Stabilizing global supply chains vital to intl market

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, government officials and business executives said on Wednesday.

While 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 grand event, which runs through Sunday, has drawn participation from 651 companies and institutions from 75 countries and regions, according to the Beijing-based China Council for the Promotion of International Trade, the expo's organizer.

South Africa's Deputy President Paul Mashatile said his country is committed to strengthening global supply chains and fostering resilience in the face of challenges.

"In today's rapidly changing world, the global supply chain landscape is facing unprecedented challenges, from natural disasters to political upheavals," he said.

Ekachat Seetavorarat, deputy permanent secretary of Thailand's Ministry of Commerce, stressed the importance of regional cooperation in navigating such disruptions.

"In response, the member economies of the Regional Comprehensive Economic Partnership should deepen trade connectivity and uphold the principles of openness in markets and investment," he said, adding that such joint efforts are essential for enhancing the security and resilience of regional and global supply chains and for safeguarding the stability of international trade.

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 nonfuel exports from developing countries projected to decline by 33 percent 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, 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."

Syngenta Group, a company based in Basel, Switzerland, showcased a comprehensive portfolio of solutions spanning seed innovation, sustainable crop protection, digital agriculture and integrated technical services at this year's expo.

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 United States semiconductor company Nvidia, said that artificial intelligence 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.