Global business leaders gathered at the Summer Davos in Tianjin expressed a collective sense of optimism regarding China's economic future, highlighting the importance of international collaboration amidst global challenges.

The World Economic Forum's 16th Annual Meeting of the New Champions, popularly known as the Summer Davos, convened around 1,800 participants from over 90 countries and regions under the theme of "Entrepreneurship in the New Era." This event serves as a significant platform for insights into the economic landscape of the world's second-largest economy.

Jeffry Frieden, a professor at Columbia University, remarked on the optimism felt in an era often characterized by geopolitical tensions and trade conflicts. He emphasized that China's extraordinary economic growth has been a model for poverty alleviation, indicating that international economic integration can lead to positive outcomes for global growth.

Tshepiso Malele, Brand South Africa's head for China, reiterated a positive economic outlook for China, acknowledging that while growth rates may moderate from past highs, the overall trajectory remains impressive. He pointed out the positive implications this holds for the global economy, especially for countries like South Africa.

The relationship between China and South Africa is pivotal, with both nations looking to enhance their economic exchanges. Malele expressed his commitment to increasing investment flows from China into South Africa, further solidifying the bilateral partnership.

During the Summer Davos, there was also a noticeable interest from foreign representatives in forming partnerships with Chinese firms across diverse sectors, ranging from new-energy vehicles to infrastructure development.

Oscar Felipe Rueda Plata, the commercial counsellor of the Colombian Embassy in China, highlighted his aim to strengthen ties with major Chinese companies investing in Colombia. He expressed particular interest in technologies related to electric vehicles, as well as investments in pharmaceuticals and renewable energy.

While there is a strong desire for cooperation within the international community, challenges such as rising unilateralism and protectionism from certain Western nations have emerged, manifesting through tariffs and trade barriers. Attendees voiced concerns over the detrimental impacts these measures pose to global economies.

Frieden noted that evidence from tariffs imposed by the US in 2018 suggests that while they may benefit select companies, they do not contribute positively to the overall economy and lead to job losses. Higher import prices from tariffs hinder competitiveness in the global market.

A white paper released during the conference underscored growing global fragmentation, with nearly 80 percent of the documented policy measures since 2022 being discriminatory and leaning towards nationalistic goals rather than fostering cooperation.

Malele expressed concern over the potential stifling of global economic growth and urged countries to collaborate towards mutually beneficial outcomes rather than seeking success at the expense of others.