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Helping China’s Private Sector Flourish
The China International Chamber of Commerce for the Private Sector (CICCPS) celebrated its inauguration and hosted its first international forum today in Beijing. The forum, entitled “Cooperation for Win-Win Overseas Investment of the Chinese Private Sector“, involved panel discussions both on obtaining finance in China and dealing with cultural, political and legal differences when doing business abroad.
The high-profile forum welcomed near 300 business leaders from various Chinese privately owned enterprises (POEs) as well as economists and government officials from China. Ambassadors from the United Kingdom, New Zealand, Colombia, Iceland and senior representative of the United Nations Development Program (UNDP) were also present. By bringing together the various stakeholders, the Chamber hopes to create an international communication platform that can help Chinese POEs expand overseas and compete in the global market.
In addition to facilitating communication, CICCPS also provides a range of services such as government relations, investment and financial support, human resources, legal services, international cooperation and other services to its more than 140 members. Member companies cover a diverse range of industries, from finance and technology to manufacturing and transportation, and include well-known POEs like Lenovo, Geely Auto, Chongqing Lifan, Fosun, Hainan Airlines, Suning Appliance and Creat Group etc.
Against the backdrop of an increasingly globally-integrated economy, the State Council of China announced the approval for the establishment of CICCPS in August this year. The new national chamber was formed under the All-China Federation of Industry and Commerce (ACFIC), with guidance from the Chinese Ministry of Commerce (MOC) and the National Development and Reform Commission (NDRC). It is the first national association aimed specifically at promoting overseas investment by Chinese POEs and marks a milestone in both China’s “Go Global” strategy and the development of the private sector.