Global Impact | China comes out swinging at ‘Summer Davos’, but talks up markets and US trade

In this week’s issue, we look back at the World Economic Forum’s Annual Meeting of the New Champions that took place last week in the Chinese city of Dalian

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Chinese Premier Li Qiang attends a symposium for foreign business representatives at the 15th Annual Meeting of the New Champions in Dalian. Photo: Xinhua

Published: 2:00pm, 8 Jul 2024

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China’s leaders reiterated their defence of its new-energy sector, criticised Western decoupling policies and hinted at the agenda for the upcoming third plenum during the World Economic Forum’s Annual Meeting of the New Champions – also known as Summer Davos – last week in Dalian.

In a port city on China’s northeastern coast, Premier Li Qiang used his opening remarks to refer to the United States’ “small-yard, high-fence” approach as having had a negative impact by raising costs in the global economy and sparking disputes.

The phrase has often been used to describe the Biden administration’s intent to allow most trade and economic relations with China to continue, outside a core area of restricted products, technologies and business activities.

“World economic growth is facing a predicament,” Li said during his keynote speech. “Decoupling and building a ‘small yard and high fence’ is like reversing the progress of history.”

Li said China’s new-three products – electric vehicles (EVs), solar panels and lithium batteries – are helping ease inflation worldwide.