Seminar Explores Global Opportunities from China's Reform

On Monday 22 July 2024, the Chinese Embassy in Luxembourg, together with the China Media Group (CMG) Europe, organised an event at the Chinese Cultural Centre Luxembourg (CCCL) in Luxembourg city centre on the topic of "Global Opportunities in Deepening China's Reform in the New Era".

In the presence of around 60 invited guests, the 90-minute seminar was moderated by Jacques Bortuzzo, Vice-President of the China-Luxembourg Chamber of Commerce (China-Lux). He welcomed everyone to what he described as a dialogue event, the aim of which is to explain China's latest policies on latest reforms and China's modernisation, as well as to develop mutual understanding, exchange and learning between China and Europe.

The Chinese Ambassador to Luxembourg HUA Ning, talked about advanced Chinese modernisation which has attracted wide interest from the international community. China has changed considerably over the decades into a socialist market economy and has grown to become the world's second-largest economy. The journey has been arduous and some institutional barriers still need to be removed. More than 300 reforms across a number of fields are to be completed within five years. The modern world needs interconnected bridges, with Luxembourg a member of the Air Silk Road as well as removing restrictions on foreign investments. China will unswervingly promote modernisations and has achieved many breakthroughs in science and technology. He concluded by stating that the best way to understand China is to visit China and see for oneself, taking advantage of the visa-free initiative launched earlier this year.

The event then comprised keynote addresses, delivered by three guests of honour.

Jean-Marc GOY, ALFI chairperson, recalled some of his circa 20 trips to China and stated that he is a firm believer in exchanges between China and Europe. He talked up China remaining as modern and dynamic as always; he also talked about the size of cities and business entities, as well as the number of daily transactions by FinTech companies. He added that ALFI is deeply committed to deepening ties with China, including access to financial products both ways.

Paul Schockmel, CEO of IEE Luxembourg, an industrial technological company in the automotive industry under Chinese shareholding for more than eleven years, talked about the globalised automotive industry, employing around 14 million people globally. The sector is currently undergoing a technological evolution, with China the largest market world-wide. He recalled Volkswagen entering the Chinese market, and China entering the World Trade Organisation. Chinese consumers have traditionally been prepared to pay a premium for international brands, but are becoming more reluctant to do so; the same goes for smart features being introduced as consumer behaviour in China is different to that in Europe. China is becoming more competitive globally by focusing on local suppliers. He concluded by stating that Europe now has a lot to learn from Chinese manufacturers-

Dick ROCHE, former Irish Minister of European Affairs and former Minister for the Environment, recalled some of his six or seven trip to China; one year he was in both Beijing and Shanghai where he was appointed the Grand Marshall of the first St Patrick's Day Parade there, albeit with around just twenty participants. He stated that this is a lesson in cooperation following China bringing millions of people out of poverty. He also talked about paranoia which is not constructive to dialogue, and took hold in the US and is beginning to be imported into Europe. To push back, to cooperate, is not to be anti-US but pro-China. When Europe listened to the US and banned Chinese technology, the result was that we have had a delay in the rollout of 5G and a huge increase in costs. The technology leader is (in) China, including in wind and solar energies, as well as smart networks. He concluded by stating that the logical way forward is to work together by sitting down and dealing with differences through dialogue, not by building walls and fences.

In the ensuing panel discussion on China's economic policies, the moderator asked the Ambassador and keynote speakers a question, followed by a few questions from the audience, with the focus being according to the background of each speaker, notably the fund industry. and automotive industry.

The event concluded with a networking lunch.