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Business
Embracing Inclusive Growth
An inclusive world would definitely be one full of wonders
Editorial | NO. 27 JULY 6, 2017

Today, the world is witnessing unprecedented changes. The Fourth Industrial Revolution, triggered by scientific and technological developments, including big data and artificial intelligence, is now underway. How to maintain economic growth during the transformation is a highly pertinent question.

The World Economic Forum's Annual Meeting of the New Champions 2017, also known as the 2017 Summer Davos, took place in the port city of Dalian in northeast China's Liaoning Province from June 27 to 29. More than 2,000 people from politics, business, academia and the media gathered to discuss issues under the theme Achieving Inclusive Growth in the Fourth Industrial Revolution.

The Fourth Industrial Revolution has two distinct features: globalization and green development. Characterized by technological integration, the revolution is gradually dissolving boundaries between the physical, digital and biological worlds, while driving growth in a green, innovative and sustainable direction.

In recent history, each of the previous industrial revolutions has greatly advanced social productivity and human civilization. The new round of revolution, born against the backdrop of economic globalization, boasts unprecedented speed, extent and depth and has brought limitless growth opportunities for all nations. Actions that fail to uphold globalization and green development go against the trend of the new era.

Nonetheless, a small number of individuals who advocate populism and trade protectionism oppose globalization by exaggerating difficulties and challenges.

In the face of globalization, both developing and developed countries are encountering problems and need time to adjust. The root causes of their problems are not economic globalization itself. When problems occur, they should communicate with each other and actively find solutions, rather than shut themselves out.

China has also encountered many difficulties, such as overcapacity, high leverage ratios, irrational growth structures and fierce competition from imported agricultural products. But the Central Government is making endeavors to embrace global economic integration by pushing forward supply-side structural reform and opening up further to the rest of the world.

One of the important reasons why China has maintained stable growth in a sluggish global economy in recent years is that the nation has become increasingly inclusive. The nation has continuously implemented development thinking centered on innovation, coordination, green growth, openness and sharing.

In accordance with the trend of the new industrial revolution, China has furthered its inclusiveness in development strategies, mechanisms and policies and formulated a path suitable to its own national conditions.

At this year's Summer Davos forum, China shared with participants from around the world its inclusive growth model for the Fourth Industrial Revolution. As Chinese Premier Li Keqiang said at the opening ceremony, "countries must safeguard economic globalization to achieve inclusive growth." An inclusive world would definitely be one full of wonders.

Related:
Seek Technological Revolution
Fleshing Out an Alternative
A Clear Vision Amidst Uncertainty
Leading the Way
A Revolution at Hand
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