The Annual Meeting of the New Champions 2013, also known as
Summer Davos, opened in northeast China's port city of Dalian on
September 11, with the theme of Meeting the Innovation
History tells us that crisis always calls for innovation. The
economic crisis in the 1920s and 1930s, which swept up the whole
world, was solved by reform and innovation among major economies.
Innovation is inseparably connected with reform. Developments in
technology, business models, systems and mechanisms are also
Since the international financial crisis erupted in 2008, the
Chinese Government has carried out a 4-trillion-yuan ($654 billion)
economic stimulus plan. Such a big driving force helped the Chinese
economy recover soon. However, such investment-driven economic
growth is not sustainable. After the fourth quarter of 2012,
China's economy once again slowed. Many China watchers even
predicted a hard landing for the Chinese economy.
This year, China has resorted to reform and innovation to
stabilize its economic growth. Just as Premier Li Keqiang said at
the opening ceremony of the forum, when the economy goes down,
enhancing growth through short-term stimulus policies is a good
solution; however, this cannot solve in-depth problems. Therefore,
China has chosen a strategy that both benefits the present and
favors the future to keep macro policies stable.
The Central Government now is carrying out a series of policies
that would achieve economic upgrading through economic
transformation. Recent economic figures have proved the
effectiveness of such measures, as the Chinese economy has regained
its momentum and has probably entered a sustained and stable growth
China's economic recovery may provide a lesson for other
economies in the world that reform and innovation remain the
driving force behind recovery and prosperity.