7gen Bloc

It’s a two-hour drive from Beijing to Tianjin, which is hosting the World Economic Forum. Otherwise known as the “Summer Davos,” the Forum’s stated purpose is to improve the state of the world. I’m here to find out what that means, how it’s supposed to happen, and whether I can help.

The event takes place at the Binhai International Convention & Exhibition Center. The sprawling hall is roughly the size of a large airport hanger, converted to resemble a high-end gathering place for globetrotting CEOs and heads of state.

On the opening day, I attended two sessions: The CNBC Asia Debate: Given the turmoil in the financial markets, “What Wins Now, Passion, Power, Purpose or Profit?” and “If Doha Fails: The Impact on Global Growth Companies.”

Here are a few reflections:

In the debate over “What Wins Now, Passion, Power, Purpose or Profit?” I was struck by the false dichotomy of having to choose. To be both successful and responsible, a company must leverage all of these attributes.

The “what now” part of the question captured the fear and confusion over the financial crisis, which sadly has turned the US into the laughingstock of the world. It’s remarkable how quickly the most powerful nation on the planet has come to symbolize everything that’s wrong with power.

The CNBC session sparked much discussion on the lack of transparency in the financial sector, which prevented most experts from spotting the fissures that would have signaled the impending collapse. Because the financial industry is so opaque, no one knows if we’re closer to the beginning of the crisis or its end. That uncertainty makes a terrible situation almost unbearable. No wonder that so many here are so scared.

A distant second to the financial crisis was the US presidential election. Many of the Forum’s international attendees ridiculed the US media's coverage, with its focus on style over substance.

Of course, our host country is not exactly known for tolerating an enlightened press—Reporters without Borders, for example, ranks China’s censorship as “very serious.” But the American media’s dumbing down of the presidential campaign is even more apparent when viewed from afar. Instead of taking sides in the debate, it’s high-time that the US media help elevate the public discourse. We can’t begin to fix our problems without first confronting the hard truths that got us into this mess.

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