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Chinese Premier Li Qiang gave the keynote speech at the Annual Meeting of the New Champions, also known as “Summer Davos”, in the northern port city of Tianjin on Wednesday morning.

The world’s second-largest economy has largely withstood the tariff war launched by US President Donald Trump in April, but it still faces external challenges. The 90-day trade truce with the United States is set to expire, tensions are still high with the European Union and conflicts rage in the Middle East, exacerbated by the US bombing of Iran nuclear facilities over the weekend.

To compensate, Beijing hopes to empower its domestic market while safeguarding its position in global supply chains. Top officials have already stepped up a charm offensive for foreign businesses and investors, and a recently enacted law on the promotion of the private economy is intended to unleash entrepreneurship in the country and help drive its economic growth.

Reporting by Ji Siqi, Sylvia Ma, Alice Li and Frank Chen