Global firms gather in Beijing to boost supply chain resilience

The second China International Supply Chain Expo (CISCE), which started in Beijing on Tuesday, drew global influential figures from various sectors to offer unique insights into the evolving landscape of global trade and the importance of collaboration.

Themed "Connecting the World for a Shared Future," the expo focuses on critical points across the upstream, midstream, and downstream sectors of various chains.

Compared with the previous edition, this year's event boasts a higher number of exhibiting companies, more international participants, and a larger crowd.

John McLean, Chairman of the China-UK Business Development Center, is one of the global business leaders at Monday's welcome and networking banquet. He emphasized the necessity for businesses to adapt in a world characterized by unpredictability.

"This is a good place to find out what else you can do with China and actually kind of minimize your risk. Because we now live in a world where black swans are our own, let's say, prevalent, which they weren't before. Therefore, you have to be far more agile and having the kind of base of China available to you, actually de risks it from some respects," McLean said.

Many of these firms place China at the core of the global supply chain, integral to international business, trade and global markets.

"We know the world is difficult. There are many issues, but I think we can bid on China continuing to be in a very significant economy with a very strong middle class. Very smart people are leading the way on many things," said Simon Bridges, CEO of the Auckland Chamber of Commerce in New Zealand.

Some of these company representatives even consider China a second home.

"I live in here more than 10 years, so that's why I'm feeling China, Shanghai is my second home. Having this kind of strong supply chain expo is a great opportunity for our companies to meet each other and have the cooperation together," said Atakan Bozkurt, CEO of Burger King China.

Global firms gather in Beijing to boost supply chain resilience

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"