The World Economic Forum in Switzerland wrapped up on Saturday after four days of discussions on the key international challenges for the year to come. CCTV’s Jack Barton reported the story from Davos, Switzerland.
Ideas, debates soar at 2015 World Economic ForumThe World Economic Forum in Switzerland wrapped up on Saturday after four days of discussions on the key international challenges for the year to come. CCTV's Jack Barton reported the story from Davos, Switzerland.
China’s premier Li Keqiang told delegates that China’s economy would avoid a hard landing as it enters a phase of slower but more sustainable growth. During Li’s visit, China and Switzerland agreed to establish an offshore Renminbi market in Zurich, which will allow direct investment in Chinese financial markets and boost the RMB as a global currency.
The key risk for 2014 and the key challenges for this year were also discussed at length and tended to overlap. They were the heightened risk of interstate war and following the crisis in Ukraine. Also discussed was the greater threat of terror attacks all around the world with the rise of groups like ISIL in Syria and Iraq, as well as Boko Haram in Nigeria.
In the West, the key fear was radicalized and battle hardened citizens returning from abroad to launch domestic attacks. Oil was another hot issue. This intermingled with climate change because lower prices have slowed the push towards green technologies.
Cheap oil has delivered extra cash for consumers and businesses but also deflationary pressures, and has already pushed the Eurozone into negative inflation. The Euro bloc, with its high unemployment and low growth, remains a deep concern to all.
This year saw a number of records set, which included the size of China’s delegation. A record number of guests were also helicoptered away to a record 1,700 private jets.
Other firsts were not so welcome. Just before the forum began, the Swiss Central Bank allowed the nation’s currency to float freely. It soared, making this year’s forum the most expensive ever.
Despite all the sessions on gender equality, only 17 percent of delegates were women. Though still low, the U.S., Europe and China bucked that trend with 20 percent female attendance.
The hope is more women will attend next year and more attention can be paid to a key issue that was largely put on the back-burner at this year’s forum, which is the planet’s ever warming climate.
Prof. Michael Czinkota of Georgetown University discusses int’l business at World Economic Forum
CCTV America interviewed Michael Czinkota for more on the highlights of this year’s World Economic Forum. Czinkota is a business professor at Georgetown University and specializes in marketing and international business strategy.