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Highlights From Summer Davos

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BP, Nexen, and Trina Solar are all in attendance.

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MINYANVILLE ORIGINAL This week, the World Economic Forum is hosting the Annual Meeting of the New Champions 2012 in Tianjin, China, where around 1,500 delegates from rapidly emerging economies and "Global Growth Companies" have converged. What's widely known as "Summer Davos" has been the foremost global business conference in Asia for the past five years.

Here are a few highlights from the conference so far:
  • Yorihiko Kojima, Mitsubishi's (MSBHY) Chairman of the Board, believes global growth will remain at or around 3% in the next few years, and economic slowdown will prevent growth in the energy sector.
  • The 20 founding signatories of the Energy for Society Initiative -- a pledge to commit to responsible citizenship, secure affordable access to energy, and contribute to economic development -- included the heads of leading energy companies such as BP (BP), Nexen (NXY), and Trina Solar (TSL).
  • The Prime Minister of Denmark urged that signs of a European recovery will be seen in 2013, and pleaded with investors not to sign off on the EU.
  • Dai Xianglong, the Chairman of China's National Council for Social Security Fund, and former president of the People's Bank of China, said China could see a number of financial reforms in the next few years. These include the internationalization of the RMB, interest rate reform, and the liberalization of China's capital account by 2015. This comes after Li Dakoui, Director of the Center for China in the World Economy, said that economic reform is vital in the next three years to secure China's development over the next two decades.
  • Daniel Yergin, Chairman of IHS CERA, a US-based energy strategy firm, said that, with the future of nuclear energy uncertain, the world has experienced a "globalization of energy innovation." Yergin underscored the shale gas revolution as the best example of this innovation.
  • Lin Boqiang, the Director of the China Center for Energy Economic Research, responded to a question about the future of shale gas in his country: "There's a problem with shale gas – the water. If you ask me what the most scarce resource is in China, it's not fossil fuel, it's water."
  • A panel on talent development agreed that universities need to work with the corporate world to ensure young workers are prepared for a career outside academics.

(See also: Global Trade: Key Data Is a Mixed Bag.)

Twitter: @brokawbrokaw
No positions in stocks mentioned.
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