Innovating at scale has overtaken technological breakthroughs as the defining theme at this year's Summer Davos, with company executives and industry experts pointing to China as a leading example of how artificial intelligence and other emerging technologies are moving rapidly from laboratories into factories and the wider economy.

Innovating at scale means turning breakthrough technologies from laboratory prototypes or pilot projects into products and services that can be deployed widely across industries and society. It is not just about inventing new technologies, but about commercializing, manufacturing and adopting them at a scale that creates lasting economic and social impact, industry experts said.

Zhou Yuxiang, CEO of manufacturing software company Black Lake, said: "Last year and the year before, discussions around frontier technologies were still largely at the conceptual or laboratory stage. This year, we're seeing innovation being deployed at scale and at an accelerating pace."

China's manufacturing sector is already translating that momentum into business. AI-related products now account for about half of Black Lake's revenue, a sharp increase from last year, Zhou said.

"Chinese manufacturers are making purchasing decisions on AI agents much faster than before. We expect AI penetration in Chinese factories to rise significantly over the next three to four years."

Henry Wang, Herbalife's chief legal and public affairs officer, said he was particularly pleased to see innovating at scale moving beyond concepts and accelerating from ideas into industrial realities.

"Technology is emerging as a critical force to drive the scaled deployment of innovation. Herbalife's global development path, encompassing its journey in China, closely aligns with this trajectory," he said.

"Looking ahead, Herbalife will continue to tangibly improve health and wellness accessibility in China, and create replicable, scalable health solutions, contributing its expertise and innovative practice to the advancement of the Healthy China initiative," he emphasized.

The industrialization of new technologies is also showing up in China's trade data. During the first five months of the year, both exports and imports posted double-digit growth, supported by strong demand for products tied to AI and digital infrastructure investment.

Zou Jun, chairman of KPMG China, said: "China has been actively promoting the commercialization of technological achievements." He pointed to government-backed pilot manufacturing platforms designed to bridge the gap between research and industrial production.

Those efforts are helping accelerate the commercialization of emerging industries ranging from humanoid robots to the low-altitude economy, he said.

Wu Chun, managing director at Boston Consulting Group China, said the country's policy support, vast application scenarios, engineering talent and manufacturing capabilities together provide unusually favorable conditions for scaling AI.

"China has the comprehensive conditions needed to rapidly commercialize AI technologies," he said.

The 17th Annual Meeting of the New Champions of the World Economic Forum, which ended on Thursday in Dalian, Liaoning province, underscored the broader shift with the release of its top 10 emerging technologies, which highlighted technologies expected to reshape industries over the next five years, including interconnected power grids, direct lithium extraction, quantum-enabled drug discovery, precision fermentation and personalized mRNA cancer vaccines.

Luigi Gambardella, president of ChinaEU, a Brussels-based nonprofit international association that promotes Sino-European business cooperation in the digital sector, said the challenge facing governments and businesses is no longer inventing technologies but turning them into productivity gains.

"China offers an important example because it has the capability to rapidly scale innovation," he said.

Contact the writers at chengyu@chinadaily.com.cn

Innovating at scale is the theme of the 17th Annual Meeting of the New Champions, also known as 2026 Summer Davos, which wad held in Dalian, Liaoning province, from June 23 to 25.

Among the meeting's flagship parallel sessions, the special agenda about building a modern maritime city drew extensive attention from policymakers, industry executives, maritime scholars, and global investors.

Panelists reached a consensus that the competitive edge of modern maritime hubs has moved beyond physical infrastructure scale toward integrated competitiveness built on hard infrastructure, institutional frameworks, and ecological industrial networks.

Endowed with a robust shipbuilding capacity, abundant science and education resources, and world-class port facilities, Dalian carries unique location and industry strengths.

Forum participants emphasized that the city's top strategic priority lies in harnessing innovation at scale to integrate its scattered comparative advantages, unlock greater industrial value, and evolve from a mere participant in global industrial and supply chains to a proactive player.

Throughout the three-day forum, over 1,700 participants from more than 90 countries and regions gathered in the northeastern port city to exchange insights on industrial transformation, cross-border collaboration, and sustainable growth across Asia and the globe.

The 2026 FIFA World Cup is underway, fueling rapid global momentum in the sports economy, now a new driver for economic growth, in China and around the world.

Kenneth Fok Kai-kong, a member of the Legislative Council of the Hong Kong Special Administrative Region, partnered with Kody Blois, the parliamentary secretary to the Prime Minister of Canada, shared their insights during the 2026 Summer Davos in Dalian.

China's strong innovation momentum and resilient growth prospects are giving global businesses greater confidence and fueling world economic growth, as the country continues to share the benefits of its vast market and high-standard opening-up with the world, business leaders and experts said on Wednesday.

Speaking at the ongoing 17th Annual Meeting of the New Champions of the World Economic Forum, also known as the Summer Davos forum, in Dalian, Liaoning province, they added that the world's second-largest economy is not a so-called "shock", but a powerful engine of innovation-driven growth, long-term investment opportunities and shared growth for the global economy.

Ben Dawson, president for Asia Pacific, Japan and China at United States-based tech company Cisco, said in an exclusive interview with China Daily that China's vast and dynamic market has continued to create opportunities for global companies.

Having invested in and deeply engaged with China for 32 years, Cisco has seen the country's artificial intelligence development gain momentum on the back of a strong industrial base, sustained investment in manufacturing and faster adoption of advanced technologies across traditional sectors, Dawson said.

The upbeat sentiment comes as China is moving faster to create new forms of smart economy, with this year's Government Work Report calling for advancing and expanding the "AI Plus" initiative, promoting faster application of new-generation intelligent terminals and AI agents, and encouraging large-scale commercial application of AI in key sectors and fields.

Yin Zheng, executive vice-president of China and East Asia operations at French industrial conglomerate Schneider Electric, said that China has become both an important engine of global economic growth and a major hub for technological innovation, with its solid energy foundation and strong industrial system reinforcing each other.

