The 16th Annual Meeting of New Champions of World Economic Forum (WEF), or the Summer Davos Forum, now going on in Tianjin, discussed China's evolving role in global manufacturing and its strategic focus on building resilient supply chains on Wednesday.
At a sub-forum titled "Manufacturing in a Fragmented World," business leaders, scholars, and experts from the energy and manufacturing sectors looked into the issue in depth.
Discussions centered on the disruptive impact of rising unilateralism and trade protectionism on global supply chains and how China's manufacturing sector is navigating these challenges.
Peng Sen, president of China Society of Economic Reform, said China's manufacturing industry is becoming the engine of global manufacturing despite restrictive measures against the country.
"Restricting and suppressing China may in turn stimulate China's manufacturing industry to further accelerate the process of amending and reinforcing the supply chain. According to the forecast of UN Industrial Development Organization, China's manufacturing output is expected to reach 40 percent or more of the world total in five years. This is an increase in quantity. and China's manufacturing industry is gradually becoming the engine of global manufacturing," he said.
Many participants emphasized the need for multinational corporations to move from simply exporting products to co-developing industrial capabilities with local partners. They believed building localized industrial and supply chains can benefit the economic and social development of host countries.
"We need to change the unary mode of just selling our products out. We must establish our industrial chains in major countries and regions around the world. By adopting a more open and collaborative approach, we can integrate China's and global industrial chains, contributing more to local economic and social development. This type of globalization is also welcomed by host countries," said Li Dongsheng, founder and chairman of Chinese electronics giant TCL.
"We are renegotiating with the main providers, also with the banks and the investments funds to get the better financing to buy equipment also and try to make a partnership with the main companies. So the best way is to have more cooperation between the countries and between the continents itself. I always have confidence and we must be confident because all of us want the best for the world and best for ourselves," said Liliano Silva, customer service consultant of Unitel SA, a mobile operator in Angola.
Themed on "Entrepreneurship for a New Era," the Summer Davos is held from Tuesday to Thursday, gathering over 1,700 leading figures from more than 90 countries and regions to explore how entrepreneurship and emerging technologies can unlock more dynamic and resilient economies.
Summer Davos discusses China's role in global manufacturing
