Chinese economy shows resilience, prioritizes tech, talent investment

BEIJING -- China's economic development is taking a long-term view by investing in technology and human capability, which is evident in the way new industries have evolved, whether in green energy sectors or industrial transformation and advanced manufacturing, said Gim Huay Neo, managing director of the World Economic Forum (WEF).

In an exclusive interview with Xinhua ahead of the upcoming 2025 Summer Davos Forum, scheduled to run from June 24 to 26 in North China's Tianjin municipality, Neo said that the expected attendance of 1,800 participants at the forum, more than half of which being global businesses, signifies a strong interest in China as well as Asia as a whole.

Businesses and investors attending the Tianjin event will be looking to secure partnerships in advanced manufacturing, the technology sector, healthcare and other areas, she said.

Commenting on the investment environment in China and Asia, Neo said the "ingredients" in terms of policy coherence and consistency, availability of human capital, technology readiness and broader market support, are "pretty strong."

"I think these various elements create an ecosystem that is favorable for investors as well as business partnerships," she explained.

Notably, Neo also stated that the Chinese economy has been more resilient during a time of global economic uncertainty. She said Asia is expected to contribute about 60 percent of global GDP growth this year, with China to contribute around 30 percent, citing projections.

"So the outlook for Asia and China is still pretty strong," Neo said, adding that there will be a lot of interest and focus on China and Asia's potential during this year's upcoming meeting in Tianjin. "Specifically, we will have sessions around China's economic outlook, the approach to AI, as well as a broader innovation ecosystem."

Concerning rising global trade tensions, Neo said the WEF has a working group focused on trade and investment, seeking to bring businesses together with governments, academia and international organizations for constructive dialogue and forge win-win partnerships.

"I emphasize the word 'win-win' because we need to look for opportunities and collaboration areas where there can be benefits for everyone," she noted.

Neo said the WEF has a very long-standing friendship with China, and that the forum hopes to continue working with the Chinese government, Chinese businesses and Chinese people to bridge conversations between China, Asia and the rest of the world.

"There is a lot of interest in Asia and China, and we hope to continue to be able to create the platform for constructive dialogue, for the exchange of ideas and perspectives, and to be able to catalyze new partnerships and bring about solutions to global challenges," she said.

This year's Summer Davos Forum, also known as the 16th Annual Meeting of New Champions of the World Economic Forum, is themed "Entrepreneurship in the New Era" and will focus on five key areas -- deciphering the world economy, outlook on China, industries disrupted, investing in people and the planet, and new energy and materials.