The China Business Summit 2006 is to open in Beijing tomorrow as
a co-project of the China Enterprise Confederation and the World
Economic Forum (WEF).
More than 500 participants from 27 countries are expected to
take part in the two-day event, which aims to bring together key
stakeholders to rethink and reshape China's growth and industry
"A China well on its way to achieving balanced development with
an emphasis on trade integration and cross-border flows" is what
Klaus Schwab, founder and executive chairman of the WEF, described
as his "optimal scenario" for China in 20 years.
Schwab said in an interview with China Daily yesterday
that China will achieve the scenario when "it is backed by
well-executed financial, legal and administrative reforms and the
progressive emergence of a middle class and internal market."
The WEF was founded in 1971, calling itself an independent
organization committed to improving the state of the world by
engaging leaders in partnerships to shape global, regional and
industry agendas. It is convened in Davos, Switzerland every
Schwab, who first visited China in 1979, said he is filled with
admiration for China's dramatic transformation to what it is
China has achieved extraordinary growth for nearly three decades
-- all the more impressive given the scale and magnitude of the
Chinese economy, he said. It has thus "played a leadership role in
propelling global economic growth."
China's economy, as measured in terms of gross domestic product,
amounted to 18.3085 trillion yuan (US$2.289 trillion) in 2005,
based on 10.2-percent annualized growth from the previous year,
according to figures from China's National Bureau of
At the same time, Schwab said, the country has faced significant
challenges both at home and abroad.
"Domestically, China's leadership has carved an ambitious
development path based on scientific and technological advancement
while protecting the environment and enhancing social harmony," he
"Externally, China's leading position in the global economy
calls for a greater role in addressing global economic imbalances
and promoting closer economic collaboration."
Schwab stressed that innovation is the key to tackling future
challenges. "Amid rising global commodity prices and increasing
domestic wage pressures, China needs to become much more resource
To be truly competitive globally, he said, "China must create
greater value out of ideas, products and processes, all of which
form the very essence of innovation."
That's why the China Business Summit 2006 takes "sustainable
growth through innovation" as its theme, Schwab said.
He said China has been producing formidable global industry
players such as Lenovo. "As domestic companies restructure,
innovate and internationalize, there is definitely potential for
more Chinese companies to emerge as global champions," he
In view of this, the WEF has especially chosen China as the
headquarters of those global growth companies that have
demonstrated clear potential to become leaders in the world
The Annual Meeting of Global Growth Companies (dubbed "Summer
Davos in China") will be held for the first time in China in August
2007. The host city is to be determined by the end of this month
via a bidding system.
Like the WEF's annual meeting in Davos, the China event will be
an independent platform for global leaders to shape international,
regional and industry agendas, according to Schwab.
"The event will feature industry-specific meetings of global
business leaders to address the unique opportunities presented by
global growth companies, allowing them to exchange best practices
and address their common interests and challenges," Schwab
He added it also presents an extraordinary opportunity to
showcase China's emerging multinationals.
(China Daily September 9, 2006)