Cooperation must be fundamental zeitgeist to pass the test of these challenging times: China Daily editorial

The global economy is still beset with difficulties this year. How to boost economic recovery is a major challenge facing the whole world. Having suffered from the impacts of the COVID-19 pandemic, the world economy has been further roiled by the spillover effects of the conflict between Russia and Ukraine and the loss of confidence in a recovery caused by the banking crisis triggered by the US Federal Reserve's hiking of interest rates.

Restoring confidence is the major task the 14th Annual Meeting of the New Champions 2023 has set for itself. The theme of this year's meeting is "Entrepreneurship: The Driving Force of the Global Economy". The 1,500 participants, from governments, international organizations, the business community and civil society, as well as innovators and academics, are gathering in Tianjin to discuss ways to push the world economy out of the present trough it is in.

In his address at the opening of the Summer Davos Forum on Tuesday, Premier Li Qiang struck a positive note, asserting that "China has full confidence and the capability to achieve steady and sustained high-quality development of its economy for a long time to come."

Pointing out that the country's development remains unbalanced and inadequate, he stressed that this is where China's potential and space for development lie.

What China can offer the world is a continuous expansion of its market, enhanced cooperation, and the creation of opportunities for the recovery of the world economy and chances for investors from all countries, Li said.

With Washington fanning ideological opposition, inciting hatred and pushing for containment, the world has become increasingly divided at a time when it is in desperate need of cooperation and collaboration.

Entrepreneurs can set a good example in this respect as those that are successful have a global, not parochial, perspective. The global supply chains that they have forged stretch around the world linking people of different nationalities, cultures and religions together. Whether the people who form these chains are aware of each other or not, they benefit one another.

As Premier Li said, "Despite the headwinds and pushback, the development trend of economic globalization has kept moving forward." All countries should cherish openness and cooperation, he said.

In the longer term, as it pursues high-quality development, China will continue to provide strong dynamism for the world's economic recovery and growth through greater openness and the creation of more cooperation opportunities.

Rather than building walls of selective inclusion and exclusion, other countries should also embrace openness and cooperation for the good of themselves and all.