The Beijing Initiative of the 2024 Global Trade and Investment Promotion Summit, released in Beijing on Monday, called for accelerating economic recovery through the WTO-centered multilateral trading system and strengthening industrial specialization and collaboration to ensure stable and smooth supply chains.
Themed "Mutual Trust and Cooperation: Navigating through Profound Changes," the summit was organized by the China Council for the Promotion of International Trade (CCPIT) and brought together over 750 leaders from international organizations, economic institutions, foreign business associations, global trade promotion agencies, and Chinese and overseas firms.
Following extensive discussions, representatives from both trade and investment promotion agencies and business communities reached a series of consensus points.
One key insight highlighted during the summit was the importance of collaboration within the supply chain to transform it into a win-win proposition for all participants.
"The International Monetary Fund indicates that China's economic growth has had a positive spillover effect on the rest of the world, with every one percentage point of its economic growth raising the output of other economies by an average of 0.3 percentage points. As the world's second largest economy, China's economic performance adds much needed stability," said Dilma Rousseff, President of the New Development Bank.
"In our interconnected world, international standards set a benchmark for global trade and investment. By promoting barrier-free trade and supporting supply chains, they help establish trust and confidence among businesses and consumers, stimulating economic growth," said Sung Hwan Cho, President of the International Organization for Standardization.
"We must keep global industrial and supply chains open and stable, ensuring smooth flow of goods, services in a mutually-beneficial approach and equal opportunities of investments across borders," said Remi Paul, President of the French Chamber of Commerce and Industry in China.
Representative companies such as Tesla, Cargill, JA Solar, and six others attended the forum on Joining Forces to Realize the "San Francisco Vision."
"Our production capacity originating from China has already accounted for nearly 50 percent of all Tesla production in the world in 2023. In fact, what makes us even more proud is that over 99.99 percent of our employees in China are Chinese, and more than 95 percent of our supply chain comprises local companies from China," said Tao Lin, Vice President of Tesla China.
"For JA Solar, our supply chain is intricately connected between China and the U.S. Our raw materials originate from the U.S., while our products are distributed to the U.S., Europe, and numerous developing countries. Our inaugural factory in the U.S. is slated to commence operations this August," said Yang Aiqing, CEO and Director of JA Solar.
The Beijing Initiative also proposed to advance artificial intelligence (AI) exchanges and cooperation in embracing the transformative force of AI, foster green and low-carbon development, and nurture mutually-beneficial and win-win business partnerships.
The summit serves as a platform for global business communities to jointly address global issues, safeguard the multilateral trading system and resolve structural problems that hinder the healthy development of the world economy.
Global trade summit calls for economic recovery, collaboration
