Keynote Speech by Ambassador Liu Xiaoming at the Sino-European Entrepreneurs Summit: Join Hands to Meet the Challenges, Create New Opportunities and Build a Shared Future
Chairman Long Yongtu,
Minister Graham Stuart,
Lord Edward Garnier,
Ladies and Gentlemen:
It is a real delight to join you for the third time at the Sino-European Entrepreneurs Summit and give my first speech a day after coming back from China.
Since its inception in 2008, the Sino-European Entrepreneurs Summit has focused on topics that are always highly pertinent and timely. It has become an effective platform for political, business and academic leaders from China and Europe to explore ways to work together and achieve development. Over the years, the Summit has contributed new ideas and new thoughts on how to deepen China-Europe and China-UK relations. I would like to express my appreciation for this.
The theme of this year's Summit is "A New Era for China-Europe Business Cooperation". Let me share with you my views on the challenges and opportunities in the new era from three perspectives: global environment, China-Europe cooperation and China-UK cooperation.
First, how do we see the challenges in the global business environment in the new era?
The world is undergoing profound changes unseen in a century. The new round of scientific and technological revolution and industrial transformation is leading the forces reshaping the international landscape and determining the future of mankind.
However, at the same time, unilateralism and protectionism are on the rise. Economic globalisation encounters headwind. And the international economic order and multilateral trade system experience severe setback.
A big Western power, adopting bullying trade policies and protectionist measures, is the major force behind this gloomy picture. This has not only affected its business relations with China. Their impact on the global business environment could be extremely negative and worrisome.
First, they risk disrupting the global industrial chain and supply chain.
Economic globalisation is not an empty concept. It is real and concrete. The global industrial chain and supply chain have locked the multi-national corporations in an interdependent network. They are the exact embodiment of economic globalisation.
But this big Western power raises tariffs at the expense of the industrial chain and undermines the stability and security of the supply chain, forcing many corporations to readjust their global layout and resulting in lower efficiency in global resources allocation.
Second, they undermine the authority of the multilateral trade system.
This big Western power is using tariff weapon against other countries according to its domestic law and at the excuse of safeguarding "national security".
This goes against the most fundamental and central WTO rules on most-favoured-nation treatment and tariff bindings.
This undermines the authority of the WTO and its dispute settlement system.
And this puts the multilateral trade system and the international trade order in jeopardy.