KeyTakeawaysFromThisYear’sChinaDevelopmentForum

With geopolitical tensions and economic uncertainties rising across the world, global leaders and high-ranking Chinese officials gathered in Beijing for the China Development Forum 2026.

As the U.S. and other major economies increasingly embrace protectionism, part of the theme for this year’s forum was cooperating to create opportunities. In his keynote speech that opened the two-day event, which wrapped up Monday, Premier Li Qiang championed expanding global markets over competing for a bigger share of an existing pie.

A major focus of this year’s forum was China’s domestic economic pivot. Scholars and policymakers like People’s Bank of China Governor Pan Gongsheng outlined plans to foster a consumption-driven growth model, addressing challenges like the need to get consumers to spend more on things beyond necessities, such as experience-based services.

The China Development Forum, a major annual gathering for discussing China’s economic policy and its role in the global economy, is an event known for the high caliber of individuals that show up.

Here’s a rundown of what some of the biggest names had to say at this year’s event.

On global order, trade and finance

China’s continued embrace of globalization is highly significant as the U.S. retreats under “America First” policies, with U.S. businesses increasingly looking to Beijing to step up and play a more constructive role in the global economy. More multinational executives attended this year’s forum to reassess China’s market.

– Eric Zheng, president of the American Chamber of Commerce in Shanghai

The U.S. alliance system is in a highly dangerous position, with Washington at risk of undermining the global order it once built amid escalating geopolitical conflicts.

– Graham Allison, founding dean of Harvard’s Kennedy School

Global economic imbalances are not only about trade, but also reflect flaws in an international monetary system dominated by a single sovereign currency, where reserve currency issuers can sustain long-term deficits at relatively low financing costs.

– Pan Gongsheng

On China’s economy and policy

History shows that global economic recovery and prosperity come not from competing for existing market share, but from creating new markets through openness and technological progress. Protectionism is not a cure-all.

– Li Qiang

China will build on its strength as a manufacturing powerhouse to become a major source of global demand, supported by continued opening-up.

– Pan Gongsheng

China will maintain a proactive fiscal policy focused on expanding domestic demand, using a range of fiscal tools to boost consumption and expand effective investment, while addressing the imbalance between strong supply and weak demand.

– Lan Fo’an, China’s finance minister

Boosting consumption is a crucial and challenging task as China shifts toward a more domestically driven growth model, with policymakers aiming to raise household incomes and increase household consumption levels.

– Han Wenxiu, deputy director of the general office of the Central Commission for Financial and Economic Affairs

China is entering a critical stage of consumption upgrading, with demand shifting from necessities toward experiences, services and personal development.

– Liu Yuanchun, president of Shanghai University of Finance and Economics

China’s high household savings need to be reallocated toward long-term financial instruments such as pensions, life insurance and asset management products to improve returns and reduce concentration risks, thereby supporting consumption.

– Jean Lemierre, chairman of BNP Paribas SA

Contact editors Lin Jinbing (jinbinglin@caixin.com) and Michael Bellart (michaelbellart@caixin.com)