The trend extends beyond Schneider Electric. Jiang Ying, chair of Deloitte China, said more multinational companies are adopting a new growth model in China — rooting themselves in the local market while serving global demand — by using the country's vast market as a testing ground for technology deployment, industrial collaboration and global expansion.

"The long-term value of the Chinese market lies in its vast and dynamic consumer base, vibrant technological and industrial innovation, and continued high-level opening-up," she added.

Global companies' growing confidence in China stands in contrast to some overseas anxiety about the country's advances in technology and industrial innovation, including the narrative of a so-called "China Shock 2.0" that frames China's development as a disruption to the global economy.

Yet executives and experts at the forum said the country's industrial rise is creating new sources of innovation, efficiency and shared growth.

Joe Ngai, chairman of McKinsey Greater China, said that Chinese industry is already "indisputably at the leading edge of global development" in many areas, especially high-tech manufacturing, clean energy, AI applications and robotics.

"Chinese companies are exporting a lot of their intellectual property, their methodologies and their processes. China is becoming the factory for factories," Ngai said.

China's industrial strengths are also underpinned by its complete value chain, said Elodie Latour, Decathlon's vice-president for China.

"I don't think there is any other place in the world where you have the full value chain available like you do in China. And when you have the full value chain available, your time to market becomes almost irreplaceable," Latour said.

Product personalization and fast response to market needs are other areas where China can really stand out and offer a unique customer experience, she added.

Noah Xie, chairman and CEO of Kmind Strategy Consulting, said China's vast market represents a major opportunity for foreign companies that are willing to invest, operate and grow in the country.

Contact the writers at zhangchenxu@chinadaily.com.cn

Premier Li Qiang highlighted "China Opportunity 2.0" at the opening plenary of the 17th Annual Meeting of the New Champions of the World Economic Forum in Dalian, Liao­ning province, on Wednesday, underscoring that China's development has brought the world vast opportunities and considerable room for growth.

He emphasized that China now offers the world converging dividends — anchored in its massive market scale and low-cost production factors, and reinforced by technological advancement and industrial upgrading. Li made the remarks while addressing a full house of political and business leaders at the annual gathering, also known as the Summer Davos forum.

Elaborating on "China Opportunity 2.0", the premier said that it represents across-the-board innovation empowerment and high-return investment prospects for enterprises worldwide, while for global development, he added, it means more accessible advanced technologies and more widely shared development benefits.

"China is committed to an open approach to innovation. Much of its innovation is open-source," Li said. "This enables more countries, particularly developing countries, to access affordable new technologies and new products, which enhances their development capacity and can help address many difficulties holding back global development."

He cited broad international recognition and acclaim for China's rapid progress in innovation, and rebutted the narrative of a so-called "China Shock 2.0" — a term that implies anxiety over China's technological and industrial advances, and frames its development as a "shock" to the global economy.

On the Chinese economy, he said that despite increased volatility in the international landscape and greater strain on the fragile global economic recovery since the start of this year, China has withstood the challenges, forged ahead and demonstrated strong resilience and a promising outlook.

The nation's economy has demonstrated stability, innovation, vitality, and integration with the rest of the world at the beginning of the 15th Five-Year Plan (2026-30) period, he added.

China remains committed to openness and cooperation regardless of external changes, Li told around 150 corporate leaders from more than 30 countries and regions in a separate meeting attended by representatives of the business community.

He said that the country will continue to deepen its participation in international trade and investment cooperation, and promote the connectivity and integration of the Chinese market with the world market.

Li noted that over the years, China's economy has been advancing toward innovation and higher quality, which will bring more opportunities for global companies. He highlighted three areas of upgrading — the market, manufacturing and infrastructure — that he said would create richer incremental space, a more efficient industrial ecosystem, and more favorable conditions for global businesses operating in China.

The premier pledged that the Chinese government will provide better service for businesses from all countries and foster a more open, fair and friendly environment for their operations in China.

Matts Johansen, CEO of Norwegian company Aker BioMarine, expressed growing confidence in China, calling it a stable and predictable market in an unstable world. He noted that the Chinese market contributes to 20 percent of the company's global sales and is its fastest-growing region.

"If you want to invest in the future, you have to invest in China. If you want to connect to the world, you have to connect to the Chinese innovation and supply chain," he said, adding that the company is establishing its own innovation and manufacturing hubs in the country.

Johansen endorsed the concept of "China Opportunity 2.0". He said, "Innovation here in China is a great opportunity for global businesses," citing the country's innovation strength, efficient supply chain and innovative consumers that adopt new products.

Luca Forte, corporate supply chain director at Italian multinational automotive electronics giant Eldor, said he is impressed by China's focus on developing new technologies and praised its efforts in pioneering a wide range of technologies.

He said the Chinese approach has demonstrated to the world that technologies can be developed in a very short time, with a simple method and avoiding unnecessary complexities while remaining highly active and efficient.

jihaisheng@chinadaily.com.cn

Address by H. E. Li Qiang

Premier of the State Council

Of the People's Republic of China

At the Opening Plenary

Of the Annual Meeting of the New Champions 2026

Dalian, June 24, 2026

Your Excellencies Co-chair André Hoffmann and President Alois Zwinggi,

Your Excellencies Leaders of Participating Countries,

Your Excellencies Heads of International Organizations, Distinguished Business Leaders,

Distinguished Guests, Ladies and Gentlemen,

It is my great pleasure to join you, friends both old and new, here in Dalian for the Annual Meeting of the New Champions 2026. On behalf of the Chinese government, I wish to extend warm congratulations on the opening of the meeting and express heartfelt thanks to you all for your long-standing strong support for China's development.

The theme of this year's meeting, "Innovating at Scale, " points to a critical factor in global economic development today. As President Xi Jinping noted, innovation drives development and innovation shapes the future. Let me take the opportunity of today's gathering to share with you China's innovation stories and offer some thoughts on global innovation cooperation based on China's economic development practice.

