CHANGING TIMES
Summer Davos has been a feature of the Chinese calendar since 2007, just before the global financial crisis, at a time when the world’s economy was booming. China was seeing rapid economic growth and making its mark on the global stage.
However, in a vast difference compared to when the first edition was held, the theme this year is “Next Frontiers for Growth”, with WEF’s Chief Economists Outlook in May pointing to “cautious optimism” for the global economy, with bright spots emerging, including “consistently buoyant activity in the economies of Asia.”
The role of the meeting has evolved over the years, observers said.
When it started, Summer Davos marked China joining the mainstream world, said Mr Einar Tangen, senior fellow at Beijing-based think tank Taihe Institute.
“Many years later, it’s kind of become more of a talk shop and networking. We’re at a point now which is the exact opposite of 2007. Things are very pessimistic, you have geopolitical contests and because of that, things are gridlocked.”
Despite watered down expectations of tangible outcomes at the event, Mr Tangen said talking is better than not at all, with organisers expecting discussions to focus on the global economy and the potential of technology.
The forum is part of a broader calendar of international forums in China, including those in Beijing, Hainan and Shanghai.
Aside from business, such events are also a way for China to deepen political and commercial ties with partners and showcase Chinese culture, said Mr Tangen.
