China should accelerate innovation to support growth rather than remaining the "world's factory", though its traditional manufacturing role does help the country remain a leading driver of the world economy, said experts at the Summer Davos Forum that began in Tianjin on Tuesday.
China can keep a brisk pace of growth over the coming decades by joining the global economic stimulus plan for infrastructure construction, Justin Yifu Lin, the former chief economist at the World Bank, said at the ongoing sixth annual Meeting of New Champions in Tianjin.
Editor's note: Premier Wen Jiabao delivered a speech at the opening ceremony of the sixth Annual Meeting of the New Champions, also known as the Summer Davos, in Tianjin on Tuesday. The following is the full text of Wen's speech filed by the Xinhua News Agency:
The unprecedented attendance at the Summer Davos Forum, a business gathering being held in Tianjin this year, can be seen as a sign that more and more people are feeling anxiety about the possibility of a prolonged global recession.
Global business, academic and political leaders are gathering in Tianjin this week for the sixth annual World Economic Forum's Annual Meeting of the New Champions, also known as the Summer Davos.
Domestic automobile and battery manufacturer BYD Co recently signed an agreement with Tianjin Public Transportation Group (Holding) Ltd to set up a joint venture and produce new energy vehicles in the northern coastal city .
North China's port city of Tianjin will host an international conference on the petroleum and chemical industry in September to discuss opportunities and challenges in the sector.
Alstom SA, the world's third-largest power-equipment maker, is working on the second phase of a hydropower technology center in Tianjin to boost business.