I. Entering the 15th Five-Year Plan period, China's economy has made new headway while navigating a changing situation.

The year 2026 marks the launch of China's 15th Five-Year Plan for economic and social development. Since the beginning of the year, there has been increased volatility in the international landscape as geopolitical conflicts erupted one after another. Global economic recovery, fragile as it was, has now come under greater strain. Against this backdrop, China's economy got off to a good start. It withstood the challenges, forged ahead and demonstrated strong resilience and a promising outlook. The overall performance can be summarized in four keywords.

Keyword No 1, stability. China's economy grew by five percent in the first quarter and has maintained a sound momentum in the second quarter. We are seeing growth in corporate profits, a moderate rebound in prices, and continued improvement in people's life. Stability may not seem much on an ordinary day. But, when China's economy, at a massive volume of RMB140 trillion yuan, continues to register steady and healthy growth despite the shocks of global energy shortages and severe supply-chain disruptions, when it continues to bring much needed certainty to this increasingly uncertain world and plays a vital role as a safe harbor, such solid and robust stability is all the more precious.

No 2, innovation. After years of endeavor and accumulation, China has become a hub of rapidly emerging new technologies, new products, and new business models. In the first half of the year, multiple types of commercial rockets have been successfully launched, and technologies such as quantum information, integrated circuits, and nuclear fusion have been advancing at an accelerated pace. Most notably, the artificial intelligence sector has seen explosive growth. Several major Al models have reached new milestones in performance, daily token usage has hit several hundred trillion and ranked first in the world by the end of May, and embodied intelligence has moved into large-scale commercial application. With brilliant frontier innovations quickly sparking off a sweeping transformation of growth drivers, China's economy has taken on a new look and gained renewed energy.

No 3, dynamism. China's supersized market continues to unleash demand potential, especially in services, green and new types of consumption. Tourism, performing arts, and sports events easily draw large crowds, with tickets often sold out in seconds. Consumer favorites such as smartwatches, smart glasses, and other smart devices have seen sales multiply. Flows of people, goods, information, and capital are highly vibrant. Over 550 million express deliveries are handled per day, more than the total of all other countries combined. These are all vivid footnotes to the surging vitality of China's economy, and true reflections of the dynamism of the Chinese market, embodying the rich diversity and high growth potential of China's domestic demand.

No 4, integration. At a time of rising unilateralism and protectionism, China remains as committed as ever to opening up further. We have extended zero-tariff policies to 63 countries, stayed as the world's second-largest import market for 17 years running, and recorded an import growth of 20.5 percent in the first five months of this year, significantly higher than export growth. We have also launched a number of "Export to China" promotional events to make available more channels for high-quality foreign products to enter the Chinese market, which has been well-received by countries around the world. For China, integrated development with the world has never been an expediency, but a strategic decision made in line with the trend of history and based on our own development philosophy. In pursuing development, China does not seek to move faster by going alone. Rather, we want win-win cooperation with all in the world so that we can go far together.

These four keywords — stability, innovation, dynamism, and integration — together present a comprehensive outlook of China's economy, sketching out both the current picture and future trajectory. We are confident and capable of sustaining and harnessing this strong momentum to keep writing new chapters in China's high-quality development.

II. Innovation-driven development is the key to China's long-term, steady and sustained economic success.

The fact that China's economy has maintained steady and healthy development over the years is attributed to two critical factors: the stable environment and the strength of innovation. The stable environment in China is widely recognized and many of you know this from personal experience, so I will not elaborate here. As for the strength of innovation, the visible outcomes and vibrant activities tend to attract more attention while the strenuous efforts and long-time dedication that contributed to the successes in innovation might not always be fully appreciated. In this connection, I wish to underscore three key messages.

First, China's innovation has been forged through relentless, painstaking effort. We are well aware that there are no shortcuts in sci-tech research. No one can copy their way to an innovation edge. There has to be solid, hard work to tackle tough challenges. In recent years, in order to achieve greater self-reliance and strength in science and technology, we have steadily increased input into sci-tech research. During the 14th Five-Year Plan period from 2021 to 2025, our total R&D expenditure grew by an average of 10 percent annually, making China the world's second-largest R&D spender. Last year, basic research accounted for more than seven percent of total R&D expenditure, setting a new historical record for China. It is the same with Chinese enterprises, who have demonstrated unyielding resilience and steadfast dedication. Many industry leaders have endured operational pressures brought about by prolonged and costly R&D commitments. Some incurred heavy losses at certain stages, and others faced unfair external suppression. Yet none of them ever wavered in their commitment, and their perseverance has finally paid off. During the 15th Five-Year Plan period, we will further strengthen research on key technologies, significantly raise the proportion of basic research funding, and continuously enhance the capacity for original innovation. All this will provide an inexhaustible source of energy for the innovation-driven and high-quality development of China's economy.

Second, China's innovation has been tempered through extensive applications across industries. Science and technology thrives in application. The most difficult leap in innovation is often not the one inside the lab, but the one across the "Darwinian Sea" that separates the lab from the market. The key therefore lies in better connecting science and technology with industry. After years of pursuing innovation-driven development, China has blazed a successful path whereby sci-tech innovation spearheads industrial innovation and industrial upgrade propels sci-tech evolution. On the one hand, sci-tech progress is the wellspring of industrial development. In recent years, we have made active explorations in frontier and emerging sectors, and achieved a large volume of innovation outcomes that have given birth to many new industries. The vigorous growth of China's new energy and intelligent connected vehicle industries, for example, has been enabled by sci-tech breakthroughs in new materials, power batteries and communications technology. These innovations are the core competitiveness of Chinese products, not government subsidies as some have speculated. We cannot afford to give so many subsidies. On the other hand, China's massive application scenarios provide a powerful incubator and training ground for new technologies. China has a complete industrial system and a big market. A promising sci-tech outcome, backed by China's manufacturing strength, can be rapidly turned into real- world consumer goods. Likewise, a niche product, placed in a market of over 1.4 billion consumers, has the potential to grow into a sizable business and even a big industry. With broad participation across all sectors, frequent feedback from countless users, and repeated refinement across diverse scenarios, new technologies have been able to evolve and upgrade continuously through large-scale applications. Going forward, we will promote deeper integration between sci-tech innovation and industrial innovation, expand effective domestic demand, accelerate the large-scale application of new technologies and products, and strengthen the mutually reinforcing cycle of sci-tech advances and industrial development.

