China to lead world out of global economic gloom, says Schwab

The nation will emerge from the depths of the global downturn first and in better shape than any other country, according to Klaus Schwab, who made the observation while stressing the need for more global cooperation to combat the recession.

Klaus Schwab, founder and executive chairman of the World Economic  Forum, says China is performing better than others and will come out of the economic crisis first. [China Daily]

"We can be very confident that China's growth objective will be achieved," said the founder and executive chairman of the World Economic Forum (WEF) in an exclusive interview with China Daily.

When Chinese Premier Wen Jiabao announced, at the WEF's annual meeting in Davos earlier this year, that the Chinese economy would grow by 8 percent, in spite of the worst global economic crisis in decades, many were skeptical. But the doubters are fewer in number now, with the Summer Davos meeting set to open today in Dalian, Liaoning province.

The session will bring together more than 1,300 key representatives from industry, government and think tanks to debate and define the course for "relaunching growth", the theme of the summit.

Wen is expected to deliver a keynote speech at the meeting today.

A 4-trillion-yuan stimulus package, backed by a proactive fiscal policy and unprecedented credit supply, has already allowed the Chinese economy to accelerate from 6.1 percent Gross Domestic Product (GDP) growth in the first quarter of the year to 7.9 percent in the second.

The National Bureau of Statistics is set to release key growth figures for August tomorrow. They are widely expected to underpin even stronger economic expansion.

"The fact that the growth objective has been achieved underlines that China is performing better than others and will come out of this crisis first," said Schwab.

Wang Xiaoguang, director of the macroeconomics division under the Institute of Economic Research with the National Development and Reform Commission, agreed.