Global Governance System, Globalization, Inclusive Growth Themes to Dominate Davos Forum 2017
Yicai Global
/SOURCE : Yicai
Global Governance System, Globalization, Inclusive Growth Themes to Dominate Davos Forum 2017

(Yicai Global) Jan. 17 -- The 47th World Economic Forum Annual Meeting, also known as Davos Forum, will be held in Switzerland on January 17-20, 2017. 'Global governance system', 'globalization' and 'inclusive growth' will be three key themes this year, observers say.

Key theme 1: Global Governance System

One of the issues that the Davos Forum has been discussing in recent years is how to build a new global governance system in the context of a major change in the world's economic landscape. Since the outbreak of the international financial crisis in 2008, the world's economic landscape with the US and European economies as the main drivers has been seriously shaken and the focus of the world economy has been shifting to emerging and developing economies. In this context, a series of old paradigms of global governance, including the Bretton Woods system, has been repeatedly damaged and has proved flawed. Global governance system there at Davos, therefore, projects a direct dialogue with global leaders, hoping no bucking the trend nor shirking responsibility, but facing up to many problems surrounding the world economy, promoting globalization in a positive direction, and promoting construction of a new and more meaningful and reasonable pattern of global governance.

Key theme 2: Globalization

Global politics have witnessed many changes so far. In June last year, Britain decided to leave the EU in a referendum, and the then prime minister Cameron who supported "remain" campaign resigned; in November, Donald Trump who advocated to "Make America Great Again" unexpectedly won the US presidential election, resulting in baffling trade policy rhetoric on the part of the US; and in December, the result of a constitutional referendum in Italy led to the then prime minister Renzi's resignation and Eurosceptics gaining the upper hand.

Analysts point out that some of the Western countries, which had played an important role in global affairs, are laying down the banners of "trade liberalization" and "economic integration" that they once held highly and are shutting out foreign competitors. They even intend to build high walls, fearing that the tide of globalization would wash away their economic interests and well-being.

Analysts believe that the reason why the anti-globalization wave appears is that the increasing imbalance of economic development and other problems in some regions of the world result in social grievances building up. While the global economic imbalance is partly due to the fact that some countries have defective economic structures and lack good governance, it is also because, for a long time, the developed countries have taken advantage of the old international economic order to grab resources in less developed and developing countries, which has squeezed the economic development space of the latter. Some politicians use such social grievances brought about by economic imbalances to play the "populist card" and stand against globalization so as to capture populist feelings. It is also this reason that this year's Davos Forum will call on global leaders to face up to challenges and shoulder responsibility to promote further process of globalization and a healthy development of global economy.

Key theme 3: Inclusive Growth

World economic observers hold that the forum participants will focus on the importance of achieving inclusive growth, since it is one of the important objectives of improving the global governance system., "To create the leadership that complies with the real tendency and bravely shoulders responsibility, we must be more determined in promoting inclusive development and equitable growth at the national and international levels," The World Economic Forum recently highlighted in its communique.

In a series of international conferences held last year, the importance of achieving "inclusive growth" was repeatedly mentioned. Global governance concepts of co-negotiation, co-construction and sharing proposed by China now resonates more with the international community. The founder and executive chairman of the World Economic Forum, Klaus Schwab said, "Despite the current political events show a tendency to isolationism and anti-globalization, the world is still getting more and more interdependent." President of Geo Logistics Group Tariq Sudan pointed out that opportunities come along with the problems facing globalization. All countries can promote education and trade reform, encouraging the spirit of entrepreneurship and innovation. However, such initiatives and reforms cannot be made spontaneously; it requires governments, society and enterprises to actively think, plan and act together in Davos and other international platforms.

Davos 2017 organizers say the annual meeting aims to call on global leaders to re-examine a series of existing international systems supporting global cooperation, and reshape the systems in order to adapt to a more complicated multipolar world and further improve inclusive and equitable economic growth.

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