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Premier Li Qiang's speech at Summer Davos resonates with global participants




Premier Li Qiang's speech at Summer Davos resonates with global participants

2024-06-25 22:05 Last Updated At:22:37

Chinese Premier Li Qiang emphasized the vast opportunities within China's open and expansive market at the opening ceremony of the 2024 Summer Davos in northeast China's coastal city of Dalian on Tuesday, which resonated positively with the participants of the forum.

Featuring the theme "Next Frontiers for Growth", the event, held from June 25 to 27, is gathering some 1,600 leading figures from the public and private sectors across nearly 80 countries and regions to jointly explore new drivers and pathways for global economic growth.

Li said China has continued to promote high-quality development, accelerated the development of new quality productive forces, and fostered new growth drivers in recent years. He also called for joint efforts in promoting the development of green and low-carbon industries.

"He had a very strong focus on the economy, obviously, and also on the new [quality] productive forces. I think what stood out to me was his focus on environment, climate, green transition. That's something that in the past, the economic leaders of China wouldn't emphasize so much in a speech. And today, that came through very clearly. China really sees this as an opportunity, rather than a burden or something that has to be done. To China, this is now one of the biggest economic opportunities, but it also links very well, of course, with the global climate agenda and green agenda. So it's amazing to see that," said Dimitri de Boer, chief representative for China of ClientEarth, an environmental charity.

The premier also called on countries around the world to deepen scientific and technological exchanges and cooperation, warning that if countries only think about maximizing their own interests, a vicious cycle could ensue in which they vie for a pie, but the pie becomes smaller amid the fight.

"I thought it was really interesting what he had to say about splitting the pie. He talked about the pie in the world, decreasing in size. And to me, I think he's right. We have to collaborate in different fields, health care, sustainability to make the pie bigger for everybody. So I really appreciated that comment. China is doing a great job in terms of innovation globally. It's a very competitive space. So I think China should continue a lot of scientific collaborations, as he said, protecting the roots. And I think science is really the root that they're trying to nurture here," said Joey Wilson, curator of Munich Hub, a community of young people committed to solving challenges in Munich, Germany.

"I think the big thing is about technology and the role of China playing a leading role in technology. I think the big thing, obviously, the biggest asset is its people. But being open to innovation, I think, makes a big difference. And I think China has a big role to lead the rest of the world. So his investments and his commitments, I think they're great for China and the rest of the world," said James Wanjohi, managing partner of Alpha Strategy Consultants.

Li also called on all countries and regions to work closely together, oppose bloc confrontation and decoupling, maintain the stability and unimpeded flow of industrial and supply chains, and promote trade and investment liberalization and facilitation.

Only through interaction, exchanges and complementing each other in opening up can we continuously expand the boundaries of development and blaze a trail for new frontiers, Li said.

"China is open for business and very positive. The markets are opening up. I get the impression that China, they want to attract global investment coming back in and a lot of focus on innovation. China has 1.4 billion consumers, very, very powerful, and as those consumers get wealthier and make more money, the domestic consumption opportunity here is incredible. So I think there's a lot of upside to China right now, and I think coming out of the pandemic, it's a process, but I think sentiment is getting better in China, and confidence. And I think China is one of the best places to invest today globally," said Jonathan Krane, founder and CEO of KraneShares, an asset management firm focused on China and climate-related investments.

Premier Li Qiang's speech at Summer Davos resonates with global participants

Premier Li Qiang's speech at Summer Davos resonates with global participants

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Japanese seek diversified investment options as yen devalues

2024-07-14 12:04 Last Updated At:12:37

The Japanese people are eyeing diversified investment options at a three-day wealth management exhibition which started on Friday in Tokyo, as the depreciation of their fiat currency yen goes on.

Since July, the retail price of gold in Japan has repeatedly hit new highs, and the price per gram rose to 13,612 yen (about 86 U.S. dollars) on Thursday.

As inflation continues in Japan, precious metals are increasingly popular as a way to beat it.

In addition to paper gold, rare precious metal coins have gradually become one of the new financial investment favorites in Japan in recent years.

"The gold content of coins determines their value as precious metals. But as collectibles, their price on the auction market will go up," said Mitsuru Hayama, an exhibitor.

In addition to traditional financial products which include real estate, there is a trend of diversification at this exhibition.

For example, for investment products such as agricultural blueberry gardens and mushroom farms, investors can choose to make investment only, or they can participate in specific business operations.

Investable wines and whiskies are also a big draw at the expo. Among them, wine investment has an online trading model, where investors can view the latest prices of wines on their mobile phones in real time and conduct transactions .

"You buy it when it's cheap and drink it whenever you want. This is the prime pleasure of investing in the wine. Even if you don't drink it yourself, you'll be happy if its price rallies," said Eiji Odawara, an exhibitor.

According to the latest data released by the Bank of Japan in June, as of the end of March this year, the scale of Japanese household financial assets inched up 7.1 percent compared with the same period last year, reaching 2,199 trillion yen (about 13.9 trillion U.S. dollars), hitting record highs for five consecutive quarters.

Among them, cash and deposits accounted for 50.9 percent, much higher than other advanced economies such as the United States and some European countries.

Japanese seek diversified investment options as yen devalues

Japanese seek diversified investment options as yen devalues

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