Ensuring the stability of global supply chains is vital to addressing rising costs, geopolitical tensions and protectionism, and to preventing a downturn in global trade. Delivering a speech at the opening ceremony of the third China International Supply Chain Expo in Beijing, Vice Premier He Lifeng said that China will speed up building a modern industrial system based on advanced manufacturing, and strengthen cooperation with all parties to make global supply chains more digital, smart and green. This year’s event welcomed participation from 651 companies and institutions from 75 countries and regions, according to the Beijing-based China Council for the Promotion of International Trade (CCPIT), the Expo’s organizer.
Underscoring the urgency of such efforts, a recent study by the Paris-based International Chamber of Commerce warned that if current global trade tensions continue to escalate, the world’s trading system could face severe disruption, with non-fuel exports from developing countries projected to decline by 33% over the next five years. Amid an increasingly uncertain global landscape, business leaders said that supply chain adaptation has become a top priority for many multinational companies.
Oliver Oehms, Executive Director of the German Chamber of Commerce in China, North China Chapter, said that German companies in China are increasingly localizing their supply chains. This is a symptom of the tough domestic price competition, but also an indication of the excellent supplies that are now available locally.
Lin Chunmei, President and General Manager of Corning China, said, “We will strengthen close cooperation with industrial partners through the China International Supply Chain Expo, and jointly promote industrial upgrades and the development of new quality productive forces.”
Su Fu, President of Syngenta Group China, said the company aims to work closely with partners across the supply chain to jointly build a green, efficient and resilient agricultural ecosystem, reinforcing China’s strong commitment to open and collaborative development in the agricultural sector.
As a first-time participant in the expo, Jensen Huang, Founder and CEO of U.S. semiconductor company Nvidia, said that artificial intelligence (AI) will be central to every industry, company, product and service. He added that AI has sparked a new industrial revolution and created a significant growth opportunity for China’s incredible supply chain ecosystem, the China Daily reports.
