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Leaders call for innovation, entrepreneurship and global cooperation to revitalize growth

September 4, 2023

More than 1,500 leaders from around the world gathered in Tianjin, People’s Republic of China, at the World Economic Forum’s 14th Annual Meeting of the New Champions, to share their interests in advancing dialogue, innovation and collaboration to revitalize growth.

Amid high costs of living, increasing geopolitical fragmentation, widening inequality and the growing effects of the climate and nature crises, the leaders called for a new approach to “re-globalization” and urgency in reviving cooperation for shared challenges.

Li Qiang, Premier of China, called for “win-win cooperation” to address the world’s challenges. “We must follow the trend of history, cement the consensus on development and continue our efforts to build an open-world economy,” he said.

On trade and geopolitical collaboration

Business leaders and government officials shared insights on navigating trade tensions and finding balance between strategic competition and cooperation to manage global challenges.

“The world is still fragmented. There are still fundamental challenges, and if we do not get into a situation of more collaboration, we will pay an economic price for that,” said Børge Brende, President, World Economic Forum. “For many years, trade was the driving engine for growth,” he added. “If we introduce new tariffs and a beggar-thy-neighbour approach instead of a prosper-thy-neighbour approach, we will not get back on a sustainable growth trajectory.”

The Forum and its partners launched or advanced more than 25 high-impact initiatives, serving as ongoing platforms for multi-year collaboration across geographies and industries, such as:

  • China formally ratified the World Trade Organization Agreement on fisheries subsidies to increase ocean sustainability.
  • Progress was made to advance the Reskilling Revolution and provide 1 billion people with better education, skills and economic opportunities by 2030, engaging new businesses and educators from Asia.
  • The Forum’s AI Governance Alliance (AIGA) advanced discussions on designing and implementing responsible AI frameworks that increase the benefits of generative AI while managing challenges.

Source: World Economic Forum