CCG holds VIP Luncheon on China’s economy and Great Bay Area
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On June 7, 2024, the 2nd “CCG VIP Luncheon”, co-organized by the Center for China and Globalization (CCG) and the Beijing International Club, was successfully held at the Beijing International Club’s historic Xianhe Hall. This luncheon featured keynote speeches by Ronnie C. Chan, Honorary Chairman of Hang Lung Properties and Chairman of Asia Society’s Hong Kong Center and David Daokui Li, Director of Academic Center for Chinese Economic Practice and Thinking (ACCEPT) of Tsinghua University. The event was chaired by Henry Huiyao Wang, President of CCG and Former Counsellor to the State Council, and brought together nearly 50 Chinese and foreign guests, including ambassadors to China, commercial counselors, heads of international organizations, senior executives of Chinese and foreign companies, and renowned international media figures. The participants engaged in in-depth discussions on China’s and the world’s macroeconomy, exploring topics such as the driving forces behind China’s economic recovery, the potential and opportunities of the Greater Bay Area, the unique roles of Hong Kong and Beijing in China’s economy, and their connections with international markets.
At the luncheon, Mabel Lu Miao, Secretary General of CCG, began by extending a warm welcome and heartfelt thanks to all the guests present, noting that the inaugural “CCG VIP Luncheon” received a great deal of positive feedback and that the second iteration of this meeting builds on this success to provide a high-level platform for exchange and cooperation. She stressed that she most looks forward to hearing from leaders in various fields, establishing connections and sharing insights to further enhance global economic connectivity.
Next, Henry Huiyao Wang, President of CCG and Former Counsellor to the State Council, delivered a welcome speech and introduced the keynote speakers. During the speech, he pointed out that in today’s complex and volatile international situation, with many pressing global issues, CCG hopes to explore topics of mutual concern for China and the world together with the distinguished guests in attendance.
During the keynote speech session, Ronnie C. Chan, Honorary Chairman of Hang Lung Properties and Chairman of Asia Society’s Hong Kong Center and David Daokui LI, Director of Academic Center for Chinese Economic Practice and Thinking (ACCEPT) of Tsinghua University, shared their unique insights into topics such as the driving forces behind China’s economic recovery, global economic development, and the prospects and opportunities for the Greater Bay Area. Their brilliant speeches provided valuable perspectives and stimulated lively discussions and exchanges among the attendees.
In his speech, Mr Chan shared his insights on the Russia-Ukraine war and China-U.S. relations. He pointed out that many regional wars have occurred throughout history, and regional wars still exist today. However, the war in Ukraine is different; it is not just a regional war and has altered the entire international energy landscape. Regarding China-U.S. relations, he mentioned the critical roles both countries play in the global economy and politics, stating that both nations have many internal issues that urgently need addressing. He also emphasized that the world is currently facing tremendous challenges and that people should be prepared to cope with these significant changes.
In his keynote speech, David Daokui Li shared three key points regarding the Chinese economy. First noting that the current economic performance is below the expected GDP growth rate and there are a number of inflationary pressures. Second, the reasons for lower than expected GDP growth are well understood and have been widely acknowledged by policymakers, senior leaders, and scholars. These issues mainly include the real estate market, local public debt, and supply-side economics.
He closed by noting that a promising area of reform is shifting local government incentives from production to consumption. One potential approach is to allocate some of the taxes collected from local enterprises to the regions and cities that have higher sales of cars, motorcycles, bicycles, and electronic products, thereby changing the incentive mechanisms.
During the Q&A session, members of the audience posed numerous questions and engaged in lively discussions.
H.E. Mr. Paulo Jorge Nascimento, Ambassador of Portugal to China, asked how the Greater Bay Area can achieve synergistic development. Mr Ronnie C. Chan responded by saying that with government support and promotion, there has been rapid development of transportation networks in the GBA and connectivity is accelerating. From Hong Kong’s perspective, he believes that the integration between Hong Kong and the GBA is inevitable and mutually beneficial. Language barriers have disappeared, but differences remain in legal and institutional aspects. He expressed confidence that continuous improvments will eventually enable Hong Kong to integrate closely with other areas of the GBA for mutual development.
Steven Jiang, Beijing Bureau Chief for CNN
Stephen McDonell, BBC China Correspondent
Ted Plafker,Correspondent in the Beijing Bureau of The Economist
In addition, Beijing Bureau Chief for CNN Steven Jiang, BBC China Correspondent Stephen McDonell, and Correspondent in the Beijing Bureau of The Economist Ted Plafker, raised questions respectively on topics such as revitalizing the Chinese real estate market and China’s economic security, engaging in in-depth discussions and exchanges with the guest speakers.
