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Hot topics under discussion at the 2017 Summer Davos
BY 2017-06-29 17:33:48

Themed as Achieving Inclusive Growth in the Fourth Inclusive Industrial Revolution, the 2017 Summer Davos focuses on four major topics including promoting people-oriented technology, leading to continuous re-creation, create a sustainable system and coping with geopolitical changes. Over 2,000 participants from 80 countries have come together to discuss topics of common concern in Dalian, Northeast China's Liaoning province, between June 27 and 29.

Here are some insights of hot topics under discussion at different parallel forums and press conferences of the ongoing 2017 Summer Davos.

Participants attend One Belt, One Road: The Global Implications forum of 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

                       

Ahsan Iqbal, minister of Planning and Development and deputy chairman of Planning Commission of Pakistan delivers a speech at the One Belt, One Road: The Global Implications forum of 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

There are still a series of challenges that need to be worked out in order to promote China - Pakistan Economic Corridor Project and we need to make up gaps in three areas, domestic and international coordination, recognition and human resources, said Ahsan Iqbal, minister of Planning and Development and deputy chairman of Planning Commission of Pakistan, at the parallel forum in Dalian, Northeast China's Liaoning province, June 28, 2017.

Li Daokui, professor of Tsinghua University, delivers a speech at China Economy Outlook forum of the 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

China's economy in 2017 will grow 6.7 percent with a slight decline in second half of the year. Next year it will grow 6.9 percent or close to 7 percent. The three factors that affect China's economy are international influence, cyclical factors and changes in China's own political and economic system. Public financial reform is very important and as local government is driven by financing, Li Daokui, professor of Tsinghua University, suggested central government's tax revenue should return to local governments.

                        

Professor Zhu Min, dean of the National Institute of Financial Research, Tsinghua University, shares his opinion at China Economy Outlook form of the 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

The global economy is expected to grow this year and China's growth rate will be 6.5 percent. International trade has begun to recover and the growth of China's export in the first half of 2017 is very robust. We need to continue to deleverage and use more market methods such as merger and acquisition, bankruptcy, reorganization to revitalize assets and generate more profits with more money, said Professor Zhu Min, dean of the National Institute of Financial Research, Tsinghua University, in Dalian, Northeast China's Liaoning province, on June 28.

Gao Hongbing, Alibaba vice-president and head of AliResearch, attends a press conference on China's Consumption Economy at the 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

Internet will have even bigger influence on consumers and customers will be able to find and research products via internet whenever and wherever. Seamless integration of consumption process online and offline is an important driving force of consumption growth. Consumers pay more attention to high quality products, said Gao Hongbing, Alibaba vice-president and head of AliResearch.

Liao Tianshu, president of Boston Consulting Group China, shares her opinion at a press conference on China's Consumption Economy at the 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

Although the growth rate of China's GDP has slowed down, the growth rate of consumption market scale in China still tops the world at 10 percent each year, said Liao Tianshu, president of Boston Consulting Group China.

                           

Jeff Walters, managing director of Boston Consulting Group, shares his opinion at a press conference on China's Consumption Economy at the 2017 Summer Davos in Dalian, Northeast China's Liaoning province, June 28, 2017. [Photo/VCG]

Chinese consumers are trading up to higher-quality products. Digital technology is one of the underlying drivers that will continue to spur purchases, said Jeff Walters, managing director of Boston Consulting Group.

 

(Editor:Li Zhaoqi) (From:China Daily)
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