Int'l supply chain expo to promote global prosperity: organizer

The China Council for the Promotion of International Trade, organizer of the second China International Supply Chain Expo (CISCE), is optimistic about the expo's potential to boost global prosperity through enhanced supply chain integration.

Yu Jianlong, vice chairman of the China Council for the Promotion of International Trade, emphasized the increased international participation at the second CISCE, which opened in Beijing on Tuesday.

The ongoing support from the participating parties underscores the expo's pivotal role in displaying cutting-edge technologies in the industrial and supply chain sectors, according to Yu.

"The first CISCE was a huge success that won widespread positive feedback from all sectors at home and abroad. Building on that, the second edition keeps the theme of Connecting the World for a Shared Future and features an exhibition on international cooperation in industrial and supply chains. International organizations such as UNCTAD, UNIDO, WIPO, ITC and ICC continue to be the supporters of the second CISCE. A total of 689 exhibitors come from 69 countries and regions, with overseas exhibitors accounting for 32 percent, up from 26 percent last year. The second CISCE features a new chain of advanced manufacturing, where 80 Chinese and foreign-invested companies will showcase leading-edge products, and technologies from front-end R and D to end application. Instead of arm-wrestling between competitors, it is about joining hands with partners. Everyone will find his or her experience at the CISCE interactive, immersive, and full of 'chain' vibes," Yu said.

Yu noted that the CISCE is a platform that helps address challenges, including rising unilateralism and protectionism, by providing a platform for closer dialogue and shared development. "Industrial and supply chains are the lifeblood of economic development, and their resilience and stability are essential for global economic growth. Research by the World Bank indicates that 1 percent increase in global supply chain participation can boost global per capita income by over 1 percent. However, as the world navigates through a new era of turbulence and transformation, unilateralism and protectionism are on the rise. CISCE is the first national-level exhibition dedicated to supply chains. It is designed to address the challenges of our times, and create a platform to foster dialogue, deepen collaboration, and pursue shared development," he said.

U.S. companies, including several prominent Fortune 500 firms, have shown keen interest in participating in this year's expo. Yu extended a warm welcome to more American businesses to increase their investments in China, saying it will benefit the two countries and the global community.

"This year, prominent American Fortune 500 and multinational companies, including Apple, Tesla, Google, Nike, Cargill, Micron, and GE Healthcare, are sending senior executives to lead their delegations. Despite recent fluctuations in China-U.S. relations, the foundation of bilateral economic and trade cooperation remains robust. In 2023 alone, 1,920 new U.S.-invested enterprises were established in China, and 80 percent of American companies in China plan to reinvest their profits this year. McDonald's opened more new stores in China than in any other market last year. In Tesla's Shanghai Gigafactory, a car rolls off the assembly line in every 30 seconds on average. We invite more American companies to invest and grow their business in China and look forward to deeper dialogue and cooperation between the two countries on global challenges, including climate change and artificial intelligence. These joint efforts will not only benefit China and the U.S. but also contribute to the greater prosperity of the world," Yu said.

Themed "Connecting the World for a Shared Future," the second edition vertically showcases advanced concepts, products, and technologies of relevant industrial chains, and horizontally showcases supporting services such as finance and insurance, logistics and distribution, business consulting, and legal services.

Int'l supply chain expo to promote global prosperity: organizer

A former director-general of the World Trade Organization (WTO) has urged for a rules-based global economy and trade, warning against a "law of the jungle" approach as he emphasized the need for China and Europe to collaborate in upholding international trade rules.

During an interview with China Media Group (CMG) in Shanghai, Pascal Lamy, who served as WTO Director-General from 2005 to 2013, stated that while the U.S. is unlikely to formally withdraw from the WTO due to the benefits it derives from the organization, the country may choose to disregard its rules.

"In reality, they now believe that they are not bound by the rules of international trade. I don't think they will legally quit, not least because the WTO protects the U.S. against a series of possible action(s) on U.S. economy. Take for instance, intellectual property (IP), a large part of this U.S. stock market now is not with cars or shells, it's with digital companies. If you remove IP protection, I can tell you a lot of digital companies will have a lot of problems. So, for this reason, I don't think they will legally exit, but they will not abide by WTO rules," Lamy said.

Lamy stressed the importance of a rules-based global economy and trade system, urging China and Europe to collaborate in safeguarding international trade rules.

"In my view, the ones that still believe that the global economy and world trade should be governed by rules and not a sort of 'jungle' ; the two main other 'elephants' in the world economy, China and Europe, should stick together in making sure that the international economy and the trade system remains rules based," he said.

Former WTO chief stresses rule-based world economy, not "law of the jungle"