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Xiao Yaqing addresses China Business Night in Davos

Updated: 2019-02-01

The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and the World Economic Forum (WEF) jointly held China Business Night in Davos, Switzerland on Jan 22. The event aimed to brief on Chinese enterprises' reform and development, to promote exchanges and cooperation between Chinese and foreign enterprises, and to help them seize new opportunities brought by the Fourth Industrial Revolution and Globalization 4.0.

SASAC Chairman Xiao Yaqing and WEF Executive Chairman Prof. Klaus Schwab addressed the event. More than 60 participants including board members and senior executives from 29 foreign firms, 11 Chinese central SOEs and 8 private companies attended the event. It was the first time for SASAC to host such an event abroad with Chinese central SOEs, private companies and leading foreign firms.


SASAC Chairman Xiao Yaqing addresses China Business Night in Davos, Switzerland, on Jan 22. [Photos/sasac.gov.cn]

According to Xiao, in 2018, China's economy maintained a steady growth; the total revenue and profits of Chinese central SOEs hit a historical high, and the foundation for high-quality growth has been further consolidated.

The Chinese government has a clear judgment of the complex economic situation at home and abroad, understands the difficulties and problems that may arise, and is confident in China's economic development in 2019, Xiao said.

In view of the supply-side structural problems in China's economy, the country will carry out more market-oriented and rule-based reforms measures to solve them, accelerate the upgrading of industries and the transformation of development patterns, and firmly promote high-quality development , Xiao explained.

He emphasized that SASAC will focus on ensuring smooth operation of Chinese central SOEs, continuously deepening  their reform, improving the supervision of state-owned assets, and encouraging high-quality opening-up and cooperation. SASAC will encourage foreign and private companies to actively participate in SOE reforms, so as to achieve mutual benefits, win-win outcomes and integrated development, he added.


Speakers at the event [Photos/sasac.gov.cn]

Schwab thanked SASAC for hosting the pioneering event in Davos, which has provided Chinese and foreign enterprises with close and face-to-face communication opportunities. He said that the WEF would continue to play its role as a platform for Chinese enterprises in their efforts to integrate deeply into the world business community and join hands to improve the future structure of the world.

Zhu Min, head of the National Institute of Financial Research at Tsinghua University, chaired the discussion sessions. Leaders of Chinese companies, including Ning Gaoning, Chairman of Sinochem Group and ChemChina, Wang Huisheng, Chairman of State Development and Investment Corp, Xu Niansha, Chairman of China Poly Group Corp, Song Zhiping, Chairman of China National Building Material Group, Jack Ma, Chairman of Chinese e-commerce giant Alibaba, Guo Guangchang, Chairman of Fosun, shared their thoughts and observations on economic globalization and Chinese economy at  the event, together with Joe Kaeser, President and CEO of Siemens, Hans-Paul Burkner, Chairman of Boston Consulting Group, Douglas Peterson, CEO of S&P Global, Richard Edelman, President of Edelman PR, Mark Tucker, Chairman of HSBC Holdings, and Ivan Glasenberg, CEO of Glencore and other foreign business leaders.

They expressed their support on economic globalization and believe in bright  growth prospects of Chinese economy. It is a consesus that Chinese and foreign enterprises should work closely with each other, strengthen communication, enhance mutual trust and jointly create a better future.


Guests at the China Business Night event [Photos/sasac.gov.cn]

This event was a pioneering exploration of bringing Chinese central SOEs and private companies together to carry out in-depth exchanges and practical cooperation with foreign enterprises. Leaders from some foreign executives said that the event left them with the impression that Chinese enterprises are market-oriented, modern, and international. They hope to further expand mutually beneficial and win-win cooperation with Chinese enterprises in more fields, contribute to the world economy and the high-quality development of China's economy.

(Executive editor: Li Shuling)

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