Spotlight: Int'l media, analysts rivet eyes on Chinese premier's Davos appearance

International media outlets and analysts have been closely watching Chinese Premier Li Keqiang's attendance this week at this year's World Economic Forum (WEF) annual meeting.

"China's Li to headline Davos in 'year of destiny,'" read a Reuters story headline.

"At least 40 heads of state and government are expected at next week's meeting of the rich and powerful at the Swiss ski resort of Davos, where Li will give a keynote speech," the article said.

Li will also talk with business leaders from around the world.

While China's participation in WEF meetings is not rare, the high profile of this year's Chinese delegation attracts global attention.

"China is planning to send its highest-level delegation to the annual Alpine meeting of business, social and political leaders in Davos since the global recession of 2009," Bloomberg said.

ENHANCING CONFIDENCE

At a time when fears of a worldwide recession are high, it is almost impossible to neglect the voice of China, a leading contributor to global growth.

China is attracting more and more attention given its growing weight in global matters, said Klaus Schwab, WEF's founder and executive chairman.

According to estimates of the International Monetary Fund, China's contribution to global growth has topped the world, accounting for 27.8 percent in 2014.

China's National Bureau of Statistics said Tuesday that the country's economy grew 7.4 percent in 2014, the lowest rate in 24 years.

The Chinese premier will provide information on China's economic situation and its recent reform efforts at the Davos meeting, according to China's Foreign Ministry.

Li's message to the meeting aims at helping the international community to gain an objective understanding of China's economy and enhancing global confidence in it.

China's economy generally stayed on a reasonable track last year despite some hobbles, and its efforts to upgrade and optimize various industries have yielded initial positive results.

Guided by the "new normal" theory, the Chinese economy is shifting from high-speed growth to medium-to-high speed growth, with a continuously optimized economic structure and a growth model changing from investment-driven to innovation-driven.

"I applaud the efforts the Chinese leadership is undertaking in this regard," said Schwab. "The transition from mass production to innovation-driven growth is under way, but challenges remain."

ASSURING THE WORLD

Li's speech at the Davos meeting will be a major upgrade in Chinese attendance, reflecting active Chinese foreign policy to shape global discussion, said Scott Kenney, a China expert at the Center for Strategic & International Studies, an American think tank.

The premier will explain Chinese economy's "new normal" to boost the understanding about the country's reform and opening-up, according to the Chinese Foreign Ministry.

China's latest round of "comprehensive and deep reform," announced by the Communist Party of China in November 2013, has been a global focus since then.

The general objective of the approved reforms is to improve and develop socialism with Chinese characteristics and carry forward modernization of the country's governing system and capabilities, a party communique said.

Economic reform is key, and the core solution is the proper relationship between the government and the market, leaving the market to play a decisive role in allocation of resources, the document said.

To advance reforms, China has implemented a series of specific measures, such as delegating and calling off hundreds of items of administrative examination and approval, which has sparked huge market vitality and promoted innovation.

Li called for greater transparency in government-approval procedures at a State Council meeting on Wednesday.

As to China's opening-up efforts, its recent antitrust initiatives have been another matter of great concern for the world.

U.S. and European business groups issued reports last year expressing concern that foreign companies had faced antitrust scrutiny, and some implied the Chinese government had been "selective" in its investigations.

The Chinese premier has "repeatedly sought to counter perceptions that the government was making it tougher for foreign companies to operate in the country," Bloomberg reported.

At a WEF summer meeting in Tianjin, China, last year, Li said his government will treat foreign and domestic companies equally.

"We will mete out stringent punishment to companies, domestic or foreign, that are involved in producing counterfeit, fake and shoddy products, engaging in fraud and deception, and stealing trade secrets," he said. Endi