Davos day one: Zelenskiy, von der Leyen and Li Qiang to address WEF amid economic uncertainty business live

7m ago 05.39 EST Li: China believes AI must do good for humanity Premier of China Li Qiang addressing attendees of the Annual Meeting of World Economic Forum in Davos. Photograph: Markus Schreiber/AP Onto questions Q: what role will China play in artificial intelligence? Li says artificial intelligence is a catchphrase, and that people love generative AI such as ChatGPT – but there is also suprise and some fear in some quarters about what it can do. This technology seems omnipitant, he says, but people are taking time to get used to it. He then describes AI as a double-edged sword. If applied well, it can do good and improve human civilisation, and give great impetus to the scientific revolution. But it also poses risks to security and to our ethics. He tells delegates: China believes that technology must serve the common good of humanity. It must do good, and the same applies to artificial intelligence. Li then explains that AI must be people-centred. People must control the machines, rather than the machines controlling us. Thus, policymakers must facilitate good AI with appropriate governance. Second, AI must be inclusive and beneficial for all, not just a small group of people. Therefore, it is essential that countries work together and coordinate together, so they can share benefits together. He adds that the interest of developing countries should be prioritised, to close the technology gap with other countries.
13m ago 05.34 EST Premier Li then pledges that China will open its door still wider to the world. He tells business chiefs in the audience here that choosing to invest in the Chinese market is not a risk, but actually an opportunity. He says China is working on policies to address concerns about cross-border data flows, and will take active steps to address reasonable concerns of the global business community.
21m ago 05.26 EST Li tells Davos that China’s demographic dividend is turning into talent dividend, and teh country will implement new technologies (such as the blockchain, and cloud computing) at a faster pace. Delivering modernisation to 1.4 billion people will be a remarkable achievement in human history, he points out, pledging that China will play a key role in boosting aggregate global demand.
25m ago 05.22 EST The world economic recovery requires strong underpinnings, Li points out. And on the challenge of assessing China’s economy, he compares it to viewing the Alps – you need to step back and view it from a distance, to get the full picture. Li says the Chinese economy is making steady progress, and will continue to provide a strong impetus for the world economy. Over the years, China’s contribution to world economic growth has remained at around 30%. The economy rebounded last year and moved upward, with estimated growth of 5.2%, he adds. Pointedly, Li adds that China didnt resort to massive stimulus, and focused on promoting development.
Updated at 05.24 EST
27m ago 05.20 EST Li: China's five-point plan to rebuild trust China’s premier Li Qiang tells Davos he has a five-point plan to rebuild trust. 1) Strenthen macroeconomic policy coordination, to create better synergy and thus faster growth. He warns that because economies are more linekd today, there are more spillover effects when. So if there are “fragmented responses” to crises, the world economy will become more fragile. 2) strengthen international industrial specialisation and cooperation, to keep supply chains “stable and smooth”. He cites figures showing that 5,400 new discriminationary trade measures were introduced from 2020 to 2023, nearly doubling the number before the pandemic. 3:) enhance cooperation in innovation. He says countries should work together for an open, just and non-discriminationary environment for science and technology, to let innovation thrive in an open environment 4) Strengthern cooperationon green development, to better tackle climate change. He criticises the practice of erecting barriers to green trade, so some green technology cannot flow freely. [Li may be thinking of the European Union’s push for restrictions on the import of green technologies from China] Li argues countries must work together for a complete transiation to green economy 5) strenthen north-south and south-south cooperation, to build a more inclusive world economy. He warns that issues such as the tech divide have become more acute in recent years. True development is development for all, Li says, adding the the world must fully implement the UN’s 2030 agenda for sustainable development, and bridge development gaps. Summing up, Li adds that the best way to earn trust is to be a better version of ourselves.
39m ago 05.08 EST Li Qiang addresses Davos Li Qiang, premier of the People’s Republic of China, is addressing Davos now, Li is introduced by WEF founder Klaus Schwab, who says Li had an illustrious career in public service, rising up through the ranks to run three of China’s most economically vigorous regions. Schwab adds that Li is seen as a pro-business and pro-reform leader. Li then takes to the stage here in the Congress Hall. Li says the theme of this year’s WEF meeting, “rebuilding trust”, will strike a chord with many people. He explains that trust between countries allowed huge progress in globalisation over past decades. But the foundation of trust has been eroded, which Li says is aggrevating risks to global growth and peaceful development. He says it is essential to rebuild trust, whether to overcome current difficulties or to create a better future. It is essential that we discard prejudice, and work together to tackle the trust deficit, Li insists. He adds that the world has entered a new period of turbulence and transformation. But, he insists, the overall dynamics of world progress moving forwards will not change.
49m ago 04.58 EST Viola Amherd, President of the Swiss Confederation, is warning delegates here at Davos about the rise of fake news and misinformation. She says Switzerland supports the global governance of artificial intelligence. Those who rely on lies and misinformation may benefit in the short term, but in the long term they will lose trust, Amherd says. She also reminds WEF attendees that some in the general public distrust all of us here. Rebuilding trust is not just a job for states and politicians, she argues, it is a responsibility for the economy too. Increased social inbalances fuel populism, Amherd points out. And when the elite flaunt its wealth when ordinary familes can barely make ends meet, mistrust grows, she adds.
55m ago 04.52 EST Qatar’s prime minister has told Davos that requiring Israel to agree to a time-bound, mandatory path to a two-state solution is key to achieving future stability in Israel and the Palestinian territories. Speaking at the World Economic Forum today, Sheikh Mohammed Bin Abdulrahman al-Thani said the Palestinians must be the ones to decide if the Hamas movement that runs Gaza will continue to play a political role in the future, Reuters adds. We are concerned about the further escalation in the Red Sea: PM in conversation at World Economic Forum#Qatar #WEF24 #Davos pic.twitter.com/oXvhdMQN1i — The Peninsula Qatar (@PeninsulaQatar) January 16, 2024 #Qatar: PM warns LNG flows to be affected by Red Sea escalation — Giovanni Staunovo🛢 (@staunovo) January 16, 2024
1h ago 04.47 EST Volodymyr Zelenskiy’s meeting with CEOs here at Davos has finished, and the Ukrainian president has been whisked away in a phalanx of security. Leaving the meeting, Brian Moynihan, chief executive officer of Bank of America, tells us it was “terrific”, but declines to give more details. Brian Moynihan, chief executive officer of Bank of America, attends today’s session with 'CEOs for Ukraine'. Photograph: Stefan Wermuth/AFP/Getty Images
1h ago 04.38 EST Larry Elliott We’ve had a quick chat with Harvard economics professor Ken Rogoff, one of the many experts here at the WEF Annual Meeting. Rogoff doesn’t buy the soft landing idea that is prevalent in global financial markets, saying: “I think that is the least likely scenario: we will either have a boom or a recession”. Rogoff, who is a former IMF chief economist, said there was a risk that the attacks on shipping in the Red Sea were an example of the risks to the soft landing scenario. He tells us: “In the years since I completed my PhD in 1980 I can’t recall so much turbulence. Events are moving so quickly.”

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.