Third, China's innovation has been nurtured in an enabling environment. Innovation today is highly complex and systemic, requiring larger-scale resources input, stronger supporting measures, and a more enabling institutional environment. For years, China has worked hard to enhance its systemic innovation capacity and achieved remarkable results. We have been increasing support in resources and factors of production, putting in place a diversified investment system with enterprises leading the way, government providing guidance and society participating, building a batch of major sci-tech research facilities and infrastructure, and training some seven million university graduates in science, engineering, agriculture and medicine every year. We have prioritized building innovation platforms. Of the world's top 100 innovation clusters, 24 are in China, ranking first in the world for three consecutive years. Professional, differentiated and specialized industrial clusters spread across the country, from the one-hour electronic information innovation circle in the Yangtze River Delta, the one-hour motorcycle industrial circle in Chongqing, to the 30-minute supporting circle in Shenzhen's Robot Valley. These platforms have incubated a large number of high-tech enterprises as well as"little giants"that use specialized and sophisticated technologies to produce novel and unique products. Moreover, we have deepened reforms of systems and institutions, introducing a series of new policies and new measures in intellectual property rights protection, risk sharing, innovation incentives, etc. Going forward, we will continue to improve the innovation- friendly ecosystem and speed up the development of infrastructure including new-type power grids, computing power networks and new-generation telecommunication networks, so as to effectively remove barriers to better resource allocation and keep unlocking and unleashing the innovation dynamism of the whole society.

China's rapidly growing innovation capacity has been widely welcomed and recognized by most in the world. Some, however, respond differently. They are anxious about China's sci-tech and industrial innovation, and for various reasons, even come up with so-called "China shock 2.0." But as I have noticed, in the recent discussions about this narrative by some institutions and media outlets, there are more mentioning of an opposite term, that is, "China opportunity 2.0." In the past, China's big market and low-cost production factors provided "market dividends" for the world. Today, while continuing to provide even greater "market dividends," China is also offering more and more "innovation dividends" with its technological progress and industrial upgrading. What these combined dividends generate for the world are greater opportunities and potential of development. For enterprises around the world,  "China opportunity 2.0means across-the-board innovation empowerment and high-return investment opportunities. As we have seen, a growing number of foreign enterprises have come to China to set up research centers and regional headquarters, and become deeply integrated into China's innovation and industrial chains. This is a clear shift from "made in China" to "created in China" — in 2025, 14,000 foreign-funded enterprises were established in the fields of scientific research and technological services, up by 27.2 percent year-on-year. Here in China, enterprises from various countries can quickly find whole-process partners from R&D to prototyping, and to mass production, making innovation easier and more efficient. This not only helps companies succeed in the Chinese market but also boosts their global competitiveness. At the same time, fast- growing Chinese innovative enterprises can also generate returns for investors across the world that could be several, or even dozens, times the original capital. For global development, "China opportunity 2.0" means more accessible advanced technologies and widely shared outcomes. China is committed to an open approach to innovation. Much of its innovation is open-source. This enables more countries, particularly developing countries, to access affordable new technologies and new products, which has enhanced their development capacity and can help address many difficulties holding back global development. Today, China's large open-source Al models have been downloaded by over 10 billion times globally in cumulative terms, large-scale scientific facilities in controlled nuclear fusion, quantum technology and other areas are open to the world, and the Tiangong space station is set to welcome foreign astronauts. These are proof enough that what China's technologies and products in emerging areas bring to the world are not shocks or threats, but opportunities and empowerment.

Ⅲ. Innovation cooperation is an imperative for tackling global growth predicament.

Throughout China's development, innovation has played an irreplaceable and pivotal role. In the broader global economy, it stands as a vital pathway to counter downward pressure and reignite growth momentum. At present, global innovation activities have taken on new characteristics and trends unlike anything seen before. First, never before has technology advanced so fast, but the risk of uncontrollability is notably rising. Al has vastly enhanced innovation efficiency, with breakthroughs emerging on all frontiers. Some call this the  "Cambrian moment" of the intelligent age, but the risks of losing control and ethical lapses are also mounting. Without commensurate governance, the fallout could be severe. Second, never before has innovation been so deeply interconnected, yet the barriers to collaboration are increasing. Collective efforts that cross disciplines and national borders have become the mainstream and necessity of innovation. Yet technological walls, barriers and blockades are also growing more pervasive. Innovation that truly transforms and benefits the world must always open up to and embrace the world. In this new landscape, only through stronger cooperation can we generate more breakthroughs, and only through stronger cooperation can we rise to the diverse risks and challenges before us.

We should deepen connectivity and collaboration to build greater synergy for innovation. In this new round of technological revolution and industrial transformation, no country or company can succeed alone. An interconnected global market enables more efficient flow and allocation of production factors, and significantly reduces innovation costs. An inclusive and collaborative innovation network allows ideas to interact and converge more freely, accelerating breakthroughs in frontier technologies. China will integrate more proactively into the global innovation and industrial chains, work with all sides to build an open world economy, jointly safeguard stable and smooth global industrial and supply chains, foster more innovation outcomes, and strengthen the drivers of growth.

We should harness technology for good and be more effective in advancing collective governance.

Innovation drives humanity's quest for a better life. Advanced technologies should serve as tools that benefit people across countries, rather than sources of chaos that undermine peace and stability. This calls for better coordination between development and security, and a joint effort to improve global governance, so that technological progress always reflects humanity's common values and advances global peace and development. China will continue to participate in global governance in Al and other areas in a responsible and constructive manner, and work with all sides to improve rules, enhance regulatory effectiveness, mitigate risks and better promote shared development.

