Yicai:

In stark contrast with some Western countries' rhetoric about decoupling or cutting supply chains, China has consistently upheld the principles of deepening international cooperation and maintaining the stability of the global supply chain. May I ask the CCPIT what efforts Chinese enterprises have made to maintain the stability of the international supply chain? What risks and challenges are still posing a threat? Thank you.

Yu Jianlong:

Thank you. It's an excellent question. Simply put, Chinese enterprises have made substantial efforts to maintain the stability of the global industrial chain and supply chain. However, there are still significant risks and challenges. As we all know, the international supply chain can be likened to the human body's circulatory system, where interconnected enterprises act as the vital red blood cells that sustain the system. Ensuring the smooth and stable operation of global industrial and supply chains is crucial for preserving the vitality of global economic development. The world functions as an interconnected entity, and economic progress would be unattainable without the proper circulation of resources and trade. The acts of decoupling or cutting supply chains and erecting walls or barriers not only disrupt market rules and the international trade order but also undermine the foundation of efficient global cooperation, posing a threat to the stability of global industrial and supply chains. Such actions contradict the objective laws of the economy, causing harm to others without benefiting oneself while impeding worldwide economic recovery.

China has worked to promote and maintain global industrial and supply chains, ensuring they remain stable and smooth. It is the only country in the world equipped with a complete range of industries and a major center for worldwide manufacturing and supply chains. As the world's second-largest economy, China has the highest volume of trade in goods and takes the lead in attracting foreign investment and making outbound investments. Chinese enterprises are the most vibrant contributors to global supply chains. The Chinese business community has always played a vital role in maintaining the stability of global industrial and supply chains. We should ensure smooth supply chains and oppose decoupling or cutting supply chains.

At the second meeting of the APEC Business Advisory Council held not long ago, the CCPIT organized and led representatives of Chinese entrepreneurs. This helped to facilitate the draft of a letter by the Asia-Pacific business community to trade ministers of APEC countries. Focusing on supply chains, digital trade, trade and climate, new energy vehicles, and other issues, we called on the trade ministers to oppose protectionism, practice non-discriminatory treatment, and advance open and free trade, demonstrating the shared aspiration and strong position of the Asian-Pacific business community for opposing trade protectionism and promoting mutually beneficial cooperation. Especially concerning the issue of supply chains, the Chinese business community has proactively expressed their views and guided the meeting to have an in-depth discussion about the enormous negative impact of fragmentation of trade and technology decoupling on regional economic development, especially the destructive impact on regional supply chains due to politicizing and weaponizing chip supply chains by certain countries, gaining understanding and support of all parties. And the letter proposed opposing protectionism and administrative measures that disrupt supply chains and creating an inclusive, open, fair, and non-discriminatory environment for the development of digital economy.

In recent years, affected by multiple factors such as COVID-19, global industrial and supply chains have undergone reshaping, reconstruction and adjustment at a faster pace, posing an increased challenge for Chinese enterprises. However, as President Xi Jinping pointed out, "To grow its economy, China must have the courage to swim in the vast ocean of the global market." We also believe that Chinese enterprises are brave and capable enough to take the lead in the vast ocean of the global economy. 

Indeed, not only Chinese enterprises but also the whole international business community face these risks and challenges. By hosting the Chain Expo, we aim to set up a beacon for keeping global industrial and supply chains stable and smooth. Our goal is to provide guidance and build platforms for win-win cooperation between Chinese and foreign enterprises to enable enterprises to better explore collaboration on this platform and drive global economic recovery and growth. Thank you.