China and the United States need each other economically despite whatever political uncertainties lie ahead, according to a British businessman and advertising executive, who also noted that global trade patterns are shifting as new emerging markets are on the rise.
Martin Sorrell, founder and executive chairman of S4 Capital, a digital advertising and marketing services firm, told the China Global Television Network (CGTN) that the world's two leading economies are reliant on one another, despite their differences.
"There are really twin tracks with the biggest force in the world economy, the U.S., and the U.S. has around 28 trillion [dollars] in terms of GDP, China about 18 [trillion], and the world is about 105-106 [trillion]. So those two economies dominate the world's economy. And we'll have to see what happens as there's some way to go till the (U.S.) election. But given that that's a rather uncertain climate politically on that track, economically, both countries, both the U.S. and China need one another," he said.
Sorrell also offered insights into the evolving dynamics of the world economy, emphasizing the burgeoning influence of the Global South.
"I was looking at a map, it was on the Semafor [news] website a few weeks ago and it was a map of South America and it colored in each country [with] the major trading partner of each country, and it colored red for China, and it was all red. Apart from Mexico and apart from Argentina, all of the other countries, the biggest trading partner was China. And I think we are seeing a very great shift," he said.
"Another way of putting that is that the G7 (Group of Seven), or if you take the 'E7', the so-called 'emerging markets' -- these markets that have emerged like China, like India -- but if you take the E7, their total GDP currently is bigger than the G7. And if you eliminate China and the U.S. from the E7 and G7, make it an E6 versus the G6, the E6 is bigger in terms of GDP. So we are seeing a major shift in the patterns of trade," said Sorrell.
China, US need each other economically despite political uncertainties: British entrepreneur
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
