'Summer Davos' set to discuss economic goals

Statues at Xinghai Square of Dalian, Liaoning province on June 19, 2013. [Photo/IC]

China's economic development agenda is expected to attract global attention again next week when the World Economic Forum holds its three-day summer meeting in Dalian, Liaoning province.

It is the ninth Annual Meeting of the New Champions, or the "Summer Davos", to be held in China. More than 1,700 participants from 90 countries will attend the meeting from Sept 9 to 11, including government leaders, business executives and global organization chiefs.

The stock market turmoil and the yuan's depreciation have triggered concern among international investors of a deepened slowdown in the world's second-largest economy.

The theme of this year's meeting is "Charting a new course for growth". The gathering will focus on six issues: transformational science, industry disruption, economic uncertainty, China's "new normal", environmental boundaries and "being human".

Liang Linchong, deputy director of the Department of International Cooperation at the National Development and Reform Commission, said at a news conference on Wednesday, "This theme reflects the common concern of international society about reinvigorating economic growth.

"In attending the forum, the Chinese government wants to convey a message to the world that China's general economic fundamentals remain healthy.

"The government will adhere to its market-oriented economic reform, put more effort into innovation to drive development, and continue to uphold the policy for opening-up, win-win cooperation and mutual benefit."

The meeting agenda includes the yuan's internationalization and exchange rate reform, the new-energy strategy, the "Internet-plus" plan - aimed at connecting the Internet to traditional sectors such as agriculture, finance, manufacturing and logistics - and international collaboration on industrial capacity.

These issues have been stressed by the government as key elements to stabilize growth amid the slowdown.

David Aikman, chief representative official in China and managing director of the World Economic Forum, said, "While the national strategies and economic fundamentals are sound, in the short term we can expect continued volatility because an incredible transformation is happening in China's shift from an investment-driven to service-oriented model.

"These transformations are always accompanied by volatility and uncertainty, but the country's growth prospects are still incredible."

Northeastern China, where Dalian is located, has seen the slowest economic growth to date this year compared with other provinces and cities nationwide, as its development model relies greatly on heavy industries and traditional manufacturing businesses with overcapacity.

Lu Lin, the city's deputy mayor, said that during the meeting the city will sign cooperation agreements with Top 500 global companies to promote industrial upgrading and to import high technology.

China has hosted the Annual Meeting of the New Champions since 2007. This year is the fifth time that Dalian will have staged the event.