DALIAN — China's Premier Li Qiang delivered a speech at the opening plenary of the World Economic Forum's Annual Meeting of the New Champions in Dalian, a coastal city in northeastern China. The event is also known as the 'Summer Davos.' Li stated that China's technological advancements presented an opportunity for the world.

Li said some observers refer to China's high-tech boom as 'China Shock 2.0' because they view it as a threat to advanced economies. He stated that China's technological innovations should be viewed as 'China Opportunity 2.0.' "From the global development perspective, 'China Opportunity 2.0' means there'll be broader access to advanced technologies and more widely shared benefits," Li said. "China's emerging technologies and products are bringing to the world not shocks, but opportunities," he added. "Not threats, but empowerment," Li said.

Li also addressed concerns regarding heavy state subsidies and their role in the rise of China's high-tech industries. He stated that these subsidies were not the main reason for the rapid growth. "There are some people who say that Chinese products are competitive mainly because the Chinese government's subsidies," Li said. "That's not true. The Chinese government is not that wealthy."

Li cited China's large domestic market and huge corporate investments as key factors contributing to its technological progress. He explained that China's domestic market facilitated the mass and fast deployment of new technologies among its population of 1.4 billion. As examples of innovation, Li mentioned Huawei, a Chinese technology company, and Unitree, a Chinese robotics company.