The following profile and interview with Mr. Philippe Latour, Chairman of the Flanders-China Chamber of Commerce, was published by “De Bestuurder”, a leading Belgian platform and news medium for directors, chairpersons and senior leaders of companies and organizations. It is focussed on corporate governance, strategy, risk management and sustainable entrepreneurship. De Bestuurder also organizes events (such as Books & Boards, Start2Board and Director of the Year) and provides white papers, opinions and news about current management issues, from digitalization and AI to ESG and succession of generations in family businesses.
“Philippe Latour spent over ten years at the financial forefront of Ageas in Asia. Upon his return to Belgium, he was appointed to the board of the Flanders-China Chamber of Commerce, and less than a year later, in October 2023, he assumed the chairmanship. Anyone who speaks to him about China immediately hears an important message: the geopolitical narrative and the business reality are two different things.
Latour speaks with authority about China. As Chief Financial Officer Asia at Ageas, he spent ten years in Asia, based in Hong Kong. Prior to that, he managed strategy and M&A in the region. He served on the boards of insurers in China, Malaysia, Thailand, and India, and contributed to the joint ventures the group developed there. “In terms of size, China is Ageas’s largest business in Asia. I have devoted a great deal of my time to it.”
Perception versus practice
The geopolitical narrative is the story about China that we read and hear daily: tensions, de-risking, trade defense, distrust. The business narrative is what companies experience on the ground, and according to Latour, that story looks completely different. “Business is going on. Belgian companies active there consider it an important market and want to remain present.” Crucial to that business story is the distinction between 'China for China' and 'China for the world'. Most FCCC members produce in China for the Chinese market. Ageas itself holds a quarter stake in one of the country's largest life insurers, clearly 'China for China'. Belgian industrial companies that produce there under their own name for the local market also fall into that category. Those who produce in China to export from there are engaging in 'China for the world'; that is a different model with a different risk assessment.
That distinction immediately sheds a sober light on de-risking, the European policy buzzword of the moment. Latour does not downplay it, but puts it in perspective. “Whoever de-risks may well be moving their production or supply chain outside China, but often moves with the Chinese partner to a neighboring country. If you move to Thailand, you are de-risking *with* your Chinese partner. That de-risking is therefore relative.” “ Dependency does not disappear automatically: if production moves, the underlying partner relationship often moves with it.”
What does “de-risking” mean?
“De-risking” is the term the European Commission has used to describe its policy towards China since 2023. Ursula von der Leyen introduced the concept in 2023 during a speech in which she explicitly contrasted it with “decoupling,” the complete decoupling from the Chinese economy. She considered decoupling neither feasible nor in Europe’s interest. Instead, derisking aims for a more selective approach: making one’s own economy and industry more competitive and resilient, making better use of existing trade instruments, developing new defensive tools for critical sectors, and aligning more closely with international partners. In concrete terms, this translated into stricter export controls, a revision of FDI screening, new rules for outbound investments, and the anti-coercion instrument, which allows the EU to respond to economic pressure from a third country. In other words, de-risking does not mean a break with China, but rather a deliberate reduction of specific, critical dependencies.
China wins in efficiency, not in labor costs
Anyone who still associates China with low wages is behind the times. Herein lies a second misconception regarding their competitive position. Latour emphasizes: “Labor costs there are now almost as high as in Eastern European countries. They truly trump efficiency and ecosystems.”
He made this observation during, among other things, a recent innovation trip to Shanghai and Hangzhou in Zhejiang province. Many of the major Chinese technology companies are concentrated there, ranging from advanced AI to the robotics of a company like Unitree. “They have built ecosystems around their business, into which a Flemish investor can also step and even embed their own activities, with an efficiency that you won't find in Flanders or Europe.”
Latour also points to a dynamic that executives rarely have on their radar: the cutthroat internal competition within China itself, where everyone runs harder but no one makes progress. The Chinese call this 'involution'. “The competition is intense, almost a crisis, and that affects not only Chinese companies but also the Western companies present there.”
At the same time, the country is opening up again: travel is visa-free, investing is becoming easier, and after a cool period, Latour sees new investments returning. Even the flow of talent is reversing: where the brightest minds used to flock to the United States, he now sees a reverse trend. With this 'Brain Gain,' China appears to be the big winner of the current geopolitical tensions.
That medal also has a real downside. In sectors where China has built up a technological and industrial lead, with the automotive industry as the prime example, that strength puts European players under heavy pressure. “Europe still has three chains: internal combustion engine, hybrid, and electric. In China, they are now focusing solely on electric.” According to Latour, anyone familiar with the sector knows that the way out for Europe does not lie in isolation, but in capacity and cooperation.
