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ICBC Successfully Holds the CIIE China Europe CEO Summit

Supported by the Ministry of Commerce of China, State Administration of Foreign Exchange (SAFE) and China International Import Expo Bureau, Industrial and Commercial Bank of China (ICBC) successfully held China Europe CEO Summit, one of the supporting events for the 3rd China International Import Expo (CIIE), at the National Exhibition and Convention Center (Shanghai). Representatives of nearly 260 enterprises from China and Europe attended the summit in the morning of November 6. Prime Minister Xavier Bettel of Luxembourg delivered video address, while Austrian Consul General in Shanghai made a speech on behalf of Austrian Chancellor Sebastian Kurz. Vice Minister of Commerce Yu Jianhua, SAFE Deputy Director Zheng Wei and ICBC Chairman Chen Siqing attended and addressed the summit, and ICBC Vice President Wang Jingwu and Board Secretary Guan Xueqing were present.

Prime Minister Xavier Bettel of Luxembourg expressed gratitude to Chinese government, enterprises and individuals for their support in the fight against the COVID-19. People in the two countries both hope to find solutions for this global crisis through inter-government cooperation to resume normal life and production. He appreciated China’s commitment to carbon neutrality by 2060, and advocated greater investment and a bigger role by Chinese and European financial institutions in green and sustainable development.

Brigitte Robinson-Seyrlehner, Austrian Consul General in Shanghai, read the speech of Austrian Chancellor Sebastian Kurz, mentioning that Austria takes China as a strategic partner and is dedicated to tightening strategic ties with China. Austria hopes to expand bilateral trade and cultural exchange with China and enhance third-party market cooperation. Firmly upholding multilateralism and trade liberalization, Austria is willing to contribute to deepening the relationship between Europe and China.

ICBC Chairman Chen Siqing pointed out in his speech as COVID-19 brings instability and uncertainties to global economic development, the 3rd CIIE’s holding on schedule sends a positive signal that China is firmly deepening the reform, opening up wider on all fronts and sharing with the world a better future. ICBC hosts China Europe CEO Summit for the purpose of staging a broad platform for China-Europe economic and trade development and creating practical opportunities for promoting cooperation between Chinese and European entrepreneurs. He suggested that Chinese and European enterprises should further deepen cooperation and seize the “three major opportunities” to realize better development. The first is to consolidate the foundation of connectivity. Taking the opportunity of China’s “dual circulation” development pattern, which takes the domestic market as the mainstay while allowing domestic and foreign markets to boost each other, entrepreneurs from China and Europe can boost the stabilization of global industrial chain and supply chain, closer connection of bilateral markets and resources, and greater benefits via close cooperation. The second is to strengthen digital cooperation. Riding along the trend of a new round of sci-tech revolution and industrial transformation, Chinese and European entrepreneurs can push forward advance digital transformation of their business, press ahead with digital industrialization and industrial digitalization, and promote integration of digital economy and real economy. Efforts should be made to tighten cooperation of market entities in making international digital rules and standards, to jointly explore third-party market and build new engines of China-Europe cooperation. The third is to develop green partnership. Enterprises should actively perform corporate social responsibilities to help promote ecological progress in China and implement the European Green Deal. They should also deepen cooperation in environmental technology, circular economy and clean energy, making greater contribution to facilitate the “green recovery” of world economy in the post-pandemic era and build a shared “green home”.

Vice Minister of Commerce Yu Jianhua said, China-Europe economic and trade cooperation has stood the grim test of the COVID-19 and made stable progress. As proved in practice, the bilateral economic and trade exchanges are highly resilient and close, with a broad prospect. In the first three quarters of this year, the bilateral trade was the first to resume growth, while decrease in mutual investment narrowed down significantly. Hopefully, Chinese and European entrepreneurs will continue to act as supporter of economic globalization, promoter of high-quality development of China-Europe economic and trade ties, maintainer of global industrial chain and supply chain, leader of innovative cooperation and practitioner of green development, making positive efforts in promoting China-Europe economic and trade cooperation.

SAFE Deputy Director Zheng Wei mentioned that SAFE will closely follow the new development pattern, continue to advance the foreign exchange management reform compatible with higher opening-up, further promote trade liberalization and investment facilitation, steadily press ahead with capital account opening in order, refine the “macro-prudence + micro-regulation” management framework in the exchange market at a faster pace, and help build an open, fair and convenient business environment. China and Europe will join hands to create a better future in the bilateral economic and trade cooperation with an enormous potential.

Italian State Secretary for Foreign Affairs and International Cooperation Manlio Di Stefano, China National Pharmaceutical Group Chairman Liu Jingzhen, Airbus CEO Guillaume Faury, Vice Chairman Li Ping of Contemporary Amperex Technology, and Glencore CEO Ivan Glasenberg also delivered speeches. The guests also exchanged views on topics such as China-Europe cooperation in investment and trade, stability of China-Europe industrial chain and supply chain in the post-pandemic era, etc. As reflected by the guests, China Europe CEO Summit would boost mutual understanding and trust, bilateral cooperation, and future development by realizing institutionalized high-level exchanges and pragmatic cooperation between Chinese and European enterprises.

The summit also witnessed the release of the Initiative for Supporting Sino-European Trade and Investment Cooperation by Chinese and European Entrepreneurs signed by nearly 150 Chinese and European enterprises. It was proposed in the Initiative to put into play the complementary advantages of Chinese and European enterprises, jointly contribute to and share the development fruits and keep broadening and deepening the bilateral trade and investment cooperation. To be specific, the two parties should maintain the stability of industrial chain and supply chain, jointly build an open and inclusive business environment, deepen third-party market cooperation, explore cooperation potential in emerging industries, promote sustainable economic and social development, put into full play the role of finance in supporting economic recovery, and boost financial connectivity and mutually beneficial cooperation.

As the originator of the Initiative, ICBC, bringing its advantage in global operation into full play, built a financial bridge for serving Chinese and European economic and trade exchanges. Currently, ICBC has 426 institutions in 49 countries and regions, providing quality financial services for over 8.1 million corporate customers and 670 million personal customers globally. In Europe, its business network has covered 16 countries. In the face of the impact from the COVID-19 on global industrial chain and supply chain, ICBC taps into its strength in domestic and overseas synergy, and has launched the “Chunrong Action” to keep foreign trade and foreign investment stable. By the end of September, it had issued over RMB470 billion financing in domestic and foreign currency to major enterprises in foreign trade and foreign investment, and more than USD10 billion financing to overseas upper- and down-stream enterprises, effectively supporting the enterprises and stabilizing the production and market.