EU, China business leaders meet in Beijing

The EU-China Business Summit 2007, which started yesterday and continues today, is an important annual event that brings together business leaders from China and the European Union (EU).

This year's theme, "Celebrating Success, Promoting Sustainability," emphasizes both the strength of existing trade and investment ties, and the need to work together to create a balanced long-term partnership, while reducing the environmental impact of growth.

Europe and China have come a long way in their economic cooperation. During the first full year after China's accession to the WTO, China's bilateral trade with the EU in 2002 amounted to 124.4 billion euros ($213.9 billion); by 2006 it had doubled to 255.1 billion euros ($377.5 billion).

It is important to create "win-win" EU-China business cooperation for both sides, to improve communication and also to deepen mutual understanding.

We are grateful to have this opportunity to celebrate our successful cooperation to date, and to have a frank discussion between friends about how we see the future.

During the 17th National Congress of the Chinese Communist Party last month, President Hu Jintao emphasized China's commitment to reform and opening up, a cornerstone of China's economic policy for three decades.

President Hu's address also called for China's transition from an investment- and export-driven economy, to one driven more by domestic consumption. President Hu announced that China aims to quadruple its year per capita GDP in 2000 by year 2020.

Achieving this ambitious goal would require sustained high GDP growth of more than seven percent annum until 2020.

I am sure that European and Chinese business people will consider this statement an encouraging signpost to where China is heading.

At this year's EU-China Business Summit, "Strengthening the EU-China Business Partnership and Creating Mutual Benefits" will be addressed at one of the workshops.

Undoubtedly, strengthening our business partnership has already been of great value to the long-term interests of the EU and China, as well as to the wider global economy.

We expect that this workshop will offer a great platform for a constructive discussion about where we will go next, in order to maintain the principle of mutual benefit.

There will also be a workshop entitled: "Addressing Environmental Challenges through Innovative Technologies."

President Hu has repeatedly stressed the importance of innovation, calling it "the core of our national development strategy."

In this aspect, Europe has a lot to offer in terms of modern and proven technologies, which can help China tackle its environmental and other challenges.

I am sure that bankers from Europe and China will find enough issues to discuss at the workshop for "The Role of Finance in Sustainable Development." We are glad to see that China's financial market is gradually opening up.

This will create numerous business opportunities as well as challenges for both sides.

I am also very pleased to see that there is a special group working on "How Small and Medium-Sized Enterprises (SMEs) Can Contribute to Sustainable Development." SMEs are EU's economic backbones.

Europe and China both have great potential for greater cooperation between SMEs.

China and Europe need to work together in a globalized world. There is much to celebrate so far, but also a need for openness and creativity in addressing new challenges together.

Many organizations, businesses and individuals have given us an enormous amount of help in promoting this summit, but I would like to take this opportunity to thank our sponsors, listed on the page, for their support.

The author is president of the European Union Chamber of Commerce in China

(China Daily 11/28/2007 page19)