China's vast market remains a key driver of global growth while its pursuit of high-quality development and focus on innovation present great new opportunities for the world, according to attendees at the World Economic Forum's (WEF) 2026 Annual Meeting. The five-day gathering, which is set to conclude in the Swiss Alpine town of Davos on Friday, has brought together some 3,000 leaders and experts from around the world to discuss the most pressing global challenges, including enhancing cooperation, unlocking new sources of growth and deploying innovation at scale and responsibly.
As the world economy has faced a series of shocks in recent times from the impact of tariffs imposed by the U.S. and a number of geopolitical flashpoints that have further strained global markets, many pointed to China's role as a steadfast supporter of multilateralism and free trade.
In an interview with the China Global Television Network (CGTN) on the sidelines of the Davos forum, WEF President Borge Brende highlighted China's remarkable economic transformations in recent decades since its reform and opening-up policy was introduced and its growing global influence as a major economic powerhouse.
"If you look at the opening-up of the Chinese economy starting in 1979, then China was two percent of the global GDP in the late 1970s, today China is 20 percent of the global GDP. It is true that China has the second largest economy in the world, only second to the U.S., [and] is critical in all walks of life of this world," he said.
Brende also recalled the "inspiring" speech made by Chinese President Xi Jinping at the Davos event back in 2017 which stressed the importance of multilateralism as a further sign of China's commitment to promoting global cooperation.
Meanwhile, Eugene Willemsen, CEO of International Beverages at PepsiCo, shared his insights from nearly two decades of engagement with the country and also highlighted the vast potential of China's innovation ecosystem.
"I personally really admire what has been happening in China over the last few decades as I've been going to China for probably almost 20 years now. And it's really remarkable to see how the country of course has developed, but also especially the innovation that's happening in China. Some of the zones, so Shenzhen obviously was an early zone, and then if you see how that further has developed, [it's] absolutely amazing," he said.
"China now is leading in many areas in technology, in renewable energy, which is absolutely remarkable. The speed of innovation [is one] that honestly I'm not seeing in many other markets across the world. So it keeps us on our toes. And of course we try to do a great job in terms of innovating, understanding our consumers and coming out with great tasting beverages and food products for the Chinese consumer," Willemsen added.
