The World Economic Forum's Annual Meeting of the New Champions 2014, also known as the Summer Davos Forum, opened in Tianjin, China, on September 10^th.

Deputy Prime Minister D.Terbishdagva delivered a speech representing Mongolia at the forum. The Deputy Prime Minister noted, “World Bank studies suggest that Mongolia is the fastest growing economy, and practicing a multiple-party system, among post-communist countries. In recent years, Mongolia has seen rapid development in the mining industry. Currently, Mongolia counts 20 percent of GDP as mineral exports. This is twice as high as the rate was a decade ago. Mongolia's economic growth reached 6.4 percent in 2010 and 12.5 percent in 2013. The figure seems like it will rise in double digits  for 2013 through 2017.

"Mongolia's indicators for the population's education, poverty, income and expenditure are seen as positive.

"Even though Mongolia's economy is mostly based on agriculture, there has been rapid development in industry and the mining sector in recent years.

"Mongolia focuses on maintaining economic growth for the long term, building more social capital for itself, and creating a multiple-pillar economy.

"However, Mongolia experienced difficult challenges in 2014. There is a predicted view that we would keep double digit economic growth, and even see a rise of 11 percent.

"There are more positive indicators that Mongolia's index ranking for a convenient business environment moved up four places and the corruption index moved ahead 11 places. Mongolia has bigger goals.”