What directors must do specifically
Translated to the boardroom, Latour’s advice boils down to one unwavering starting point: go see for yourself. “My most important tip: go to China, and experience how it is happening. You cannot have a say in China if you haven’t been there.” For Latour, an introductory or innovation trip forms the first prerequisite for the board to determine a responsible China strategy, a recommendation he explicitly directs to our policymakers as well.
Equally important: the way you build that strategy. Latour warns against the reflex to want to categorize China by sector. When asked which sectors are most complementary, he answers deliberately evasively. “I don’t really believe in that. Our members are active in their own industries. They have to assess for themselves whether it makes sense in *their* industry to be present in that large, efficient market.” In other words, it is not about the sector, but about whether your company benefits from that presence and whether it is willing to make the associated investment.
That investment revolves primarily around relationships. Here, Latour speaks from personal conviction and experience. “I am very sensitive to culture and cultural differences. You deal with China differently than with Malaysia.” The key is called guanxi: the patiently built network of business relationships based on trust. “You aren't friends immediately. It is something you build. Guanxi in China drives the business.” Not a quick win, he emphasizes, but a long-term investment in time and energy. That is precisely where the sticking point sometimes is: “I am not sure that all our members have real partners. Yet, in a country like this, that is essential.”
Twenty years of in-house governance
That brings us to the organization chaired by Latour. The FCCC, the Flanders-China Chamber of Commerce, was founded over twenty years ago, in the aftermath of the regionalization of foreign trade. A group of prominent Flemish companies, including names such as Ageas, Ahlers, Barco, Bekaert, KBC, Picanol, and Umicore, played a key role in its inception.
That origin determines how the chamber is governed to this day. Each founding member appoints their own representative to the board, each time for a renewable two-year term. Two to three times a year, the board discusses the missions and activities, finances and budget, the relationship with key stakeholders, and the strategy, often supplemented by an exchange of their experiences in the Chinese market. The board elects its own chairman, and both Latour and his fellow board members serve that mandate pro bono. The chamber does not consider independent directors necessary: each board member brings their own extensive, sector-specific China expertise.
A room with a European lever
The mission sounds clear: to guide Flemish companies in doing business with China, and to support Chinese companies that wish to invest or collaborate in Flanders. The membership numbers around 140 members: a mix of some 30 large corporations, a strong SME representation, and a few individual members, supplemented by structural and Platinum partners.
The operation is run by a small team centered around executive director Gwenn Sonck, who, according to Latour, is doing “an outstanding job.” Annually, the chamber produces 40 to 50 events: conferences, webinars, company visits, and roundtables where members exchange experiences and learn from one another. In addition, the FCCC provides advice and expertise, a weekly newsletter (China Business Weekly), and hosts Chinese delegations, connecting them with Flemish companies and government bodies.
Philippe Latour would also like to explicitly mention the organization of Innovation Trips to China. These guided and well-prepared trips provide interested entrepreneurs with direct insight into China's innovation ecosystem. In 2025, such a trip was organized with the Province of West Flanders, and in the spring of 2026 for GIMV. Additional new trips are already planned.
The European dimension constitutes a second asset. Gwenn Sonck of the FCCC also serves as the General Secretariat of the EU-China Business Association (EUCBA). This European umbrella organization unites some 20 national trade associations and defends the interests of European companies at the European institutions. Philippe Latour is Vice President of the EUCBA and meets annually with the Chinese Ambassador to the European Union, together with representatives from the other European China chambers. This European role allows the FCCC to continue to flourish, close to the European institutions.
Business, not politics
Latour situates Flanders' appeal to China not as a geopolitical force (the country remains too small for that), but as a gateway. “Our region lies in the heart of Europe, with high purchasing power and an excellent logistical infrastructure of ports and airports.” In 2025, China ranked number 6 in the list of the most important investors in Flanders. Increasingly, new projects involve technology cooperation agreements, in which Chinese companies show interest in Flemish operations.
Latour consistently guards one boundary. The FCCC remains a chamber of commerce, not a political platform. When geopolitical or diplomatic issues arise in the contacts the chamber maintains, it listens, but it does not interfere. “We are truly business-oriented. I have a career in business, and I am not qualified to judge political situations.”
It is precisely this discipline—keeping geopolitical and business judgment consciously separate—that Latour also wants to impart to administrators. Not because the one is irrelevant, but because those who confuse the two run the risk of making wrong decisions. For instance, you risk neglecting an existing market based on headlines, or investing blindly without the relational and cultural investment that China requires. Between these two extremes lies the nuanced path that, according to him, a well-informed board ought to follow. And that still begins with going there yourself.”
Text: Philip Verhaeghe
Photographer: Robert Smits
