The 8th Annual Meeting of the Champions, also known as "Summer Davos Forum", was held at Tianjin on September 10, Wednesday. The Chinese Premier, Li Kiqiang, delivered a speech, where he mainly reiterated China's growth under the pressure of the country's financial situation.

China was not exclusively focusing on foreign companies in its probe on anti-corruption practices, according to the Chinese Premier. Based on the investigation details, only 10% of multinational companies were involved. Accordingly, private firms are concerned about the exchange of domestic market, as pointed out by the Premier. He also stated that having market competition is the path to innovate growth at its highest peak. Most participants agreed that it would be their way to sustain China's growth. 

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China's growth in terms of economy, administration, manufacturing, and investments have been depreciating for the past eight months. These financial issues in all sorts of sectors have caused China to plan for their sustainable growth by targeting their weak links.

The Chinese Premier have mentioned a number of factors to improve. One of their major targets is the economy as a whole, as well as social development. China plans motivating business entities through incentives, promotion of social equity, and the reduction of gap between urban and rural areas. They aspire to fight vigorously to eliminate their market obstacles.

Despite the downfall, more jobs were opened to lessen the number of unemployed citizens. The Chinese government also strains to refine financial investment, taxation, and logistic systems. As stated by the Premier, they would welcome prominent industries. Accordingly, the Chinese economy is now at 7.4%, which is why they intend to alter their growth model--to raise the bar. Their target is to advance their growth to at least 7.5% and maintain or even exceed this toll. 

It may be difficult for China to overcome their current situation yet their exemplary blueprint proves that indeed, "nothing is impossible". This mantra was also reiterated by one of the participants of the Summer Davos. 

TagsChinese Premier, Li Keqiang, Summer Davos Forum