The 16th Annual Meeting of the New Champions, also known as the Summer Davos, was recently held in Tianjin, north China, drawing global attention to China's role in revitalizing the global economy.

Wind power equipment are loaded onto a cargo ship for export in Lianyungang, east China's Jiangsu province, June 23, 2025. (People's Daily Online/Wang Chun)

At the forum, participants expressed strong confidence in China's economic outlook and its continued commitment to openness and cooperation. As one attendee put it, "China's innovation and opening-up help strengthen the resilience of free trade and the multilateral system." Another noted, "China continues to inject strong momentum into global development and remains a land of promise for international investment and cooperation."

At a time when protectionism, unilateralism, and anti-globalization sentiments are on the rise, the world economy and international trade cooperation are facing new challenges. Global development now finds itself at a critical crossroads.

Many stakeholders are striving to counter mounting uncertainties and instabilities, and there is a strong desire across the international community for solidarity and cooperation to overcome challenges and promote common prosperity.

This year's Summer Davos forum attracted a record number of participants in recent years, bringing together political leaders alongside more than 1,700 representatives from over 90 countries and regions. This robust turnout demonstrates a global consensus on safeguarding economic globalization and the free trade system, and sends a strong message of win-win cooperation.

Business leaders at the forum noted that foreign enterprises operating in China have long witnessed the country's sustained economic growth. Amid growing global uncertainty, China's policy stability and long-term planning are particularly valuable.

Robots work in a smart factory in Huzhou, east China's Zhejiang province. (People's Daily Online/ Wang Shucheng)

In recent months, as growth-stabilizing policies have been rolled out, the resilience of China's economy has come to the fore. Leading foreign institutions such as Morgan Stanley, Deutsche Bank, and Goldman Sachs have all raised their forecasts for China's economic growth.

Time and again, facts have shown that with clear development goals, consistent planning, firm reform measures, and pragmatic macro policies, China has the confidence and capability to sustain sound economic growth despite external shocks.

As World Economic Forum President Borge Brende noted, China's recent series of policy measures are ensuring the solid advancement of structural reforms. These efforts not only support the realization of this year's growth target of around 5%, but also lay a solid foundation for the next decade.

Through continuous opening-up, China is fostering shared prosperity by further integrating into the global economy. As the world's second-largest consumer and import market, China boasts nearly 50 trillion yuan ($7 trillion) in consumption, over 50 trillion yuan in investment, and 20 trillion yuan in imports, showing immense potential for growth on multiple fronts.

China is proactively opening its market to the world, advancing a strategy to expand domestic demand, and launching special initiatives to boost consumption. These efforts aim to transform China from a manufacturing powerhouse into a vast consumption-driven economy, offering even broader market opportunities for global businesses.

Mirek Dusek, managing director of the World Economic Forum, remarked that China's economic scale and vast consumer market play a crucial role in driving the development of new quality productive forces and in shaping the broader ecosystem across Asia.

Thanks to China's sustained opening-up, more and more countries are engaging in cooperation with China across fields such as trade and technology, sharing in the dividends of development, creating new growth momentum for the global economy, and contributing to greater certainty worldwide.

The 16th Annual Meeting of the New Champions, also known as the Summer Davos, is held, June 24, 2025. (Photo/Yuan Lin)

One of the highlights of this year's forum was China's scientific and technological innovation. The country has successfully pursued a path where sci-tech innovation drives industrial upgrading and, in turn, industrial transformation fuels sci-tech breakthroughs, drawing global attention. China actively shares original technologies and innovative application scenarios with the world, supports international joint research and development and technology promotion, and fosters global innovation through open collaboration.

Many participants expressed a strong desire to deepen cooperation with China in areas such as emerging technologies and industrial transformation, seeking new opportunities for development.

Lee Hee-sup, secretary-general of the Trilateral Cooperation Secretariat, observed that China's focus on digital technology, artificial intelligence, and green industries is advancing new quality productive forces. This positions China at the forefront of building future growth engines, thereby supporting global economic recovery.

Partnering with China will bring more opportunities. China firmly embraces a universally beneficial and inclusive economic globalization, and upholds free trade and multilateralism. It stands ready to work with all parties to safeguard common interests through mutually beneficial cooperation, contribute to each other's development by generating more growth, and contribute its own development capacity to what the world economy needs most.