World Economic Forum Annual Meeting 2013, Day Five

SecretaryLawrence Summers and former British Prime Minister Gordon Brown said that as Chinaassumes leadership in the global market, the country should be more open with the international community about its intentions. Collaboration among all leading economies worldwide could do much to stem the economic malaise, and any such solution must include China. The Chinese perspective was given by Zhang Xiaoqiang, Vice-Chairman of the National Development and Reform Commission, and John Zhao, CEO of Hony Capital. They said that China was already involved in finding solutions to the world's economic problems, and would increase that involvement.Optimism on the trade front was evident as well. After an informal meeting of trade ministers, Swiss Federal Councillor of Economic Affairs and Research Johann Schneider-Ammann said that, in anticipation of the WTO ministerial meeting scheduled for December in Bali, Indonesia, there was a clear signal that they wanted significant progress made along three lines: some agriculture issues, trade facilitation, and issues specific to less-developed countries. While World Trade Organisation (WTO) Director-General Pascal Lamy acknowledged that some people would say the scope was too limited, he said that the issues being focused on represented 60 percent of the economic impact a comprehensive agreement would be expected to generate. Gita Wirjawan, Indonesia's Trade Minister, said ministers were focused on making sure they didn't go to Bali "just to go to the beach."

For less-developed countries like Guinea, those steps could prove important. PresidentAlpha Conde insisted that his country needs to invest in industry beyond its raw materials production to create sustainable economic growth, without being as vulnerable to swings in market prices.

Considering the global economic outlook, International Monetary Fund (IMF) managing Director Christine Lagarde warned of the current fragility of the global economy. Referring particularly to the Eurozone, she said leaders have to keep their "tool box" ready for use.

At a final session looking back over the last few days' deliberations, Axel Weber, Chairman of Swiss bank UBS, put the optimism into perspective. He said that although economic indicators were improving, the meeting seemed to become overconfident as the week went on.

Attendees also commented on trend towards and need for a more moral version of capitalism. Referring to the United Nations "Guiding Principles for Business and Human Rights," former UN Human Rights Commissioner Mary Robinson addressed the obligation of corporations to bear in mind the effects they have on society. Workers -- particularly in the younger generation -- want to work for companies that have a purpose. Moreover, given the wealth and efficiency of many corporations, the most intractable problems of our era can only be solved with the help of the private sector.

In an interview, investor George Soros said that previous theories had collapsed, and the world does not understand how financial markets work, nor the effect that synthetic instruments such as derivatives have.

The Annual Meeting always includes relevant cultural activities. Pianist and composerGabriela Montero explained her composition "ExPatria", which she wrote as "a passionate plea for an end to violence in her native Venezuela."

The Annual Meeting 2013 concluded with a performance of a choral work entitled "Water Night", recorded over YouTube by more than 3,000 singers in 73 countries. A Lucerne choir, Molto Cantabile, joined composer Eric Whitacre on stage to sing the piece along with the video version.