The ongoing 14th Annual Meeting of the New Champions has provided a platform for global participants to advance regional and global collaboration and address the world's most pressing problems in the post-pandemic era.

The three-day event, also known as the Summer Davos, opened on Tuesday in China's Tianjin, marking the resumption of the annual meeting in the country after a four-year hiatus.

While the attendees from businesses, governments, international organizations, and academia offer insights into global issues with rewiring growth as a major topic, many have said that China is playing a vital role in driving the world's economic recovery, benefiting the rest of the world.

This photo taken on June 27, 2023 shows a session themed "Braving the Headwinds: Rewiring Growth Amid Fragility" at the 14th Annual Meeting of the New Champions, also known as the Summer Davos, in north China's Tianjin Municipality. (Xinhua/Li Xin)

CONFIDENCE FOR RECOVERY

In a speech at the opening, Chinese Premier Li Qiang said that over the past decade, China has been an important source of impetus for the steady growth of the world economy.

"In the longer time to come, China will continue to provide strong dynamism to the world economic recovery and growth," he said.

China's GDP grew by 4.5 percent in the first quarter year on year and is expected to expand faster in the second quarter. The country is on track to hit the growth target of around 5 percent set for the year.

Tan Yuanjiang, vice president of Full Truck Alliance, said his company in the logistics industry saw the business revenue surge by 27.7 percent in the first quarter year on year, with more than 30 million orders completed.

"Transportation is the artery of economic development, and more orders in the logistics indicate more economic vitality," he said.

Tan's confidence in China's economic prospects is backed by multiple international organizations.

The World Bank's latest Global Economic Prospects lifted its prediction of China's economic growth this year by 1.3 percentage points to 5.6 percent. The mid-year update of the World Economic Situation and Prospects 2023, released by the United Nations, projected that China's economy will grow 5.3 percent this year, up from the 4.8 percent forecast in January. In its May edition of the Asia-Pacific regional economic outlook, the International Monetary Fund expects China's economy to grow 5.2 percent this year.