Ladies and Gentlemen, Friends,

Enterprises are the principal force of innovation, and entrepreneurs bear the key responsibilities of making it happen. I encourage you to be pioneers of innovation: look beyond today's contested red oceans toward the vast blue oceans ahead—use innovation to expand the global market, make the pie bigger and to win the future for your businesses. I encourage you to be champions of win-win cooperation: support, join and advance global innovation cooperation, tear down walls and build bridges, generate fresh ideas through exchange and mutual learning, and grow together by enabling each other's success. I encourage you to stay the course with China, and put down deeper roots in this market. No matter how the world changes, China's door will only open wider. We will expand market access, fully enforce national treatment for foreign enterprises and keep fostering a world-class business environment. We warmly welcome businesses from around the world to China to invest and do business here, share in the new opportunities we offer, and join us in building a brighter future.

I wish this year's annual meeting a full success. Thank you.

A sharing session on Taoist Philosophy at the 17th Annual Meeting of the New Champions — the World Economic Forum's Summer Davos Forum, held this year in Dalian, Liaoning province — drew interest on Tuesday, with an American martial artist using ancient wisdom to push back against the modern obsession with speed and progress.

Jake Pinnick, the 16th-generation inheritor of the Wudang Sanfeng School, guided the audience through tai chi movements and introduced Taoist health practices and philosophical concepts during the session. Born in 1990 in the state of Illinois, Pinnick grew up fascinated by Bruce Lee and Jackie Chan before traveling alone to Wudang Mountain in 2010 to study under Yuan Shimao, the 15th-generation inheritor of the school. He was accepted into the lineage in 2012 and received China's Foreign Permanent Resident ID Card in 2025.

With AI and technological innovation dominating the forum's agenda, Pinnick offered a different register. "Even in an era of rapid technological development, attention must still be paid to the spiritual world and physical health, and the inheritance and promotion of traditional cultures such as martial arts should be valued," he said. "They can help people understand themselves, provide more inspiration, and offer different perspectives."

He traced the connection between philosophy and technology, arguing that innovation originates in people's reflections on the world before evolving into broader scientific systems — and that the two need not be in tension.

"As life becomes faster-paced and pressure increases, practicing tai chi can relax our mind and body, reduce stress, and make us more composed and confident," he said.

China's growing competitiveness in advanced manufacturing, clean energy, artificial intelligence and robotics is creating new opportunities for multinational companies, according to Joe Ngai, chairman of McKinsey Greater China, who spoke during the 17th Annual Meeting of the New Champions, also known as the Summer Davos Forum, held in Dalian, Liaoning province.

"In many areas of industrial development, especially in high tech manufacturing, clean energy, and the usage of AI, robotics, I think the Chinese industry is indisputably in the leading edge of global development," Ngai said.

Ngai made the remarks on Wednesday after attending the opening ceremony of the Summer Davos Forum, where Premier Li Qiang delivered a keynote speech.

Ngai noted that the gap between China's leading companies and many of their global peers continues to widen.

"Every day the gap actually gets wider between what the best Chinese companies are doing and what, I would say, the average global companies are doing," he said.

Against this backdrop, multinational corporations face two strategic choices, Ngai said: either improve their own competitiveness against Chinese companies or collaborate with them to benefit from their strengths.

Ngai argued that the latter option remains underappreciated by many global businesses.

"I do think that the biggest underappreciated area is how to incorporate the Chinese competitiveness as part of my business and industrial ecosystem, so that I can raise my competitiveness even faster, that I can get to the goals set by industrial policy even faster," he said.

According to Ngai, Chinese companies are increasingly exporting not only products, but also intellectual property, operational know-how and industrial processes.

"I think Chinese companies are exporting a lot of their intellectual properties, their methodologies, their processes. China is becoming the factory for factories," he said.

Such capabilities can serve as a powerful accelerator for global competitiveness, he added.

"There are many ways of how leveraging the Chinese ecosystem can actually be an accelerator for global competitiveness. I think that's what the Premier means when he says that this is Opportunity 2.0 that China offers the rest of the world," Ngai said.

Drawing on themes from his book The Next China is Still China, Ngai described China as "the world's most competitive gym", where intense market competition has helped create globally competitive companies.

"As I've said in my book 'The Next China is Still China', China is the world's most competitive gym," he said.

Ngai noted that Chinese companies have become world-class leaders through fierce domestic competition.

While acknowledging the contribution of government support policies to industrial development, Ngai stressed that entrepreneurship remains the most important factor behind China's achievements.

"As I reflect on the Dalian Forum, I see this very much as an entrepreneurship. It is the entrepreneurial energy, capabilities of Chinese entrepreneurs that created these world-class companies," he said.

"I think that entrepreneurial energy is also the primary driving force behind building the economic environment and industrial ecosystem that underpins China's current competitive strength," he added.

DALIAN -- Innovation-driven cooperation is an inevitable choice to overcome the global growth dilemma, Chinese Premier Li Qiang said Wednesday.

Li called for deepening connectivity and collaboration, and pooling innovation strengths more extensively.

Meanwhile, he said that technological progress should serve the common good and advance joint governance more effectively.

Li made the remarks while addressing the opening plenary of the 17th Annual Meeting of the New Champions, also known as the Summer Davos, in Northeast China's coastal city of Dalian.

DALIAN -- Chinese Premier Li Qiang on Wednesday said that China will continue to participate in global governance on artificial intelligence (AI) and other domains in a responsible and constructive manner.

Li made the remarks while delivering an address at the opening plenary of the 17th Annual Meeting of the New Champions, also known as the Summer Davos, in Northeast China's coastal city of Dalian.

China will work with related parties to strengthen institutional frameworks and rules, enhance regulatory effectiveness, and forcefully defuse potential risks, he said.

While AI has significantly boosted innovation efficiency, the risks of technological runaway and ethical lapses have become more pronounced, he said, warning that if governance fails to keep pace, the consequences could be severe.

DALIAN -- Chinese Premier Li Qiang said on Wednesday that innovation-driven development is the key to China's long-term economic resilience and steady growth.

