DALIAN, June 25 -- Chinese Premier Li Qiang on Tuesday called on countries around the world to face the growth predicament of the world economy squarely and be more broad-minded towards the development issue.

Li made the remarks when addressing the opening plenary of the 15th Annual Meeting of the New Champions, also known as the Summer Davos, in northeast China’s coastal city of Dalian.

The world economy lacks sufficient growth momentum over phased factors including shock from the COVID-19 pandemic, high inflation and worsening debt issue, and other deep-rooted contradictions and problems, he said.

If countries only think about maximizing their own interests without considering that of others, and even turn back the wheel of history by decoupling and cutting off industrial and supply chains with the "small yard and high fence" policy, it will only raise the cost of global economic operations, sever economic ties between regions and intensify contradictions and disputes, Li said.

That would even drag countries around the world into a vicious cycle where they vie for a pie, but the pie is becoming smaller and smaller amid the fight, the premier said.

The right choice should be to approach development with a broader horizon and mindset, and to seek their reasonable interests in making a bigger pie together, so as to inject a lasting impetus into the world economy and open up a new horizon for their own development, Li said.