Chinese Premier Li Qiang recently defended the country’s technological development during the opening of the World Economic Forum’s “Summer Davos” meeting in Dalian, China. He emphasized that China’s rapid advancements in new industries are a result of its unique comparative advantages. These advantages include the country’s large market, industrial network, labor force, diverse application scenarios, and receptive consumers. Li highlighted the importance of these factors in contributing to the competitiveness of China’s emerging industries.
Li’s remarks come amidst rising tensions with the European Union (EU) over imports of Chinese electric cars. Earlier this month, the EU announced plans for tariffs on these imports, while the US has indicated that it will increase duties on Chinese electric cars to 100%. Despite these challenges, China and the EU have reportedly agreed to engage in discussions regarding potential tariffs. Li emphasized the need for international cooperation and the importance of avoiding confrontation in addressing trade disputes.
During his speech at the World Economic Forum, Li expressed confidence in China’s economic growth potential. He stated that the country’s economic growth would remain steady in the second quarter and that China was capable of achieving its official growth target of 5% for the year. Data released earlier in the month indicated positive growth in retail sales, although industrial activity fell short of expectations. Li discussed Beijing’s economic policy, drawing analogies from traditional Chinese medicine and boxing to explain the country’s targeted approach towards economic development.
Li underscored China’s commitment to supporting technological innovation and businesses, calling for the removal of restrictions on Chinese companies that prevent them from acquiring advanced technology from US firms. He highlighted efforts to address societal challenges, such as supporting the aging population as a new driver of economic growth. Li mentioned the implementation of a trade-in policy as part of China’s strategy to boost consumption and promote sustainable economic development.
Premier Li’s defense of China’s technological development and critique of restrictions on global cooperation reflect the country’s efforts to navigate challenges in the global economy. By emphasizing the importance of international collaboration and innovation, China aims to sustain steady economic growth and achieve its development goals. Li’s remarks underscore the significance of embracing openness and dialogue in addressing trade tensions and promoting sustainable development in the digital era.
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