commitment to enhancing its business environment, promoting innovation-driven development, and its vast, dynamic consumer market are creating opportunities for global trade and reinforcing confidence in international cooperation.

TIANJIN, June 25 (Xinhua) -- Voices at the ongoing 16th Annual Meeting of the New Champions have hailed China as an emerging beacon of stability and vitality, driving global innovation against a backdrop of economic uncertainty.

The event, also known as the Summer Davos, is being held in north China's Tianjin Municipality from June 24 to 26, bringing together over 1,700 leading figures from more than 90 countries and regions to explore how entrepreneurship and emerging technologies can unlock more dynamic and resilient economies.

China's resilience amid global uncertainties and its steady, innovation-driven growth have captivated participants, many of whom believe the country is well-positioned to contribute even more to the world.

STABILIZER IN UNCERTAINTIES

In his speech at the opening of the event on Wednesday, Chinese Premier Li Qiang noted that the international economic and trade landscape is undergoing a profound change, and called on the international community to take constructive actions in carrying out international economic and trade cooperation.

China is willing to do whatever it takes to help tackle the difficulties and challenges facing the global economy, he stressed, adding that China will continue to deepen its integration and connectivity with the world market and strengthen industrial collaboration with various countries.

"We need to proactively take more practical measures to safeguard free trade and multilateralism and promote the stable development of the world economy," Li said.

Despite global economic headwinds, China's GDP in 2024 grew 5 percent year on year to 134.91 trillion yuan (about 18.82 trillion U.S. dollars), contributing about 30 percent to global economic growth, with the country targeting a growth rate of around 5 percent in 2025.

"I'm relatively optimistic for the Chinese economy, both on medium-term and long-term ... China is pivoting from manufacturing of goods into more services and digital trade. We are also seeing a lot of new technologies being applied," World Economic Forum President Borge Brende told Xinhua in an exclusive interview.

In a forum session with Brende, former British Prime Minister Tony Blair described China as "probably the most remarkable story of transformation" in recent decades and urged countries to seek understanding and remain engaged with China, rather than isolate it.

AT FOREFRONT OF INNOVATION

Innovation has been at the heart of China's economic growth. Ranking second globally, China's research and development expenditure increased by 8.3 percent in 2024. The country has made significant breakthroughs in fields such as quantum technology, artificial intelligence and robotics, solidifying its position as a global innovation hub.

Premier Li highlighted that China is striving to develop itself into a super-sized consumption powerhouse on the solid foundation of a manufacturing powerhouse, and is willing to share its original technologies and innovative scenarios with the world.

The Chinese government will continue to foster a first-class business environment that is market-oriented, law-based and internationalized, and always keep the doors wide open and warmly welcome businesses from all countries to invest and deepen their roots in China, Li said.

Speaking at the forum, Michael Gelchie, CEO of Louis Dreyfus Company, said that China's commitment to enhancing its business environment, promoting innovation-driven development, and its vast, dynamic consumer market are creating opportunities for global trade and reinforcing confidence in international cooperation.

To open wider, China has rolled out a series of measures to attract foreign investment, including further relaxing market access restrictions, enhancing intellectual property protection, and optimizing the business environment.

These efforts have certainly paid off. In 2024, 59,080 new foreign-invested enterprises were established in China, up 9.9 percent year on year. The country attracted an annual overseas investment of over 1 trillion yuan for three consecutive years from 2021 to 2023.

Major multinational corporations such as Louis Dreyfus and Honeywell have expanded their presence in China, citing the country's robust market potential and favorable business environment as key factors.

The size, resilience and innovation vitality of the Chinese market have laid a solid foundation for multinational enterprises to set foot in China, and the country's prowess in scientific and technological innovation, digital economy and low-carbon development has carved out broad space for businesses, said Yu Feng, president of Honeywell China, at the event.

(Video reporters: Li Shuai, Zhang Yuqi, Hu Zhenze, Zheng Qingbin, Wu You, Wang Hui; video editors: Zhang Yucheng, Roger Lott, Zhao Xiaoqing)  ■