Collaboration key to economic recovery

Economic recovery and sustainable development were among the hotly debated topics at the 2023 Imperial Springs International Forum in Guangzhou, Guangdong province, drawing global attention.

The newly published economic outlook report by the Organization for Economic Cooperation and Development shed light on the global economic growth trajectory. According to the report, the global economy is expected to grow by 2.9 percent in 2023, with a slight dip to 2.7 percent in 2024 — a year forecast to have the lowest global economic growth rate since 2020.

Considering these projections of slower growth, participants at the forum emphasized the need for countries to strengthen cooperation, embrace true multilateralism, and collaborate to bolster global economic recovery.

Former president of Nigeria, Olusegun Obasanjo, highlighted the pressing economic challenges faced by many countries worldwide and stressed the importance of concerted action instead of resorting to blame.

He called for a united approach in tapping into the immense potential for growth and development presented by Africa's projected population of over 2.5 billion by 2050. Africa is viewed as a vital component in the global cooperation puzzle, offering numerous opportunities for economic collaboration and advancement, he said.

Former Bolivian president, Jorge Quiroga, saw artificial intelligence as a powerful tool to revolutionize healthcare and improve overall well-being. He emphasized the need for more AI centers in Latin America and Africa, tailored to their unique characteristics and requirements, to maximize the benefits for these regions.

Zou Ciyong, deputy to the director general and managing director of the Directorate of Technical Cooperation and Sustainable Industrial Development, highlighted the importance of global financial cooperation and technology transfer. He emphasized the need for low-interest loans and financial aid to support the developing and least developed countries in overcoming economic challenges.

In Zou's view, technological innovation requires public and private cooperation. "We need to let governments and public sectors lead this process and accomplish the research and application of breakthrough technologies," he said.

Climate change was also a common concern of the participants at the forum.

Yves Leterme, former prime minister of Belgium, said he was impressed deeply by China's development of new energy vehicles after visiting Shenzhen and Guangzhou.

"We cannot only address the climate change challenges via progress in science and technology, but also via the production of devices that run on alternative energy and sustainable processes.

"We (Europe) can only do that in cooperation with China," he said.

Lionel M. Ni, president of the Hong Kong University of Science and Technology (Guangzhou), said it is necessary to address issues ranging from green policies to green finance, green environment, green personnel, and green materials to achieve carbon neutrality.

The university has established interdisciplinary programs to cultivate talent and break down boundaries, aiming to solve major problems through collaboration between different disciplines, he said.

The forum called for countries to create an open, fair, just and nondiscriminatory environment for digital development, and to fully harness the positive role of science and technology in addressing global crises.

Yi Yang contributed to this story.