**Beijing**: Chinese firms are enhancing economic partnerships within BRICS and BRI nations as they confront rising protectionism. Initiatives by the China Council for the Promotion of International Trade aim to foster cooperation and secure stable access to overseas markets, mitigating risks for Chinese businesses.
Chinese companies are actively strengthening their economic and trade relationships within BRICS (Brazil, Russia, India, China, South Africa) and other Belt and Road Initiative (BRI)-related economies as they navigate increasing protectionism in the global market. In the face of these challenges, the China Council for the Promotion of International Trade (CCPIT) has taken proactive measures by dispatching several delegations to engage with countries such as Germany, Saudi Arabia, Qatar, South Africa, and Ethiopia. These initiatives are focused on enhancing cooperation, promoting multilateralism, and contributing to global governance.
Johannes Jung, director of strategy, commercial law, foreign trade and Europe at the Ministry of Economic Affairs of Baden-Wuerttemberg in Germany, commented on the ongoing global economic landscape, noting that rising protectionism has instilled fear among multinational corporations regarding their operational environments. Speaking to the press, he stated that companies require “open markets, fair trade relations, and reliable international perceptions” to feel confident in their overseas investments. He emphasised the need for ensuring equal, fair, and competitive conditions abroad.
During a business forum held in Addis Ababa, Ethiopia, Chen Jian’an, the vice-chairman of CCPIT, underscored the importance of international cooperation amidst significant changes in global supply chains. He advocated for collaboration rooted in openness, inclusivity, and mutual benefit as the most effective strategy for overcoming challenges and achieving shared objectives. Chen also highlighted that China would enhance its promotional efforts to facilitate the entry of Ethiopian products into its market while encouraging Chinese businesses to export advanced products, such as new energy technologies and manufacturing equipment, to bolster Ethiopia’s economic and industrial growth.
In light of these advancements, Wang Xiaosong, a professor at the School of Economics at Renmin University of China, asserted that participation in international trade shows and engagement with global business stakeholders are pivotal in ensuring stable access to overseas markets for Chinese companies, thereby reducing exposure to risks.
Among those expanding their global footprint is Jiangsu Solicitude Medical Technology (Group) Co Ltd, a medical equipment manufacturer based in Suzhou, Jiangsu. The company has transitioned from mere product exports to a full-scale industrial chain integration in overseas markets. Ling Juping, the manager for Customs affairs, explained the firm’s approach, stating, “In addition to exporting equipment, we provide dialyzer assembly equipment and raw material membranes to our foreign clients.” This strategy has enabled the company to establish a strong competitive position in emerging markets, particularly in South Africa, Brazil, and India.
Data from Nanjing Customs revealed that the company’s exports to other BRICS nations reached 4.47 million yuan (approximately $614,437) in January, representing 23% of its total exports to BRICS markets for 2024.
Wuxi BioHermes Bio &Medical Technology Co Ltd, another notable participant in this trend, is focusing on expanding its market share in Africa, specifically targeting the growing demand for diabetes treatment in the region. The company, which produces diabetes in vitro diagnostic products in Wuxi, Jiangsu, is reallocating resources to capitalise on the substantial unmet needs present within African markets.
With these developments highlighting China’s strategic adjustments in trade relations, the focus remains on creating a robust network of economic collaboration among BRICS nations and BRI-associated economies, striving to mitigate the adverse impacts of global protectionism.
Source: Noah Wire Services
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