All present praised the event for its high quality and rich content and said they looked forward to future opportunities to participate in similar high-level exchange activities to further broaden their perspectives and enhance international cooperation.
In his concluding remarks, Dr Henry Huiyao Wang expressed his hope that experts and scholars from all fields take advantage of forums like the CCG VIP Luncheon to discuss solutions, share insights and experiences, gain new inspiration and perspectives, and contribute more wisdom and strength to societal development and global governance.
Foreign diplomats in China at the event included H.E. Dr. Ann Derwin, Ambassador of Ireland to China, H.E. Ms. Irit Ben-Abba Vitale, Ambassador of Israel to China, H.E. Mr. Kenji Kanasugi, Ambassador of Japan to China, H.E. Mr. Paulo Jorge Nascimento, Ambassador of Portugal to China, H.E. Mr. Pradeep Kumar Rawat, Ambassador of India to China, H.E. Hussain bin Ibrahim Al Hammadi, Ambassador of the United Arab Emirates to China, H.E. Mr. Hallam Henry, Ambassador of Barbados to China, Mattias Lentz, Chargé d’Affaires of the EU Delegation to China, Parulian George Andreas Silalahi, Deputy Chief of Mission, Embassy of Indonesia to China, Maja Franković, Minister Counsellor, Embassy of Croatia to China, Stuart Zohrab, Second Secretary of Embassy of New Zealand to China, Kimberly Zammit, Deputy Head of Mission, Embassy of Malta to China, Jean-Christian Brillant, Minister (Commercial) of Embassy of Canada to China, Thomas Carré, Financial Counsellor, Embassy of France to China, Tone Helene Aarvik, Economic Counsellor of Embassy of Norway to China, Cristian Sokolowski, Minister Counsellor and Chief of the Economic Section of Embassy of Argentina to China.
Representatives from multinational corporations in attendance included Miranda Wang, CCG Senior Council Member and Managing Director of ETS China, JING DeJun Julia, CCG Senior Council Member and Founder/Chairman of Pacific Overseas Group, Noelle YIN, CCG Senior Council Member and Director of the International Department of JYC Law Firm, Louis Lu, Global Vice President of Syniverse Technologies, Lin Li, CUO of Far East Holding Group Co., Ltd., ZHANG Chuandong, General Manager of Public Affairs of CMA CGM (China) Shipping Co., Ltd., SHANG Rong, Vice President of Microsoft Asia Pacific R&D Group, Claudia Sun, Former Vice President of Warner Bros. Discovery China and President of Initial F Media Co., Ltd., CAI Tingjian, Program Manager of Konrad Adenauer Stiftung Beijing Representative Office, HUANG Dizhong, Vice Chairman and Secretary General of China United States Exchange Foundation (CUSEF), Michael Xufu Huang, CCG Senior Council Member and Founder of X Museum.
Representatives from international organizations and business associations attending this event included Jane Zhang, Country Representative of The Asia Foundation, Zafar Uddin Mahmood, Policy Advisor to Secretary General of Boao Forum for Asia.
International media representatives included Aljaz Vrabec, Journalist of the Slovenian newspaper Delo, Ted Plafker, Correspondent in the Beijing Bureau of The Economist, Katell Abiven, Director of Agence France-Presse (AFP) in China, Steven Jiang, Beijing Bureau Chief for CNN, Wendy Wu, China Editor of South China Morning Post, Stephen McDonell, BBC China Correspondent, Kevin Krolicki, Greater China Bureau Chief of Reuters, and Antoni Slodkowski, Chief Politics & General News Correspondent, China, Reuters.
The “CCG VIP Luncheon” series, initiated and hosted by the Center for China and Globalization (CCG), aims to establish a new high-end platform for international exchange in Beijing in the post-pandemic era, while also introducing China’s latest development policies to a global audience, including foreign embassies in China, international organizations, multinational companies, chambers of commerce, and academic experts. It aims to provide forward-looking insights into China’s development prospects and explore cooperation between China and the world on globally relevant issues. The first CCG VIP Luncheon was held on May 14, 2024, featuring Dr. Yu Yongding, former Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS) & former Member of the Monetary Policy Committee of the People’s Bank of China, and Dr. Zong Liang, Chief Researcher of Bank of China, who presented the latest economic outlook and analysis of China.
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CCG holds VIP Luncheon on China’s economic outlook
CCG holds VIP Luncheon on China’s economy and Great Bay Area