Li made the remarks while addressing the opening plenary of the 17th Annual Meeting of the New Champions, also known as the Summer Davos, in Northeast China's coastal city of Dalian.

He attributed China's steady and healthy economic growth to a stable environment and innovation-driven development.

The country's innovation is earned through years of strengthening its own capabilities and relentless hard work, he said.

It has also been driven by wide-spread application across industries, and cultivated through a robust ecosystem, he added.

DALIAN -- For enterprises worldwide, "China Opportunity 2.0" represents comprehensive innovation-driven empowerment and high-return investment prospects, Chinese Premier Li Qiang said Wednesday.

Li noticed that some have expressed anxiety over China's advances in technology and industrial innovation, even promoting the narrative of a so-called "China Shock 2.0" that frames China's development as a shock to the global economy.

"For global development, 'China Opportunity 2.0' means broader access to advanced technologies and more widely shared development benefits," Li said.

Li made the remarks while addressing the opening plenary of the 17th Annual Meeting of the New Champions, also known as the Summer Davos, in Northeast China's coastal city of Dalian.

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DALIAN - The Chinese economy has demonstrated stability, innovation, vitality and integration with the rest of the world at the beginning of the 15th Five-Year Plan (2026-2030) period, Chinese Premier Li Qiang said on Wednesday.

He made the remarks when addressing the opening plenary of the 17th Annual Meeting of the New Champions, also known as the Summer Davos, in Northeast China's coastal city of Dalian.

The Chinese economy has maintained "strong resilience and positive momentum" in kicking off the new five-year plan period, he noted, adding that its stability has provided the much-needed certainty and served as an important "safe harbor" in an increasingly uncertain world.

To integrate into the global economy, China has also remained committed to actively expanding opening up, the premier said.

The country has granted zero-tariff treatment to 63 countries, while its imports have ranked second globally for 17 consecutive years. In the first five months of this year, imports rose by 20.5 percent year-on-year, significantly outpacing export growth.

DALIAN -- The 17th Annual Meeting of the New Champions, also known as the Summer Davos, began its opening plenary in Northeast China's coastal city of Dalian on Wednesday.

Global executives and leading economists voiced confidence in China's economic resilience and long-term prospects on Tuesday, citing strong momentum in high-tech sectors, continuing economic rebalancing and strong policy support, as the country's stable growth outlook drew renewed attention amid rising external uncertainties.

They made the remarks at the ongoing 17th Annual Meeting of the New Champions of the World Economic Forum, also known as the Summer Davos forum, held under the theme "Innovating at Scale" in Dalian, Liaoning province.

Despite external headwinds, they said China's vast and dynamic market, along with vibrant technological and industrial innovation, is creating fresh opportunities for global businesses and injecting new momentum into global growth.

Yin Zheng, executive vice-president of China and East Asia operations at French industrial conglomerate Schneider Electric, said that advanced technologies, including artificial intelligence, are accelerating the world's transition toward a more digitalized and intelligent era.

"China, as a major engine of global growth and an important technology hub, is becoming a fertile ground for global innovations," Yin said, adding that the country is further strengthening its advantages across industrial and innovation systems.

Jiang Ying, chair of Deloitte China, said China's complete industrial system, resilient economic fundamentals and continued high-level opening-up remain key pillars underpinning the country's long-term growth.

She said that emerging sectors such as AI and the low-altitude economy are poised for further breakthroughs, while the coordinated development of traditional and new growth drivers will help sustain China's economic momentum.

Echoing that view, Ruan Fang, managing director and senior partner at Boston Consulting Group, said that China's most notable growth opportunities lie in advanced manufacturing and AI.

The world's second-largest economy has become a major innovation hub, supported by its huge market, intense competition and fast pace of iteration, she said.

"Many multinational companies choose to stay in China not only for revenue or profits, but also to tap into such innovation — whether in business models, products or AI applications," Ruan added.

Offering a macroeconomic perspective, Huang Yiping, dean of Peking University's National School of Development, struck a similarly optimistic note, saying that despite the challenges facing the Chinese economy, the country has been steadily advancing economic rebalancing, with positive progress already taking shape.

"If you look at the trajectory of the Chinese economy over the past 20 years or more, the macroeconomic structure is much better now," Huang said at a forum during the event.

However, he warned that the rebalancing process remains far from sufficient. "China needs to boost consumption, and it needs to do so in a more proactive way," Huang said.

The broader confidence in China's outlook came as global financial markets faced renewed uncertainty, with expectations of possible interest rate hikes by the United States Federal Reserve adding to concerns over market volatility and cross-border capital flows.

According to Reuters, BofA Global Research, the research arm of Bank of America, and Deutsche Bank now expect the US Federal Reserve to raise interest rates in 2026, marking a departure from prior forecasts of steady rates.

BofA said on Monday that it expects the US central bank to raise rates by 25 basis points each in September, October and December, while Deutsche Bank, in a note dated June 19, forecast two 25-basis-point hikes this year — one in September and another in December.

Shi Kang, chair professor at Tsinghua University's PBC School of Finance, said at an earlier forum in Beijing that if expectations of further US rate hikes become increasingly entrenched, US capital markets may face a significant adjustment, which could send shocks across the global economy.

"At such a time, a stable renminbi could provide valuable support for global liquidity," Shi said.

He said that amid inflationary pressure, the US has limited policy room to absorb such shocks, given its high debt levels and already elevated interest rates, adding that global markets need more sources of financial stability.

Yang Chang, an analyst at Zhongtai Securities, said that China's monetary policy has long adhered to the principle of being mainly guided by domestic conditions, and the People's Bank of China, the country's central bank, still has room to maintain reasonably ample liquidity through targeted and flexible policy operations.

Contact the writers at zhangchenxu@chinadaily.com.cn

As political and business leaders gather in Dalian, Liaoning province, for the 17th Annual Meeting of the New Champions of the World Economic Forum, global attention is turning to how China will use the event to reinforce its role in championing stable growth and practical cooperation at a time of mounting global economic uncertainty.

