Xinhua Commentary: Forging win-win partnerships to invigorate global growth
TIANJIN, June 25 (Xinhua) -- The global economy stands at a crossroads. The pressing question is whether it will slide further into the quagmire of protectionism and uncertainty, or whether all stakeholders can work together to reignite growth by forging win-win partnerships and practicing true multilateralism.
For decades, free trade has created jobs, delivered affordable consumer goods, improved global welfare, and advanced economic globalization. Yet this trend is encountering a notable rise in trade barriers and trade fragmentation.
At the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in north China's Tianjin Municipality, global leaders from government, business, academia and other fields are expected to offer valuable insights into how to address mounting challenges that drag down global growth. It is hoped that such discussions may help shape a resilient and sustainable future for the world.
This year's meeting, also known as the Summer Davos, focuses on five areas: outlook on China, investing in people and planet, new energy and materials, industries disrupted and deciphering the world economy.
The global economy, which has been struggling to recover from the impact of the COVID-19 pandemic, is confronted with a worsening growth predicament -- due to the escalation of geopolitical conflicts and policy uncertainty.
The World Bank's latest Global Economic Prospects cut the 2025 global economic growth forecast to 2.3 percent, the slowest pace since 2008, apart from two years of outright global recession in 2009 and 2020, respectively.
Against the backdrop of various headwinds and economic prospects, it is vital to leverage the role of entrepreneurship and innovation in unlocking new growth drivers and forging strong partnerships.
The new round of sci-tech revolution, featuring intelligent, green and health technologies, has provided opportunities for cultivating new growth areas and new pathways for tackling challenges facing humanity. On Tuesday, the WEF unveiled top 10 emerging technologies of 2025, including collaborative sensing and generative watermarking, which are expected to achieve real-world impact within three to five years and address global challenges.
The Summer Davos has become an important platform for promoting exchanges between China and the world -- and enhancing practical cooperation. The event not only enables participants to share insights, but also provides an opportunity for businesses and investors to secure partnerships.
This year's meeting is seeing the highest number of registered participants in recent years, demonstrating the will of all parties in seeking to uphold economic globalization and free trade, as well as their positive attitude toward enhancing economic and trade exchanges and cooperation with China.
China is committed to multilateralism and free trade. The world's second-largest economy will continue to provide numerous opportunities for win-win cooperation as it advances modernization. Its technological progress in fields such as new energy and artificial intelligence and commitment to high-standard opening up highlight the dynamism and resilience of the Chinese economy, which is shifting to a growth model driven by consumption and innovation.
Win-win cooperation and close collaboration are the right paths for exiting the global economic growth predicament and achieving shared development. Through the in-depth exchange of ideas, it is hoped that the 2025 Summer Davos will catalyze new partnerships, contribute innovative solutions to development challenges, and inject much needed stability and certainty into the world. ■