The Xiamen Initiative on Global Supply Chain Development and Stability was officially released on Monday, calling for efforts to uphold the multilateral trading system and build open, inclusive, resilient, and sustainable supply chains.
The initiative, jointly proposed by members of the International Federation of Purchasing and Supply Management (IFPSM), emphasizes the need to deepen multilateral cooperation to promote global supply chain connectivity.
It also calls for efforts to establish mechanisms for shared interests among diverse stakeholders, respect development differences of different countries, strengthen resilience management of the supply chain, and build the inter-connectivity for cross-border data flow.
The initiative also advocates for deeper integration of artificial intelligence, big data, and the Internet of Things across the supply chain, aiming to reshape global logistics through innovation.
It further calls for advancements in carbon reduction, emission reduction, and carbon sink technology, and the international recognition of green standards to promote low-carbon and sustainable governance throughout the supply chain.
"At the center of our initiative is convincing the world and the world players [that] we support and we guide how everybody can aspire for a greater impact of supply chain in a sustainable world. That's why we released the initiative here in Xiamen. There's no better time than that today," said Chris Oanda, IFPSM president.
The IFPSM is a non-profit, independent organization comprising procurement associations from over 40 countries and regions. The release of the initiative reflects growing international concern over supply chain stability, which will help deepen global cooperation and inject new momentum into economic growth.
Global Supply Chain Development and Stability (Xiamen) Initiative released
The Chinese mainland markets experienced a cautious session on Monday, influenced by diplomatic tensions with Japan and mixed reactions to U.S. reassurances about a potential rare earth deal, said a market analyst.
Chinese stocks closed lower on Monday, with the benchmark Shanghai Composite Index down 0.46 percent to 3,972.03 points.
The Shenzhen Component Index closed 0.11 percent lower at 13,202 points.
Timothy Pope, a market analyst for China Global Television Network (CGTN), highlighted the trend behind the numbers in his recap of China's stock market performance.
"The Chinese mainland markets had a bit of an off session today with the Shanghai Composite Index sinking about half of one percent. There was an overall sense of caution. We saw some diplomatic tensions flaring between China and Japan the weekend over a speech the new Japanese Prime Minister made in parliament. And investors took the opportunity to lock in some profits after that. So shares with exposure to Japan were the biggest losers, but even recent winners like the rare earth sector were pretty flat today. And that was even though the U.S. Treasury Secretary Scott Bessent saying that there will hopeful be a China-U.S. deal on the rare earths by the end of the month. Perhaps using the word "hopefully" undermined his own attempt at optimism," he said.
"In Shenzhen we did see losses offset by gains among AI and EV firms. Investors still see solid growth potential there. Today was another one of those days which has kept the Shanghai and Shenzhen markets range bound this month, still unable to find really firm footing above 4000 points. But what we have seen is continued strong interest from foreign buyers who are looking for exposure to Chinese equities, especially in the emerging sectors where Chinese companies either lead the world, or rival big US or European names like in EVs and AI," said Pope.
"According to recent data from the Institute of International Finance, from January to October, 50.6 billion U.S. dollars of offshore money flowed into Chinese equities. That's not quite a record -- 2021 is still the best full year on record with more than 73 billion dollars flooding in, but when you consider that that was followed by three very lean years -- last year's total was just 11.4 billion -- the numbers so far this year look very strong, and China's stocks are still trading at a discount compared to the rest of the world," said the analyst.
China markets dip as investors lock in profits amid cautious Monday trading: analyst
