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Ji Siqi

Xinyi Wu

Chinese Premier Li Qiang said on Wednesday the western narrative of “China Shock 2.0” is not grounded in facts and instead should be phrased as “China Opportunity 2.0”, as he stressed the country is serving as a catalyst for global economic growth.
“What China’s technologies and products in emerging fields bring to the world is not a shock, but an opportunity; not a threat, but empowerment,” Li said at the opening plenary of the World Economic Forum’s Annual Meeting of the New Champions, also known as “Summer Davos”, held in Dalian in northeast China’s Liaoning province.
China’s competitiveness is not a result of state subsidies, but from hard work across its industries, as well as a massive domestic market that provides a broad spectrum of applications for its products, Li added.
“The Chinese government is not that wealthy yet, and we cannot afford such subsidies either,” Li said.
“China’s innovation comes from everyone’s hard work in building up our internal strength. We are deeply aware that there is no short cut to scientific and technological research and development.”
Li noted Chinese firms, such as Huawei Technologies, have remained resilient in the face of cost pressures and “unfair” external influence, continuing to push ahead with innovation.
“Huawei has long been subject to external blockades, but over the years, its R&D expenditure has increased rather than decreased,” Li said.
The Shenzhen-based tech giant’s progress could be credited to its sustained investments of 1 trillion yuan (US$147.93 billion) into scientific research over the past decade, he added.


Meanwhile, China has served as an important “safe haven” for the world economy amid rising global turbulence, Li said.
“Under the multiple shocks of international energy shortages and severe disruptions to global supply chains, our economy’s ability to maintain steady growth has injected valuable certainty into a world of increasing uncertainty,” he said.
Li made the comments as the Iran war has weighed on the global economy, inflating commodity prices and disrupting the flow of goods.
Despite being relatively insulated from the war, the momentum of China’s economic growth has slowed in the past two months, following a 5 per cent expansion in the first quarter.
“We have the confidence and capability to maintain this good start, sustain our development momentum, and continuously write new chapters in China’s high-quality development,” Li said.
Beijing has set its gross domestic product growth target to a range of 4.5 to 5 per cent this year. In May, retail sales – a key gauge of consumer spending – fell by 0.6 per cent year on year, the first decline since China lifted Covid-19 lockdown measures at the end of 2022.
Meanwhile, the country’s exports recorded 19.4 per cent growth year on year in the same month, highlighting widening imbalances in the world’s second-largest economy.
China’s export machine has sparked alarm in Europe and elsewhere over its potential to affect local industries. Critics have accused Beijing of industrial overcapacity, a sentiment that has intensified and evolved into the “China Shock 2.0” theory. Proponents of the concept have pointed to Beijing’s record-breaking trade surplus of nearly US$1.2 trillion in 2025, riding a surge of low-cost, hi-tech exports such as electric vehicles.
Li said that in the past China had primarily shared dividends with the world through its massive market and low-cost production. He said now it is also providing “innovation dividends” to global markets through technological progress and industrial upgrades.
Closer cooperation is the only way to drive innovation and confront diverse risks and challenges
Premier Li Qiang
“For businesses around the globe, ‘China Opportunity 2.0’ means comprehensive innovation empowerment and high-yield investment opportunities,” he said.
Thriving Chinese companies can offer global investors returns of several times their investments through innovation, he said, citing Unitree Robotics as an example. Li’s native province of Zhejiang in eastern China is also home to the fast-growing industry leader.
The humanoid robotics company was valued at just 10 million yuan in 2016 when he left Zhejiang, Li said, but was now worth 42 billion yuan.
“I believe promising Chinese companies like this are by no means limited to Unitree, and are increasing in number,” Li said.
While Li emphasised the importance of innovation in resisting China’s downward economic pressures, he also cautioned that “uncontrollable issues” are rising, especially in the sector of artificial intelligence (AI).
“The development of AI has enhanced the efficiency of innovation … but we cannot ignore risks such as technological runaway and ethical repercussions, which are becoming increasingly prominent in the current state of technological development,” he said.
“In this new environment, closer cooperation is the only way to drive innovation and confront diverse risks and challenges.”
The theme of this year’s Summer Davos is “Innovating at Scale”. Over 1,700 delegates from more than 90 countries and regions are taking part, including the prime ministers of Bangladesh, Kazakhstan, Mongolia and South Korea.


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Economy

China Economy

The Chinese premier made the speech at the opening plenary of the 17th Annual Meeting of the New Champions in Dalian


The Chinese premier made the speech at the opening plenary of the 17th Annual Meeting of the New Champions in Dalian.


‘China Opportunity 2.0’: Li Qiang calls for revisal of Western narrative at ‘Summer Davos’

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Chinese premier made the speech at the opening plenary of the 17th Annual Meeting of the New Champions in Dalian

The Chinese premier made the speech at the opening plenary of the 17th Annual Meeting of the New Champions in Dalian