Premier Li Qiang underscored China's commitment to strengthening cooperation with various countries in emerging sectors and enhancing development synergy, as he held a series of bilateral meetings with heads of government on Tuesday on the sidelines of the event, also known as the Summer Davos forum. The prime ministers Li met with were Guinea's Amadou Oury Bah, Kazakhstan's Olzhas Bektenov, the Republic of Korea's Kim Min-seok, Mongolia's Nyam-Osor Uchral and Montenegro's Milojko Spajic.

During the meeting with Bektenov, Li voiced China's readiness to work with Kazakhstan to expand bilateral trade, deepen cooperation in energy and mineral resources, enhance connectivity, and broaden collaboration in emerging fields such as artificial intelligence, smart cities, big data and the digital economy — injecting fresh momentum into the modernization drive of both nations.

While meeting with Kim, Li called on both sides to seize new opportunities for innovation-driven development, and stressed efforts to advance an open Asia-Pacific economy, uphold free trade and multilateralism, and keep global industrial and supply chains secure and stable.

The foreign government heads pledged efforts to deepen collaboration with China across various sectors. Uchral Nyam-Osor, the Mongolian prime minister, said that Mongolia is ready to enhance synergy between its national development strategy and China's 15th Five-Year Plan (2026-30), and to bolster cooperation in trade, cross-border connectivity, infrastructure, energy and mining, agriculture and the green economy.

The three-day event, which began on Tuesday, brings together more than 1,700 leaders from the business, government, academic and media communities from over 90 countries and regions to discuss ways to boost world economic growth and cooperation.

Long regarded as a key platform for promoting exchanges between China and the world and enhancing practical cooperation, the annual gathering also speaks volumes about global stakeholders' broad recognition of China and their unwavering confidence in its prospects amid worldwide volatility.

Some participants stressed that the world's second-largest economy is a reliable partner for joint innovation, practical cooperation and shared growth.

Pontus Erntell, who oversees Ikea's operations in China, described the country as a strategic market where the Swedish home furnishing giant has been deeply rooted for a long time.

"China is one of very few countries outside of Sweden where we have all parts of the value chain. It is a market where we truly want to develop, learn and collaborate with local partners," he said.

Jiang Ying, chair of Deloitte China, said that China's complete industrial system, resilient economic fundamentals and continued high-level opening-up remain key pillars supporting the country's long-term growth.

Jiang said emerging sectors such as AI and the low-altitude economy are set to make further breakthroughs, while the coordinated development of traditional and new growth drivers will help sustain China's economic momentum.

"The long-term value of the Chinese market lies in its vast and dynamic consumer base, vibrant technological and industrial innovation, and continued high-level opening-up," Jiang said.

Chafic Nassif, senior vice-president at communications tech giant Ericsson and head of Ericsson Northeast Asia, said that China's combination of "scale, speed of execution and innovative industrial ecosystem" makes it a uniquely critical market in the global technology landscape.

Cheng Yu and Zhang Chenxu in Dalian contributed to this story.

jihaisheng@chinadaily.com.cn

Global executives and leading economists voiced confidence in China's economic resilience and long-term prospects on Tuesday, citing strong momentum in high-tech sectors, continuing economic rebalancing and strong policy support, as the country's stable growth outlook drew renewed attention amid rising external uncertainties.

They made the remarks at the ongoing 17th Annual Meeting of the New Champions of the World Economic Forum, also known as the Summer Davos forum, held under the theme "Innovating at Scale" in Dalian, Liaoning province.

Despite external headwinds, they said China's vast and dynamic market, along with vibrant technological and industrial innovation, is creating fresh opportunities for global businesses and injecting new momentum into global growth.

Yin Zheng, executive vice-president of China and East Asia operations at French industrial conglomerate Schneider Electric, said that advanced technologies, including artificial intelligence, are accelerating the world's transition toward a more digitalized and intelligent era.

"China, as a major engine of global growth and an important technology hub, is becoming a fertile ground for global innovations," Yin said, adding that the country is further strengthening its advantages across industrial and innovation systems.

Jiang Ying, chair of Deloitte China, said China's complete industrial system, resilient economic fundamentals and continued high-level opening-up remain key pillars underpinning the country's long-term growth.

She said that emerging sectors such as AI and the low-altitude economy are poised for further breakthroughs, while the coordinated development of traditional and new growth drivers will help sustain China's economic momentum.

Echoing that view, Ruan Fang, managing director and senior partner at Boston Consulting Group, said that China's most notable growth opportunities lie in advanced manufacturing and AI.

The world's second-largest economy has become a major innovation hub, supported by its huge market, intense competition and fast pace of iteration, she said.

"Many multinational companies choose to stay in China not only for revenue or profits, but also to tap into such innovation — whether in business models, products or AI applications," Ruan added.

Offering a macroeconomic perspective, Huang Yiping, dean of Peking University's National School of Development, struck a similarly optimistic note, saying that despite the challenges facing the Chinese economy, the country has been steadily advancing economic rebalancing, with positive progress already taking shape.

"If you look at the trajectory of the Chinese economy over the past 20 years or more, the macroeconomic structure is much better now," Huang said at a forum during the event.

However, he warned that the rebalancing process remains far from sufficient. "China needs to boost consumption, and it needs to do so in a more proactive way," Huang said.

The broader confidence in China's outlook came as global financial markets faced renewed uncertainty, with expectations of possible interest rate hikes by the United States Federal Reserve adding to concerns over market volatility and cross-border capital flows.

According to Reuters, BofA Global Research, the research arm of Bank of America, and Deutsche Bank now expect the US Federal Reserve to raise interest rates in 2026, marking a departure from prior forecasts of steady rates.

BofA said on Monday that it expects the US central bank to raise rates by 25 basis points each in September, October and December, while Deutsche Bank, in a note dated June 19, forecast two 25-basis-point hikes this year — one in September and another in December.

Shi Kang, chair professor at Tsinghua University's PBC School of Finance, said at an earlier forum in Beijing that if expectations of further US rate hikes become increasingly entrenched, US capital markets may face a significant adjustment, which could send shocks across the global economy.

