Participants chat outside the Dalian International Conference Center, venue of the 15th Annual Meeting of the New Champions, also known as the Summer Davos, in Dalian, northeast China's Liaoning Province, June 26, 2024. [Photo/Xinhua]

Five years on, the Annual Meeting of the New Champions brought worldwide business gurus, political leaders and academic elites back to northeast China's coastal city of Dalian, exploring new horizons for future growth.

Many dialogues at the event, also known as Summer Davos, led to a consensus that China's high-quality development amid its drive to foster new quality productive forces had been a boon for countries and multinational companies across the globe, helping them weather the predicament of the world economy.

In various domains, ranging from technological development represented by artificial intelligence (AI) to green innovation spearheaded by new energy technologies, industry insiders at the event recognized that China is among the flagbearers, eyeing more spillover effects from China's progress.

China's continuous recovery and long-term improvement, as well as the transformation, upgrading and profound changes in its economy, will surely provide new and broad space for the development of global enterprises, said Chinese Premier Li Qiang, when attending a symposium for foreign business representatives at the event.

Next frontiers with AI

According to Chen Liming, chair of Greater China of the World Economic Forum, future growth points will revolve around technological innovation and green low-carbon exploration, creating new engines for growth amidst global transformations.

Rapid advancements in areas including AI and energy transition are set to provide unprecedented momentum for the high-quality and steady development of the global economy, Chen noted.

For many distinguished panelists at the event, China serves as a prominent trendsetter and a second-to-none magnet for related industries amid the trend of exploring new frontiers of AI and new energy sectors.

"China's AI industry remains at the forefront globally. As a strategic technology that will lead the future, AI is considered a crucial engine for creating new quality productive forces," said Cai Wei, chief strategy officer of KPMG China Advisory, noting that the rapid development of AI in China is empowering various industries, enhancing efficiency and providing new opportunities for businesses and individuals alike.

China is leading the way in AI spending and serves as a significant contributor to the world economy growth brought by AI-related sectors, said Jessica Zhang, senior vice president, APAC at Automatic Data Processing Inc., an American provider of human resources management software and services, regarding China as one of the major global players in AI sector.

Speaking to Xinhua, Zhang said that China's development opportunities, openness and massive data resources are surely benefiting both domestic and foreign companies. "We also see these great opportunities in China, and will continue investing in China and building our own channels to AI and AI tools."

For Kang Xi, an assistant professor at Vanderbilt University in the United States, AI technologies advanced in China will benefit other countries.

"The technology advancements in many countries including China are open-sourced, with a spillover effect benefiting other developers globally," Kang told Xinhua. "China's computing power and its vast consumer data are going to refine the foundation of AI models and also help create customized smaller models that can be implemented in other countries."

Sharing green development

Besides AI, China has been vigorously developing the new energy sector to meet its dual carbon commitments and help fight the climate crisis.

China provides 50 percent of the world's wind power equipment and 80 percent of global photovoltaic equipment. It has driven down the cost of renewable energy and helped some other countries obtain clean, reliable, and affordable energy.

Espen Mehlum, head of Energy Transition Intelligence and Regional Acceleration, World Economic Forum, spoke highly of China's green transition and highlighted its reference significance.

"We need to make sure that the clean energy revolution touches all countries of the world. That's where China is playing a leading role," Mehlum said, adding that China's related industries are effectively reducing the cost of clean energy for consumers in many countries and providing them access to this green technological revolution.

Benoit Boulet, associate vice principal, Innovation and Partnerships, at McGill University in Canada, also hailed China's vigorous energy transition efforts.

"We have to move away from fossil fuels as quickly as possible to renewable energy," Boulet said. "China is really pushing hard right now, and I think that's a signal to the world."

China opportunities

Business leaders from across the world reaffirmed their commitment to China's opportunities at the event, applauding the country's rapid progress in new energy and AI as well as its open and expansive market.

China's innovations in the new energy sector, such as photovoltaics and lithium-ion batteries, have captured the world's attention, and there is also ample room for growth in AI, according to Martin Franc, chief executive officer of Invesco Australia.

Franc said the new sectors offer opportunities for multinationals and international organizations, and the company looks forward to future innovation and cooperation opportunities in China.

Premier Li Qiang said at the opening plenary of the event that the rapid growth of new industries and new drivers has buttressed the sound and sustained development of the Chinese economy. China has the confidence and capability to achieve the growth target of around 5 percent for this year, Li said.

Gaven Chai, vice president of Honeywell Industrial Automation and general manager for China, emphasized that China's opening up brings growth opportunities and new growth points, which is the reason why the country has attracted a huge amount of foreign investment.

Chai added that China's vast market offers diverse application scenarios for testing innovative solutions. "For Honeywell, the Chinese market serves as an ideal testing ground to validate our innovative solutions," he said.

In promoting emerging industries such as new energy vehicles and AI, China has achieved its own economic growth and also made significant contributions to global innovation and sustainable development, said Cai Wei, suggesting businesses should fully seize these opportunities and work together to achieve a win-win situation for economic growth and global development.

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