Thursday, June 27, 2024

Reading Time: 6 minute

At a time of economic uncertainty and a complex geopolitical environment, the 15th annual meeting of the World Economic Forum in Dalian, China, convened 1,600 global leaders from various fields to New Champions 2024. The purpose of the gathering was to build partnerships and highlight innovations and solutions that can drive global economic recovery.

This year’s theme, “Next Frontiers for Growth,” focuses on the challenges and opportunities of a rapidly evolving global landscape. Participants participated in high-level discussions and workshops to promote cooperation and explore new avenues for stronger growth. The meeting also provided an update on the economic outlook for China and Asia, a region that drives two-thirds of global growth.

“To drive future economic growth, we must embrace innovation and foster collaboration across sectors, regions, nations and cultures to build a more peaceful, inclusive society and resilient future,” said. Klaus SchwabFounder and Executive Chairman, World Economic Forum.

“Artificial intelligence, green energy and biomedicine – I believe these fields hold the promise of developing into multitrillion-dollar pillar industries,” said. Li Qiang, Premier of the People’s Republic of China. “In many ways, the depth of international cooperation determines the height of human development,” he continued.

“To blaze new trails – we need innovative mindsets. We need new roads. We need out-of-the-box thinking,” said Poland’s President Andrzej Duda.

“The future depends on innovation, climate action and high-quality human resources,” said Pham Minh symbol, Prime Minister of Vietnam. “We must adopt a new mindset and approach that is people-centric and comprehensive, ensuring benefits for all.”

“Education is important. I think we cannot underestimate the value we should place on human development,” said Amina MohammedDeputy Secretary-General of the United Nations co-chairs the Annual Meeting of New Champions 2024.

Focused on the seat Six themed columnsthe new global economy; China and the World; Entrepreneurship in the Age of AI; New frontiers for industries; investing in people; and linking climate, nature and energy.

The New Global Economy

While the global economy is stabilizing, growth is expected to remain subdued by historical standards with a prevailing sense of “cautious optimism”. Participants agreed that global collaboration and innovation are critical to sustaining economic growth, addressing the climate crisis, geopolitical tensions and the spread of misinformation. However, geopolitical conflicts and competition are seen as significant obstacles to cooperative action, leading to economic divisions between regions.

Governments are increasingly shaping economic and industrial policies, focusing on technology and green industries to increase competitiveness. The sessions emphasized technology acceleration balanced with inclusive and sustainable growth, building on the Forum’s Future of Growth framework. Discussions also covered how an integrated fiscal, trade and industrial strategy could promote recovery while controlling inflation. The Future of Growth Initiative welcomed new members, expanding to more than 30 leaders from government and business to promote innovative, inclusive, sustainable and resilient growth. Increasing women’s employment was highlighted as a key strategy to boost economic output and slow global growth.

“For Rwanda, the choice to take advantage of frontier technologies is really essential. It is a question of existence,” said Paula IngabireRwanda’s Minister of Information Communication Technology and Innovation co-chairs the New Champions 2024 Annual Meeting.

China and the world

In the Chinese Economic Outlook session, growth targets were set at around 5%, with China expected to be the largest contributor to global growth in 2024. The session focuses on the drivers of this growth, emphasizing both short-term economic stimulus and long-term. A term systematic approach to sustain growth and development. The meeting provided a platform to discuss China’s expanding global technology footprint and rising spending.

As the largest emerging economy, China plays an important role in promoting cooperation and multilateralism. The main focus was on increasing trade and investment, strategic cooperation on energy transition and strengthening economic ties between China and the Middle East driven by geopolitical priorities. Continued cooperation between the United States and China was seen as essential to address global priorities such as climate change, health and innovation.

“At an aggregate level, the Chinese manufacturing boom appears to be only gathering momentum. We haven’t really seen what it looks like when the Chinese manufacturing miracle really hits its stride,” said. Adam ToozeDirector, European Institute, Columbia University.

Entrepreneurship in the age of AI

The forum launched its annual Top 10 Emerging Technologies report, highlighting the acceleration of global connectivity, the rise of AI and the convergence of the physical, digital and biological worlds. Emerging technologies are expanding the potential for productivity, growth and sustainability. The sessions emphasized the long-term potential of generative AI to transform various industries.

