By Wang Kai

BEIJING, May 14 (China Economic Net) - "China is the top trader and top exporter in global trade. I believe it's extremely important to be present in the Chinese market to be part of the innovation and speed", Mr. Lorenzo Riccardi, Chairman of China-Italy Chamber of Commerce told China Economic Net (CEN) at the Global Trade and Investment Promotion Summit held in Beijing on Monday.

Themed “Mutual Trust and Cooperation: Navigating through Profound Changes”, the summit brought together over 300 representatives from 39 countries and regions and 170 foreign organizations. All 18 foreign business groups in China were also represented.

Global Trade and Investment Promotion Summit 2024 was held in Beijing on May 13th, attracting about 750 participants from all over the world. [Photo/China Council for the Promotion of International Trade]

“Representing roughly 40% of our exports, China is our largest single market, and it remains to be one of the fastest growing markets. Having been present here for 40 years, we continue to increase our investments in China to take advantage of the opportunities presented by the Chinese economy”, Pablo Machado, Global Executive Director of Brazil-based manufacturing giant Suzano told CEN.

At the summit, the Beijing Initiative was released, calling for accelerated economy recovery by maintaining the stability of industrial and supply chains, embracing the transformative force of AI, transitioning to green development and forging win-win business partnerships.

“It is a positive signal for China’s commitment to openness and cooperation”, a representative of Canada China Business Council said to CEN.

Amid global economic downturn, the momentum of industrial cooperation with China maintains. According to a survey by the American Chamber of Commerce, over half of the American enterprises see China as a top three global priority, and 77% of U.S. companies said they have no plans to withdraw from the Chinese supply chain or leave the Chinese market.

Secretary General of European Chamber Adam Dunnett told CEN that last year alone, 45% of the chamber members saw wider opening in their respective sector, especially in the areas of financial services, cosmetics, and food and beverage. “The negative list is getting shorter. Meanwhile, the explosion of Chinese exports to Europe has brought opportunities to the consumers and reduced Europe's reliance on older technologies and energy”, he said.

“Chinese companies, especially the electric vehicle companies are producing great products, There's a lot of room and opportunity for these to be sold worldwide, and when global partners are involved, so called ‘overcapacity’ is not a problem”, a representative of Switzerland-headquartered company Cedrus Investment told CEN.

(Source: China Economic Net)