夏季达沃斯论坛关注增长

The three-day “Summer Davos”, dubbed the Annual Meeting of the New Champions, opened on Thursday in the north-eastern port city of Dalian. This is the first meeting of the Forum since China’s annual growth slipped below the 7.5% mark, which the Chinese government is calling 'the new normal.'

Chinese Premier Li Keqiang addressed over 1,700 participants from over 90 countries and regions. All were eager to hear China's plans for keeping the economy on track.

"I want to tell everyone that the trend of China's economy is featuring a slower yet more stable growth. It will move toward a bright outlook. However, difficulties remain," Li said.

"Generally speaking, opportunities outrun challenges. It's the innovation and enthusiasm of start-up entrepreneurs that boost our confidence to conquer the obstacles. We will reach this year's major targets, and ensure a better outlook of China's economy."

Economic growth in China slowed to 7 percent during the first half of this year as traditional drivers such as real estate, heavy industries run out of steam.

China's exports fell 6.1 percent year-on-year to $188 billion in August, while Imports fell 13.8 percent year-on-year to $136.6 billion.

The Chinese stock market rout that started in mid-June followed by a currency devaluation shortly after sent shock waves around the world.

But some participants still expressed confidence China’s economy.

"And there's a big group of people in the West to participate in the world economic consumption, they will continue to invest and be committed to China," said Feike Jijbesma, CEO, DSM Managing Board.

In the face of a slowing manufacturing sector, China is now placing its faith in innovation as the key to future prosperity.

"Mass entrepreneurship and innovation will promote economic development, increase employment, create a global sharing economy, improve income distribution patterns and promote social justice," Li said.

Authorities have also announced plans to nurture tech-intensive industries to help China regain its competitive edge in manufacturing.

It’s a challenge for the government and also for the world as the fate of the Chinese economy will have huge knock-on effects on the global economy.