"At such a time, a stable renminbi could provide valuable support for global liquidity," Shi said.

He said that amid inflationary pressure, the US has limited policy room to absorb such shocks, given its high debt levels and already elevated interest rates, adding that global markets need more sources of financial stability.

Yang Chang, an analyst at Zhongtai Securities, said that China's monetary policy has long adhered to the principle of being mainly guided by domestic conditions, and the People's Bank of China, the country's central bank, still has room to maintain reasonably ample liquidity through targeted and flexible policy operations.

Contact the writers at zhangchenxu@chinadaily.com.cn

DALIAN -- Chinese Premier Li Qiang on Tuesday met with Prime Minister of Montenegro Milojko Spajić in the coastal city of Dalian in Northeast China's Liaoning province, where Spajić is attending the 17th Annual Meeting of the New Champions.

Noting that this year marks the 20th anniversary of the establishment of diplomatic relations between China and Montenegro, Li said that China has always viewed Montenegro as a good friend and partner of Central and Eastern Europe, and is glad to see a united, stable and prosperous Montenegro.

Li said that the Chinese side will continue to support Montenegro in following a development path that suits its national conditions. The Chinese side is willing to work with Montenegro to uphold mutual respect and equality, consolidate political mutual trust, firmly support each other's core interests, and expand all-round mutually beneficial cooperation, he said.

China stands ready to work with Montenegro to promote a more optimized and balanced development of bilateral trade, advance high-quality infrastructure construction, and expand cooperation in areas such as information and communication, green energy, digital economy and artificial intelligence, Li said.

He noted that China is willing to import more characteristic and high-quality products from Montenegro and encourage more capable and reputable Chinese enterprises to invest in Montenegro. It is hoped that Montenegro will continue to provide a fair, transparent and non-discriminatory business environment for Chinese enterprises, Li added.

Li also expressed the hope that Montenegro will play an active role in promoting the development of China-EU relations in the right direction.

For his part, Spajić said that Montenegro regards China as an important partner, expresses gratitude to China for its valuable support for Montenegro's economic and social development, and stands ready to continuously promote cooperation with China in areas like trade, investment, infrastructure, green economy, science and technology, education and tourism.

Montenegro attaches great importance to China's significant role and influence in international affairs and looks forward to becoming a bridge for practical cooperation between the EU and China after joining the EU, he said.

DALIAN -- Chinese Premier Li Qiang on Tuesday met with Prime Minister of Mongolia Nyam-Osor Uchral in the Northeast China city of Dalian, where Uchral is attending the 17th Annual Meeting of the New Champions.

Li said that China has always placed China-Mongolia relations in an important position in its neighborhood diplomacy, and is willing to work with Mongolia to further consolidate political mutual trust, firmly support each other's core interests and major concerns, continuously expand practical cooperation in various fields, and strive to build a China-Mongolia community with a shared future featuring peaceful coexistence, mutual assistance and win-win cooperation.

Li pointed out that China is willing to deepen cooperation with Mongolia in areas such as agricultural product trade, coal and mineral resources, and people's livelihood, promote the development of new business forms like cross-border e-commerce, digital economy and artificial intelligence, and steadily advance the interconnection of infrastructure including border ports, railways and highways.

It is hoped that Mongolia will continue to create a favorable business environment and effectively safeguard the legitimate rights and interests of Chinese enterprises in Mongolia, Li added.

Uchral said that in recent years, high-level exchanges between Mongolia and China have been continuous and practical cooperation has achieved fruitful results, adding that Mongolia firmly adheres to the one-China principle, and that issues related to Xizang, Xinjiang and Hong Kong are China's internal affairs.

Mongolia is willing to enhance the alignment of its national development strategy with China's 15th Five-Year Plan, deepen cooperation in bilateral trade, connectivity, infrastructure, energy and mineral resources, agriculture, green economy and other fields, and continuously enrich the connotation of the comprehensive strategic partnership between Mongolia and China, Uchral said.

DALIAN -- Chinese Premier Li Qiang on Tuesday met with Prime Minister of Kazakhstan Olzhas Bektenov in Northeast China's Dalian city, who is here to attend the 17th Annual Meeting of the New Champions.

Li said that under the strategic guidance of the two heads of state, China and Kazakhstan have continuously deepened and solidified their permanent comprehensive strategic partnership, achieving fruitful results. He also added that it can be regarded as a model of mutual assistance and mutual benefit between neighboring countries.

China is willing to work with Kazakhstan to deepen good-neighborliness and friendship, consolidate political mutual trust, strengthen mutually beneficial cooperation, and bring more benefits to the people of the two countries, Li said.

Li noted that China is ready to work with Kazakhstan to expand and improve bilateral trade, consolidate and deepen cooperation in energy and mineral resources, comprehensively enhance connectivity, and broaden cooperation in emerging fields such as artificial intelligence, smart cities, big data, and the digital economy, thereby injecting new impetus into the modernization of both countries.

China is also willing to deepen exchanges and cooperation with Kazakhstan in culture, tourism, education, youth and other fields, and enhance mutual understanding and friendship between the two peoples, Li said, adding that the two sides should enhance cooperation within the frameworks of China-Central Asia cooperation and the Shanghai Cooperation Organization, and jointly promote sustainable regional development.

Bektenov said that the two heads of state have provided strategic guidance and injected strong impetus into bilateral cooperation. He added that Kazakhstan is willing to work with China to implement the important consensus reached by the two heads of state, further enhance high-level exchanges, and jointly advance the Belt and Road Initiative. He also expressed the hope that the two countries will deepen cooperation in trade, investment, connectivity, energy, agriculture, industry, and other fields, expand people-to-people and cultural exchanges, and achieve more substantive results in developing their permanent comprehensive strategic partnership.

The Kazakh side stands ready to create a more favorable environment for Chinese enterprises to invest in Kazakhstan, enhance communication and collaboration with China within multilateral platforms, and make joint efforts in maintaining regional peace, stability and development, Bektenov added.