6 major orientations to cope with "6 headwinds"

Prime Minister Pham Minh Chinh attends the opening session of the World Economic Forum Pioneers Conference in Tianjin 2023 - Photo: VGP/Nhat Bac

On the morning of June 27, Prime Minister Pham Minh Chinh attended the opening session of the World Economic Forum Pioneers Conference in Tianjin 2023; attended and spoke at the discussion session with the theme "Coping with headwinds: Restarting growth in a fragile context".

Prime Minister Pham Minh Chinh and delegates attending the WEF Tianjin Conference - Photo: VGP/Nhat Bac

In his opening speech, Chinese Premier Li Qiang affirmed that he would promote the Chinese economy towards high-quality, stable and sustainable development in the long term; committed to continuing to expand the market, strengthen cooperation and create opportunities for the recovery of the world economy as well as opportunities for investors.

The world should "cherish openness and cooperation after experiencing disruptions in economic globalization"; "sincere and effective" exchanges are needed to enhance understanding and reduce conflicts; and cooperation to address global challenges including public health governance, climate change, rising debt and slow growth, said the Chinese premier.

Professor Klaus Schwab, founder and Executive Chairman of WEF, delivered the opening speech at the Conference - Photo: VGP/Nhat Bac

The first discussion session of the WEF Tianjin Conference took place under the chairmanship of WEF Executive Chairman Borge Brende with the participation of more than 300 delegates who are leaders of countries, international organizations and representatives of large corporations and enterprises in the world. Joining the discussion with Prime Minister Pham Minh Chinh were New Zealand Prime Minister Chris Hipkins, Barbados Prime Minister Mia Mottley, WTO Director General Ngozi Okonjo-Iweala and Chairman of the State-owned Assets Supervision and Administration Commission of China Zhang Yuzhuo.

Prime Minister Pham Minh Chinh participates in the first discussion session - Photo: VGP/Nhat Bac

Speaking at the Conference, Prime Minister Pham Minh Chinh highly appreciated WEF for choosing Tianjin city, China as the venue for the Conference, demonstrating China's important role in the global economy and the strong development of the Chinese economy in difficult conditions.

The Prime Minister emphasized six "headwinds" that are hindering the growth of the world economy and Vietnam. These are: (i) global economic downturn, rising inflation...; people's lives face many difficulties; (ii) the consequences of the COVID-19 pandemic on the world economy and countries are still prolonged; (iii) geostrategic competition, protectionism, separation, fragmentation, lack of close connection; (iv) conflicts, including the conflict in Ukraine, threaten global food and energy security; (v) developing countries are most heavily impacted and have limited ability to adapt and withstand external shocks; (vi) climate change, natural disasters, and epidemics are increasingly complex and unpredictable.

The Prime Minister emphasized six "headwinds" that are hindering the growth of the world economy and Vietnam - Photo: VGP/Nhat Bac

To cope with the "headwinds", the Prime Minister proposed an approach and 6 important orientations. The Prime Minister said that these are global issues that affect people, so a global, all-people approach is needed.

The Prime Minister shared Vietnam's experiences and lessons in the process of fighting the pandemic and recovering and promoting economic growth - Photo: VGP/Nhat Bac

Regarding orientations, the Prime Minister emphasized that, first, it is necessary to strengthen international solidarity, promote multilateralism; and place people as the target, the subject, the center, the resource, and the driving force for development.

The Prime Minister pledged that Vietnam will continue to create the most favorable conditions for international and domestic enterprises and continue to improve the investment and business environment - Photo: VGP/Nhat Bac

Second, it is necessary to focus on restoring production and business, creating jobs, promoting trade and investment, creating capital flows, markets and products. Accordingly, international organizations, international financial institutions and major countries need to have policies to unlock resources, activate new growth drivers in digital transformation, green growth, circular economy, market diversification, and anti-protectionism, with special priority given to poor and developing countries.

Third, there are appropriate solutions to promote aggregate supply and aggregate demand through monetary and fiscal policies, promote trade and investment liberalization, and reduce energy and food prices.

Fourth, do not politicize economic relations and minimize factors that hinder global development.

Fifth, seek early solutions to conflicts.

Sixth, strengthen public-private cooperation to create favorable conditions for businesses, especially small and medium-sized enterprises.

WEF Executive Chairman Borge Brende said the international community knows Vietnam as one of the countries with high economic growth in the region - Photo: VGP/Nhat Bac

The Prime Minister shared Vietnam's experiences and lessons in the process of fighting the pandemic and recovering and promoting economic growth. The Prime Minister affirmed that Vietnam will continue to focus on implementing three strategic breakthroughs in infrastructure - institutions - human resources; Vietnam's consistent viewpoint is not to sacrifice fairness, progress, social security, and environmental protection to pursue growth alone.

The Prime Minister pledged that Vietnam will continue to create the most favorable conditions for international and domestic enterprises and continue to improve the investment and business environment. The Prime Minister asked countries and international organizations, including the WEF and its members, to continue to cooperate and support Vietnam in technology, finance, human resource training and modern management experience, helping Vietnam continue to achieve its socio-economic development goals as set out.

Vietnamese delegation attending the Conference - Photo: VGP/Nhat Bac

Sharing the comments and directions given by the Prime Minister, WEF Executive Chairman Borge Brende congratulated and said that the international community knows Vietnam as one of the countries with high economic growth in the region, developing very dynamically and converging many potentials to increasingly contribute to regional and global economic growth.

The WEF Tianjin Conference is the second largest and most important event of the WEF after the Annual Conference in Davos. This year's Conference attracted the participation of more than 1,400 delegates who are Prime Ministers/Ministers of 21 countries, leaders from 850 corporations, agencies and global organizations. Vietnam is one of 5 countries selected to attend at the Prime Minister level, along with the Prime Ministers of China, New Zealand, Mongolia and Barbados.

At the Discussion Session, leaders of governments, international organizations and representatives of corporations and businesses around the world assessed the global economic situation and solutions to effectively take advantage of opportunities to restart growth. Speakers emphasized strengthening connectivity, avoiding fragmentation, separation, and disintegration among countries, limiting protectionism and inward-looking. Speakers also affirmed that countries need to increase the mobilization of diverse capital sources for green development and climate change response.

According to the Government Electronic Information Portal

Source: https://www.nguoiduatin.vn/thu-tuong-6-dinh-huong-lon-de-duong-dau-6-con-gio-nguoc-a614481.html