Entrepreneurs were identified as crucial to unlocking the potential of these technologies. More than 200 members of the forum’s innovator communities attended, including entrepreneurs, investors, partners and experts from the UpLink community. Social researchers recognized by the Schwab Foundation for Social Entrepreneurship were also present. Discussions highlighted the importance of governance aligned with social values ​​and explored the intersection of infrastructure, investment and policy. The forum released the Responsible AI Playbook for Investors to help investors maximize AI opportunities while minimizing risks. The Schwab Foundation released a report introducing principles for the responsible measurement, implementation and management of AI for social innovation. The AI ​​Transformation of Industries in China initiative was launched to help companies use AI for higher productivity in various sectors.

“The technologies we see in the digital economy, but also around the energy transition, will transform industry and society,” said. Mirek DusekManaging Director, World Economic Forum.

“Organizations make better choices when they understand the factors shaping the future,” said Jeremy JurgensManaging Director, World Economic Forum.

New frontiers for industries

The meeting addressed significant economic, geopolitical, environmental and technological changes affecting industries and supply chains. Manufacturing industries worldwide are at a critical juncture, where responsible transformation is required for competitiveness, resilience and sustainable growth. The Forum, in collaboration with the Advanced Manufacturing Industry CEO community, launched the nomination process for the Next Generation Industry Leaders Program, an accelerator aimed at equipping emerging leaders with the skills needed for responsible industrial transformation. The Industry Net Zero Accelerator Initiative introduced a new action track for SMEs in manufacturing to accelerate their sustainable transformation. Leading manufacturers identified key changes needed to scale the implementation of digital technologies across value chains.

“[Nature] Anecdotal evidence shows that remote collaboration is brought about as a result of the pandemic and post-pandemic world leading to fewer successes,” said. Magdalena Skipper, Editor-in-Chief, Nature.

“We need an integrated model that considers the impact of our growth on social, human and natural capital.” Andre HoffmanChairman, Masellaz, Vice-Chair, Roche.

Investing in people

With nearly a quarter of jobs and more than 40% of workers’ skills facing disruption due to factors such as geoeconomics, technology and the green transition, the meeting provided insights into the future of work. Emphasis was placed on placing people at the center of technological and economic change with a view to ensuring that individuals are well equipped for development. The sessions highlighted opportunities to leverage technology for education and skill building. Participants discussed reskilling, leveraging AI responsibly and innovative approaches to address climate-related health challenges. A report on the impact of climate change on health and priority intervention areas for the private sector was also published. One session emphasized the urgent need for a new global commitment to achieve gender equality based on the findings of the Global Gender Gap Report 2024.

Connecting climate, nature and energy

The Forum launched the latest edition of the Energy Transition Index, which assesses the progress of 120 countries in transitioning to a more equitable, secure and sustainable energy system. The issue briefing highlighted the gap in energy transition performance between advanced and developing economies, emphasizing the need for urgent action against climate change.

The first cohort of China-based, impact-driven start-ups, known as Top Innovators, joined the UpLink innovation ecosystem in partnership with, receiving support to scale their ventures. The World Economic Forum and the Global Energy Interconnection Development and Cooperation Organization signed a cooperation agreement to facilitate the energy transition, promote clean energy development and enhance efforts to address related topics.

“Whether it is heat stress, drought or floods, we are experiencing the effects of extreme weather from climate change. As a leader, you have to face the realities and take responsible action,” said Gim Huay Neo, Managing DirectorWorld Economic Forum.

“For the first time in human history, with low cost and affordability of technology, a real clean energy future is on the radar. We just need to get the policy right, get the ambition right,” said I meanExecutive Director and Founder, Institute for Global Decarbonization Progress.

“Currently, a dead tree is worth more than a living tree. It’s a crazy way to evaluate the basis and foundation on which we as humanity survive and thrive,” said. Kitty van der HeijdenDeputy Executive Director, Partnerships, UNICEF.

“We are pushing for an energy transition here in Dalian. We are advocating a green lifestyle,” said Chen ShaowangMayor, Dalian Municipal People’s Government.

Leave a Comment