China opens its doors to the world by kicking off its first in-person 'Summer Davos' since the pande

[Stone]

China opens its doors to the world by kicking off its first in-person 'Summer Davos' since the pandemic



Impressions from the Annual Meeting of the New Champions 2023 in Tianjin, People's Republic of China World Economic Forum/PASCAL BITZ

Business Insider | Jun 27, 2023

• The Chinese city of Tianjin is hosting the World Economic Forum's "Summer Davos."
  
• Chinese Premier Li Qiang opened the conference, acknowledging global challenges and warning about future public health crises.
  
• Saudi Arabia has sent a top delegation to the event, reflecting the importance of its oil trade relationship with China.
  

The Chinese city of Tianjin is buzzing with activity. C-suite executives, government officials, and media members from all over the world have made their way to attend the first in-person World Economic Forum, or WEF, event in China since the pandemic began.

The WEF's three-day "Summer Davos" will see over 1,500 participants discuss topics centered around "Entrepreneurship: The driving force of the global economy."

The port city of Tianjin, home to 14 million people, welcomed the participants with big billboards on the main highway. Local Chinese residents welcomed "foreigners" to their neighborhoods, and food stalls were in action selling local delicacies including dumplings, noodles, and bao buns.

Chinese Premier Li Qiang welcomed the delegates and officially opened the conference on Tuesday. "The world is standing at a historical crossroads," Li said, adding that global challenges are escalating and regional conflicts keep coming up.

While Li's speech welcomed the return of in-person meetings, he also said COVID-19 will not be the last public health crisis.

Meanwhile, inside the conference center, the handshakes have begun, deals are being struck, and money has started to move around.

Saudi Arabia has sent a top delegation to China's Summer Davos this year. According to the Financial Times, the 24-member delegation includes six ministers and several vice-ministers.

The presence of Saudi ministers is of particular interest to President Xi Jinping. With oil trade between the two nations standing at $55.5 billion as of 2022, the Kingdom is now China's largest oil supplier.

While the day will be spent discussing everything from the state of the global economy to conflicts to AI, it's the evenings that the delegates are eyeing.

"I can't wait for the wine to start flowing. That's when the real money also starts to flow," a delegate said.