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Economy

World Chinese Economic Summit held in London

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2015-11-12 13:10CRIENGLISH.com Editor: Feng Shuang

Just a month since Chinese President Xi Jinping's successful trip the UK, London has been playing host the 7th annual World Chinese Economic Summit.

This is the first time the meeting, which aims to strengthen ties between China, Southeast Asia and Europe, has taken place outside Asia. A key theme of this year's gathering has been garnering support for China's Belt and Road trade initiative and the growing markets of Southeast Asia with the coming into effect of the ASEAN Economic Community next month.

200 delegates from around the world gathered at the 7th annual world Chinese economic summit,a magnet for business and political leaders.

It follows the successful state visit of China's President Xi's the UK last month, which China's ambassador to the UK Liu Xiaoming told the gathering heralded a new era.

"Together we can build a golden era for China-UK economic cooperation."

The conference was also used by Chinese and Asian delegates to promote President Xi's Belt and Road trade initiative, which envisages an opening up of trade along the Silk Road from China to Europe, as well as maritime routes.

And at this year's gathering, ASEAN nations also took centre stage. Malaysia's deputy prime minister Dr Ahamad Zahid Hamidi addressed the gathering to promote the belt and road trade initiatives, saying after the ASEAN group is a full partner to it's powerful neighbour.

"We have played a vital role in strengthening our relationship with China, and because we are their biggest trading partners, and we are providing 600 million new marketplace for their products and I reckon the achievement of around 400 billion US dollars has shown that the region is very significant to China's economy."

Next month ASEAN's Economic Community is due to come into force, which integrates member countries' economies and create a single market and production base.For some, Like Malaysia's Minister of Transport, Liow Tiong Lai,this achievement deserved reflection.

"It will be the Asian age now and we hope that with China coming in, the dialogue partner with ASEAN we'll be able to make this region more interesting."

"And of course, Europe, many regions taking note of what's happening"?

"Yes, Europe, Middle East even Latin America, US, also very keen to have these dialogue partners especially these economic block with 600 million population and that kind of 4-5 per cent growth rate will actually initiate a lot of economic opportunities."

For some delegates, the fact that this summit was held outside Asia this year, was also noteworthy. The London based Asia house helped organise the gathering and it's chief executive Michael Lawrence noted London't recent prominence when it comes to international trade.

"You can't talk about China is in isolation anymore, you can't talk about ASEAN in isolation, it really is about talking about those regions in the context of the rest of the world. It follows the state visit which from all accounts seems to have been enormously successful, so the timing is very interesting, but it's looking at Asia through the prism of a global view."

This conference was of course arranged well ahead of President Xi's visit to the UK last month but it is something of a coup for London to host this summit, the first time it has been held outside Asia.

  

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