EU Chamber president lauds China’s stimulus policies, ongoing industrial transformation

The head of the European Union Chamber of Commerce in China has praised the timely stimulus measures taken by China and believes the country's advancements in cutting-edge technologies could position it as a major competitor to Europe.

Jens Eskelund, president of the EU Chamber of Commerce in China who is also chief representative for the Greater China and Northeast Asia region for Danish shipping firm Maersk, gave his assessment of the current trade and economic situation in an interview with the China Global Television Network (CGTN).

Eskelund commended the recent slew of measures introduced by the Chinese central government to support local authorities, financial institutions, and developers, stressing that these steps are crucial in establishing a "stable foundation" for China's economy.

"I think a lot of the things that have happened were timely and necessary in order to bring stability to the system and rebuild confidence in the future prospect of the economy. What we have seen primarily have been efforts so far to alleviate local government debt. We have seen support for financial institutions, and we have seen support for developers, so that they can finish these apartments that the people have already paid for. So, [there's] a lot of initiatives really geared towards creating a stable foundation, creating stability in the system, and that's very, very positive," he said.

Eskelund, who has lived and worked in China since 1998, says he has witnessed the dramatic shifts in the country's manufacturing and foreign trade sectors over the years and believes China's constant industrial upgrading will yield more fruitful results.

"I think China has made a very conscious effort to climb the value ladder and [is] creating ever more sophisticated products," he said.

Acknowledging China's leading position in many sectors such as in the development of electric vehicles industry and green technology, Eskelund said it is inevitably becoming an increasingly important competitor to Europe, but called for more dialogue to ease potential tensions and resolve any disputes which may arise between the two sides.

"I think, in many ways, high quality productive forces are already here, when you look at, for example, what is happening with EVs, with batteries, with green tech, and many other sectors, where China is really at the forefront today. I think that, of course, creates some issues from Europe because a lot of these are sectors now where Europe and China will be competing head-to-head because these are areas where Europe traditionally has been strong and where China is emerging as a very significant contender," he said.

"That was not the case ten years ago, because China and Europe are not competing in these same areas, but that you're beginning to see now. And that's where I think that there actually is a potential for an increase in tension unless Europe and China find a way to begin to talk about these," he continued.

EU Chamber President lauds China’s stimulus policies, ongoing industrial transformation

EU Chamber President lauds China’s stimulus policies, ongoing industrial transformation

Crew members of the Chinese Navy's destroyer Nanchang held a flag-raising ceremony on Sunday to celebrate the fifth anniversary of being commissioned.

On Jan 12, 2020, China's first Type-055 destroyer was commissioned, inheriting the hull number of the Navy's first destroyer, "101".

Throughout the five years, Nanchang has been involved in multiple missions in distant waters and open oceans.

"In one of the years, we patrolled in the island chain five times, and set sail nearly 100 times, with over half a year being on missions," said Wang Xiuyue from destroyer Nanchang.

The launch of Nanchang, an indigenous large destroyer that has a deadweight of over 10,000 tonnes, is symbolic for the navy, marking its destroyers are upgrading into the fourth generation.

"Nanchang '101' means the first. Since Nanchang was the first of its kind, we had no blueprints or materials to refer to. We explored to build it by ourselves," said Wang Zhongguang, who is responsible for securing Nanchang's electric system.

With his master electrotechnology skills, Wang is respected as an "elite soldier," an informal title to show respect to the best soldiers.

"To be an 'elite soldier' means you have to do your best all the time," said Wang.

Wang's spirit was echoed by many of the Nanchang crew members.

"I am looking forward to participating in more distant water missions with Nanchang. I hope to spend another five years with her, or even longer," said Lei Qi, a Nanchang crew member.

"I believe that to become a world-class navy, we must press ahead despite all difficulties," said Lin Xue, another crew member.

Nanchang Destroyer crew members celebrate fifth anniversary of commissioning