In front of the world’s media and 29 heads of state, President Xi doubled down on his “project of the century”, proclaiming a new Chinese led era of globalization (Globalization 2.0). While the Belt and Road Summit garnered near universal praise from participants, many not in attendance remained skeptical of a plan that remains more slogan than roadmap. In direct contrast to Pakistan, China’s largest neighbor India was one of the most vocal skeptics critiquing the Belt and Road initiative as “little more than a colonial enterprise (that would leave) debt and broken communities in its wake”
The European Chamber is delighted to welcome Dr Anil Gupta to lead a seminar on the Belt and Roaid Initiative and specifically; what it means for Chinese companies, state owned and private, as they increasingly step out on the global stage. Gupta will also address the impact this outbound expansion of China Inc will have on foreign countires and companies as the belt expands.
Gupta is the Michael Dingman Chair in Strategy and Globalization at The University of Maryland and is widely regarded as one of the world's leading experts on globalization theory. Much of his work has focused on the role of China and India in so called ‘Globalization 2.0’. Gupta has published two recent books on the subject: The Quest for Global Dominance, Getting China and India Right, and The Silk Road Rediscovered.
Agenda
16:00:16:05 Welcome Remarks by European Chamber Representative
16:05:17:00 China Inc. on the Global Stage, Dr Anil Gupta, Michael Dingman Chair in Strategy and Globalization at the University of Maryland
17:30: Q&A, moderated by Joerg Wuttke, President Emeritus, European Chamber
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The European Chamber’s Stance on OBOR:
The European Chamber believes that the success of the Belt and Road Initiative (BRI) will largely be predicated on open markets, balanced trade, transparency and reciprocity.
Asia, and the the rest of the world, have a great need for sound infrastructure, and improved connectivity can be a major contributor to economic growth, so such an approach is in the interests of all participants in this ambitious project.
With the BRI now hopefully moving from a grand vision towards a well-considered action plan, the European Chamber expects to see transparent public procurement processes put in place that will allow European and Chinese companies, and especially private companies, to compete on an even playing field with projects going to the strongest bidders. Not doing so would likely result in funds being wasted and projects failing.
The current trade and investment imbalance between China and Europe also poses a risk to the sustainability of the project: Europe buys EUR 1 billion of goods from China per day, while China only buys half that amount from Europe; and in 2016, China invested four times more in Europe than EU companies invested in China. The future of the BRI depends on trade and investment flowing equally in both directions, which will require China to open its markets.
