By admin July 1, 2019 20:28

The Big Picture – World Economic Forum – Summer Davos Meet 2019


Well, an effort to promote and to strengthen globalization is the focus of the World Economic Forum’s 13th Annual Meeting of the New Champions, which is taking place on July 1-3 in the city of Dalian in the northeastern China. Also known as the Summer Davos, the meeting has become synonymous with China, being held alternately on an annual basis in Dalian or Tianjin. Basically, it is the World Economic Forum’s global meet to promote innovation, science and also technology. In fact, t


he theme of the Annual Meeting of the New Champions 2019 is “Leadership 4.0: Succeeding in a New Era of Globalization.” It sums up the main focus of the gathering which will attract more than 1,800 leaders of diverse fields from around the globe. The participants represent politics, business, trade, civil society, academia and media. According to the organizers, 70% of the guests will come from outside China, representing 120 countries covering more than half the world. Last year, the Tianjin Summer Davos drew some 2,500 business leaders, policy makers and experts from over 111 countries for a global discourse focusing on the theme of “Shaping Innovative Societies in the Fourth Industrial Revolution.” 


What is the present meeting about?

  • It is the annual meeting of the WEF focusing on globalization. The main meeting of the WEF is held in Switzerland in January every year.
  • The series held in China focusses on new champions who started emerging from globalization 3.0 with the emergence of the Internet. It had caused huge technological disruptions leading to changes in the world ecosystem. The disruptions are no longer confined to the internet alone and have expanded to include all technologies as such which is changing the geopolitical order today. The changes have to be viewed in the backdrop of climate change and environmental issues in addition to the rise of social inequality and discontent. The present meeting focusses on the impact of the present technologies.


Who supports globalization in the present world?

  • US was one of the biggest champions of globalization but is resorting to protectionist policy presently.
  • It is also an irony that China, who took up the baton for globalization and a liberal world order in 2016 is becoming extremely protectionist in nature recently.
  • Though there is a pause due to the US China trade war, China is the world leader in globalization, be it 5G technology, Artificial intelligence, etc.
  • China has dedicated almost 150 billion dollars for enhancing this outreach.
  • One of the four themes of the summits held until now has been economic leadership which China has tried to maintain in the world.
  • The international organisations led by the Western countries are under stress in the present moment and the countries like India and China have taken the lead in maintaining a certain sense of multilateralism and are moving forward.


What all issues would be taken up the summit?

  • The interplay of the Artificial Intelligence with human capabilities or the enhancement of digital space is assuming importance in the present world.
  • The summit is less likely to focus on trade and the realignment of trade structures around the world.
  • The fulfillment of the Sustainable Development Goals may also be taken up in the summit with the impact of widening digital world and whether AI can be used to control or structure the future course.
  • The One Belt One Road framework is also a major point of discussion in the summit. The past summits have also focused on China’s role in the world economic framework.
  • It is also one of the summits where the government and the industries come together and so can decide how technology can be used for governance.


The White paper of the summit

  • A White paper being circulated on the summit mentions technology as a disruptor of trade than tariffs. 
  • It mentions 3D printing and Blockchain technology which are making huge changes and the need of agility in governance to deal with such changes. 
  • It further mentions the multipolarity of the world or the polarization of international relations without the domination of a particular economy.
  • The paper says that the trajectory of globalization will depend on how well governance at various levels adopts these changes.
  • There is a need to preserve the international institutions which set the international rules of law for various fields like trade, etc. from industrialization 2.0 and prevent their destruction by any institution or economy.


The changes in the present world

  • The US is breaking all international norms and not adhering to any of the international regulators. It also refused to sign the climate change agreement at the recently held G20 summit.
  • Earlier, India was referred to as the soft power and China was known for its hardware technology. But presently China has become the world leader in soft technology be it 5G or AI. China is even building a 2 billion dollar technological park based on AI in Beijing.
  • Technology is fast replacing humans in workplace. It is having a major impact on the social order and even on the environment.


What achievements should be made from the summit?

  • Poverty alleviation and reducing the impact of technology on the downtrodden and bringing about an equity framework
  • To reduce the impact of technology on employment and to bring out opportunities with the advent of technology
  • Creation of human capital and creating a balance between AI and human society 
  • The ultimate focus should be on the happiness of the people


What should India’s strategy be?

  • India should encourage start ups which can propel innovation.
  • India should not align with any economic power, rather there should be a balance between private and public and labour and capital.
By admin July 1, 2019 20:28