WEF president hails China's accelerated development, "incredible" investment in new technologies

China's accelerated pace of development in recent decades and its investment in new technologies as it pivots towards an innovation-driven development model has been described as "just incredible" by Borge Brende, president of the World Economic Forum (WEF).

Speaking on the sidelines of WEF's 2026 annual meeting in the Swiss Alpine town of Davos on Monday, Brende highlighted the "staggering" advancements China has made in a relatively short space of time, ensuring its people are enjoying far greater prosperity than ever before while continuing to overcome the various economic headwinds and challenges facing the global economy.

"What took a hundred years in Switzerland, you in China have done in 30 years, so it's very condensed. Of course, that also creates challenges, but I think China overall has coped with this well. I think China is also very honest about saying it's of course causing also some challenges and not hiding that and saying we are working on it. The overall result is that the Chinese people are much better off economically now. Like it's a staggering difference in 30 years," Brende told China Central Television (CCTV).

Brende also hailed the success of China's long-term strategic planning model, noting the shift from being a manufacturing powerhouse to now pursuing high-quality growth with a focus on innovation and tech-driven development.

A global ranking of fast-growing startups in 2025 showed that companies headquartered in China accounted for over one-third of the list, underscoring the country's strong potential in emerging technology, and Brende highlighted how increasing investment is helping this sector to flourish.

"We know also when China really invests in something it also gives quite impressive yield. It's gone in phases. [Before] it was a heavy industrialization and focus on manufacturing and now we're seeing that China also is pivoting more towards the new technologies and we have a start-up community and we have investments in these new technologies in China that is just incredible," he said.

Brende also noted how important it is that a number of leading Chinese tech companies are also participating in the five-day WEF gathering, which will run through Friday under the theme "A Spirit of Dialogue." It has brought together around 3,000 leaders and experts from around the world to discuss five pressing global challenges, including enhancing cooperation, unlocking new sources of growth and deploying innovation at scale and responsibly.

WEF president hails China's accelerated development, "incredible" investment in new technologies

WEF president hails China's accelerated development, "incredible" investment in new technologies

WEF president hails China's accelerated development, "incredible" investment in new technologies

WEF president hails China's accelerated development, "incredible" investment in new technologies

WEF president hails China's accelerated development, "incredible" investment in new technologies

Chinese authorities are set to open duty-free shops each at 41 listed ports of entry to the country, including airports, sea ports and land border crossings, aiming to facilitate tax-free shopping for inbound travelers.

Five government departments, including the Ministry of Finance, made the announcement on Wednesday. They defined port-of-entry duty-free shops as stores located within the restricted zones of airports, sea ports or land border crossings. Spread across the country, these stores will only offer duty-free goods to inbound international passengers.

Analysts say the move will boost consumption and promote the sustained growth of the duty-free retail sector.

Beyond China's natural scenery and cultural appeal, shopping in the country is becoming an increasingly integral part of international tourists' travel itineraries. China has also been expanding its visa-free entry policies and refining tax-refund-upon-departure services for international tourists in recent years.

China to opens 41 new entry-port duty-free shops