WEF discusses 'new champions' and China growth at Tianjin meeting

DW (English)

Known as "Summer Davos," the WEF meeting in Tianjin has set a post-pandemic record of more than 1,700 participants, who discussed topics such as new energy and materials, the global economy and China's economic outlook.

Transcript

00:00Each year, China welcomes guests from around the world to the so-called Summer Davos to

00:06hash out the big economic issues. But, once again, the Chinese economy is proving to be

00:12a less-than-stellar role model.

00:14Growth is slowing in Chinese factory output on the back of US tariffs, and the country's

00:19attempt to wean itself off export dependency is sputtering. China's premier Li Qiang insists

00:25China is doubling down.

00:26We are stepping up our efforts to implement the strategy of expanding domestic demand,

00:32carrying out special actions to boost consumption, and promoting China's growth into a major consumption

00:38powerhouse based on the solid foundation of a major manufacturing powerhouse.

00:43Look, China actually realizes that the export-led growth era is over. Of course, it's still

00:51struggling with over-investment and with excess production. And now there is the realization

00:59among the top leadership that consumption needs to become a growth driver. And China is progressing

01:07with policies that will support consumers. But it is a very challenging task. So the jury's

01:15still out on whether they'll manage to achieve it.

01:19Retail sales surged over 6% in May, but the rebound is highly dependent on short-term measures,

01:25rate cuts, subsidies and shopping events, meaning China could be vulnerable once again when its

01:3190-day tariffs truce with the United States runs out.

01:35China's premier sent Washington a message.

01:43In times when the global economy faces difficulties, what we need is not the law of the jungle where

01:48the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome.

01:57Despite China's tough talk at the World Economic Forum meeting, it's clear the country is in a bind.

02:02If it can't boost consumption in the long term and wean itself off its export dependency,

02:07it will continue to be subject to the whims of tariffs hawks like Donald Trump, no matter

02:13the views of the leaders and experts here in Tianjin.

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