Political, business and academic leaders braved bone-chilling cold in Davos, Switzerland, to gather at the World Economic Forum on Tuesday morning and listen to Chinese President Xi Jinping's keynote speech at the opening session.
Innovation and sustainability will be high on the agenda at the summer meeting of the World Economic Forum in Dalian, according to the city's government.
The summer meeting of the World Economic Forum, which returns to Dalian this year, has helped to transform the city's business landscape and put it on the map for international leaders.
President Xi Jinping, who was welcomed by overseas Chinese in Davos, Switzerland, delivered the keynote speech at the opening ceremony of the World Economic Forum on Tuesday. During his address to the annual meeting of political and business leaders, Xi said openness is the primary solution to the global economic slowdown. He added that China's development presents many opportunities for the world, and invited other countries to share them, but he stressed that a trade war would be detrimental to all parties involved.
Short-term capital controls may help fend off financial risks, but they will not last long at a time when the country is stepping up efforts to promote the yuan's use in international trade and enhance market openness, say economists.
Markets have become even more divided over the trend of the yuan after it registered major gains early this month in both onshore and offshore trading, with some analysts saying the Chinese currency may rise moderately against the dollar this year. Analysts have also argued that given China's sound economic fundamentals, even if the yuan were to further weaken against the US dollar, the depreciation will not be sharp.
China's exchange rate system reform's aim is to eventally establish a free exchange system without government intervention, economists have said, while it is reasonable for the country to use short-term measures to stabilize the yuan's exchange rate given its immature financial market.
The Chinese yuan traded at 6.8648 to a US dollar in intraday trading in the offshore market on Jan 5, up 900 basis points compared with its lowest mark set the previous day, which was its biggest one-day gain in almost a year.
The Beijing-based Asian Infrastructure Investment Bank will focus on investments in projects that promote connectivity this year, said Jin Liqun, its president.
Chinese President Xi Jinping first proposed building the Silk Road Economic Belt and the 21st Century Maritime Silk Road in 2013. Looking back at 2016, we can see the bid to reinvigorate the ancient trade routes has gained some early achievements in promoting connectivity and new opportunities.
The Belt and Road Initiative will continue to serve as an effective momentum to boost revenue growth of both foreign and Chinese companies as infrastructure and industrial capacity exportation are accelerating in many countries, said business executives.
President Xi Jinping will send a strong signal against rising global protectionism when he joins his Swiss counterpart, Doris Leuthard, to announce a decision to scale up the nations' free trade agreement, a top envoy has said.
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